A prominent corner property in the heart of Pukekohe’s town centre presents prospective purchasers with a premier split-risk investment opportunity in one of the Auckland region’s fastest growing locations.
3 West Street, Pukekohe is a two-level 397sq m building that is perfectly positioned on 276sq m of freehold land.
The property is zoned Business – Town Centre Zone under the Auckland Unitary Plan.
The ground floor comprises two well-established hospitality businesses set out over 205sq m with a small courtyard at the rear.
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On the first floor, two large office spaces occupy the front part of the building and overlook West Street. At the rear is accommodation comprising two bedrooms with shared amenities and a veranda.
The site is home to three commercial tenants, Your Local & Co Ltd, Insight Property Ltd and Little Farm 2019 Ltd and returns a combined net annual rental income of $95,470 plus GST.
The property enjoys significant road exposure on a major intersection and provides immediate access to King Street, which is Pukekohe’s main commercial and business hub.
Colliers brokers Matthew Barnes and Tony Marsh have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 8 December, unless sold prior.
Your Local & Co, trading as Your Local Coffee Roasters, is a cafe that leases 77sq m of the property and began a three-year lease in January 2019.
They have three further rights of renewal for three years each and their lease returns $25,000 plus GST in net annual rental income.
The lease includes rent reviews to the market every two years with the next review scheduled for January 2023.
Little Farm, trading as Little Thai Restaurant, is the other ground floor tenant and they lease 129sq m of the property.
Their lease, which expires in March 2022, provides $38,870 plus GST in net annual rental income.
Insight Property is the first-floor tenant and their agreement returns $31,600 plus GST in net annual rental income.
They operate on one-year leases and the next right of renewal is scheduled for March 2022 with a final expiry of March 2030.
Their agreement includes CPI rent reviews every two years with the next due in March 2022, while there is a market review scheduled for March 2025.
Barnes says the property is beautifully presented in a high-profile position with excellent street frontage.
“This is a highly visible building that enjoys large volumes of passing traffic each day due to its proximity to Pukekohe’s ring road. The site also receives plenty of foot traffic,” Barnes says.
“This shapes as a great opportunity for prospective purchasers to secure an appealing split-risk investment in a tightly held part of Pukekohe.”
Marsh says Pukekohe has experienced continued growth recently and demand for property in the area is on the rise.
“Pukekohe is driven by a very strong local economy and population growth underpinned by major development not only in the immediate Pukekohe area, but also in the wider Franklin region,” Marsh says.
“Franklin is set to benefit from significant investment in public and private funded infrastructure, which includes electrification of the railway, new train stations and upgrades in motorway and local roading systems.
"Over the next 30 years it is estimated that Pukekohe will provide 12,500 new dwellings and 5000 new jobs with an increase in population of about 34,000 people.”
The Business – Town Centre Zone applies to suburban centres throughout Auckland, the satellite centres of Warkworth and Pukekohe, and the rural towns of Helensville and Wellsford.
The centres are typically located on main arterial roads, which provide good public transport access.
The zone provides for a wide range of activities including commercial, leisure, residential, tourist, cultural, community and civic services, providing a focus for commercial activities and growth.
- Article supplied by Colliers
