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News Release

Auckland

Modern Avondale retail block for sale


 

 

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​​277 Rosebank Rd Avondale.jpgA modern block of four retail shops, positioned on a prominent corner site of Rosebank Road and Honan Place in Avondale is for sale by tender closing 4pm Thursday 18th February 2016 through commercial property specialists JLL.

The 456.5sqm single-storey retail block on 2,477sqm of land at 277 Rosebank Road, is leased to three separate tenants who pay an annual rent of $112,800 plus GST and outgoings. The tenants are Stars Bakery, Sushi Ichiban and Avondale Food Market. One vacancy is available for lease at the premises providing 128sqm, suited to an owner occupier.

“The property provides a good tenancy mix and spread of income, with three established tenants on varied lease terms and markets rents, who cater to the large catchment area.” says JLL commercial and investment agent Chris Harding who is marketing the property with colleagues Chris Beasleigh and Ranesh Parmar.

Harding adds “Given the property’s prime corner position, the site is exposed to a high amount of passing traffic and its diversified retail offering services a large labour pool within the immediate business area. This area is set for large industrial growth.” 

Rosebank Road is a busy arterial route serving a largely developed business area. The property occupies a prominent corner site on the eastern side of Rosebank Road at its corner with Honan Place. Rosebank Road forms part of the Rosebank Peninsula, an industrial hub of West Auckland which is largely developed with industrial and office properties.

National Director of Retail at JLL Chris Beasleigh says, “With sales achieving strong yields, retail properties continue to be in high demand for investors. The development will appeal to a large number of potential investors who are looking to secure a modern investment in a well-established and developing business area that offers sound tenants and a good return.”

Built in 2011, the property is held over two individual freehold titles with each of the four shops comprising of modern open plan retail space, as a result of recent improvements. The remainder of the site contains a large concrete sealed yard area that provides 52 on site car parking spaces and excellent vehicular access for delivery goods and large trucks; with full access around the perimeter of the site and entry and exit points from both Honan Place and Rosebank Road.

Ranesh Parmar, Associate Director of Retail at JLL says, “Avondale has increased in value in recent years from its proximity to the CBD and easy access to the motorway. With the upcoming infrastructure upgrades the area will benefit immensely and the Western Ring Route will redefine this zone as one of the most sought after areas of operation in Auckland.”

The retail block is zoned Business 5 under the Auckland Council District Plan which allows for a reasonably broad range of commercial uses.