Avondale retail block on high profile corner
An elevated view of a block of four shops for sale at 277 Rosebank Rd, Avondale
A modern block of four retail shops, positioned on a prominent corner site of Rosebank Road and Honan Place in Avondale, has been put on the market.
“The property provides a good tenancy mix and spread of income,” says Chris Harding, sales and leasing agent with JLL who, with colleagues Chris Beasleigh and Ranesh Parmar, is marketing 277 Rosebank Rd for sale by tender closing at 4 pm on Thursday February 18.
The 456.5 sq m single storey retail block on 2477 sq m of land is leased to three separate tenants paying total annual rent of $112,800 plus GST and outgoings. The tenants are Stars Bakery, Sushi Ichiban and Avondale Food Market. One vacant tenancy of 128 sq m is available for lease.
Built in 2011, the property is held over two individual freehold titles with each of the four shops comprising modern open plan retail space, as a result of recent improvements. The remainder of the site encompasses a large concrete sealed yard area with 52 on site car parking spaces.
With entry and exit points from both Honan Place and Rosebank Rd, it has excellent access for large trucks and the delivery of goods around the perimeter of the site.
“The property’s prime corner site on a busy road exposes it to a high amount of passing traffic and its diversified retail outlets cater to a large labour pool within the immediate business area,” Harding says.
The retail block is on the eastern side of Rosebank Rd, the main arterial route running through the Rosebank Peninsula industrial precinct. It is zoned Business 5 under the Auckland Council District Plan which allows for a reasonably broad range of commercial uses.
Chris Beasleigh, national director of retail at JLL, says the property will appeal to a large number of potential purchasers looking to secure a modern investment asset offering sound tenants and a good return.
“With sales achieving strong yields, retail properties continue to be in high demand for investors,” Beasleigh says.
Ranesh Parmar, associate director of retail at JLL, says commercial properties in Avondale have increased in value in recent years due to the suburb’s easy access to the State Highway 16 northwestern motorway and closeness to the Auckland CBD.
“The completion of major infrastructure upgrades in the area, including the opening of the Western Ring Route, will redefine Rosebank as one of the most sought after areas in Auckland,” Parmar says.
Chris Harding (left) and Chris Beasleigh (right), of JLL.