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News Release

Auckland

7 in 1 Retail Investment


 

 

Grey Lynn office unit decked out for summer/new-zealand/en-gb/news/864/grey-lynn-office-unit-decked-out-for-summerAucklandGrey Lynn office unit decked out for summer
East Tamaki gem with new five-year lease/new-zealand/en-gb/news/863/east-tamaki-gem-with-new-five-year-leaseAucklandEast Tamaki gem with new five-year lease

​​​A modern retail investment within the Highland Park retail precinct of Auckland’s eastern bays has come to the market for the first time in nine years. Andrew Brown, JLL’s Investment Sales Director sale says, “With few comparable retail investments currently available, the property at 20 Dunrobin Place provides a once in a cycle opportunity for astute investors.” Global commercial real estate firm JLL are offering the property via an expressions of interest campaign closing 4pm Thursday 18th September 2014.

Comprising of seven renovated retail units each on their own title, 20 Dunrobin Place is part of a strata estate in freehold, with a rentable area of 2,100sqm and tenancies that range in size from 87.5sqm to 1,000sqm. Brown says, “A major driver of value in this asset is that each unit sits on its own freehold title. This provides the purchaser with flexibility should they wish to sell some units at a later date whilst retaining an interest in the complex.”

Major tenants include Coffee Club, Pita Pit and Tank Juice as well as Anytime Fitness, Discoveries Educare, and a dance school; together producing a net annual income of c. $540,000. A number of the leases benefit from contractual rental increases with the Weighted Average Lease Term for the property being in excess of 8 years.

Since 2006, the Howick local board area has experienced a 12% increase in population and a further 14% population growth is expected before 2031Retail trade businesses within the area surrounding 20 Dunrobin Place have also risen by 40% between 2003 and 2013 reflective of a vibrant and growing retail offer.

“The economic story points to strong on-going performance in the retail sector across Auckland and New Zealand. Retail sales recovered after the GFC and have since grown by 17.6%. This is a faster rate of growth than the overall economy as a whole and faster rate of growth than almost all of the OECD countries over the same period. As the economy continues to perform well we expect this rate of growth to continue over the medium term.”