A split-risk investment property is for sale on a prominent corner site in Auckland's Mt Wellington, presenting a chance to secure a high-quality trophy asset on a significant landholding.
The property at 200 Mt Wellington Highway is well positioned to benefit from the area’s strong continued growth.
It comprises a modern, low-maintenance retail centre that is fully leased to 11 tenants, who together return $740,014 in net annual rent plus GST and outgoings.
Fixed rental reviews on nine leases provide locked-in rental growth, while a 12-month rental guarantee provides added security for investors.
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Colliers International’s Auckland Investment Sales team has been appointed to market the property for sale by deadline for offers closing at 4pm on Thursday 18 June, unless sold prior.
Broker David Burley says: “This trophy asset ticks all the boxes – an outstanding location, strong tenant covenants, and a secure, split-risk income stream.
“The property is prominently positioned on one of Auckland’s busiest intersections, and has attracted a strong mix of tenants."
Tenants include Oporto, Zambrero, Sal’s Pizza, Tank and LiquorLand as well as Discoveries Educare, a laundromat, and Chinese, Indian and Thai eateries.
The property comprises a single-level 1,435sq m building on a 4,047sq m freehold site. Business Mixed Use zoning provides scope to further develop the site in future to a maximum height of 18m.
Broker Simon Child adds: “Tenants include national brands Oporto, Zambrero, Sal’s Pizza, Tank and LiquorLand. Local tenants include Discoveries Educare, a laundromat, and Chinese, Indian and Thai eateries.”
Matthew Barnes, Director of Colliers’ South Auckland Investment Sales team, says Mt Wellington has undergone significant development in recent years.
“The ongoing expansion of Sylvia Park has been complemented by the development of several large office, industrial and residential projects.
“Recent residential developments include Stonefields, Richmond Auckland and the Parkside Residences, which provide a mix of standalone, terraced and apartment dwellings.
“These homes will bring thousands of new residents to Mt Wellington, which will bolster the area’s already strong catchment.”
