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AUCKLAND

Modern Avondale retail block sold

A modern block of four retail shops on a prominent corner site in Avondale has sold by tender through commercial property specialists JLL.


 

 

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277 Rosebank Rd 12-min.JPGA modern block of four retail shops on a prominent corner site in Avondale has sold by tender through commercial property specialists JLL.

The 456.5sqm single-storey retail block on 2,477sqm of land at 277 Rosebank Road was sold on behalf of a family trust for a 6% yield at $2,710,000, to one of the tenants. 

JLL commercial and investment agent Chris Harding says the yield is no surprise.  He marketed the property in conjunction with colleagues Chris Beasleigh and Ranesh Parmar.

“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,” Harding says. 

It’s an area set for huge industrial growth. Rosebank Road is a busy arterial route serving a largely developed business area. The Rosebank Peninsula is the industrial hub of West Auckland. When the Waterview Connection is completed in 2017, JLL expects this area to become even more popular with industrial tenants. 

National Director of Retail at JLL Chris Beasleigh says there was plenty of interest in this property. 

“With sales achieving strong yields, retail properties continue to be in high demand for investors. The development appealed 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.”

The property was built in 2011 and each of the four shops has 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.

JLL’s Associate Director of Retail Ranesh Parmar says commercial property values have increased in Avondale in recent years. 

“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.”