Cavendish Drive property is well-positioned
Agents say Unit M at 40 Cavendish Drive, capitalises on excellent street exposure. Photo / Supplied
An investment property now tenanted by Tile Depot is for sale in Cavendish Drive, about 500 metres from Great South Rd and within 1km of motorway on/off ramps.
Harvey’s Commercial Real Estate salesperson Meir Alfassi calls Cavendish Drive an ideal location for business, having benefited from improvements to the wider roading network.
“It’s become a busy and popular arterial route with easy access to State Highway 1, the Southwestern Motorway (SH20) and Te Irirangi Drive through to East Tamaki, plus other eastern centres,” he says.
“The front position of this property — Unit M, 40 Cavendish Drive — capitalises on this excellent street exposure.
Two crossings allow for easy entrance from Cavendish, being used for both carparking and general access to this unit.”
The development at 40 Cavendish Drive with a concrete base and steel structural frame, was built in the mid-to-late 1980s. Floors are concrete at ground level and timber at first level. Exterior cladding and facade are largely horizontal corrugated steel and some fibrolite with glazing between lines of aluminium. The roof is galvanised iron and the building is completed with aluminium joinery.
It is fitted out predominantly with plasterboard walls and the ceilings are finished with suspended tiles.
The courtyard and surrounding carparks are an asphalt, with dedicated parking spaces for this unit.
Total floor area of the building is about 632sq m, breaking down to a retail warehouse of about 468sq m and a mezzanine office/storage of about 164sq m.
“The building is in good condition for its age and all outgoings such as rates and insurance are paid by the tenant. Unit M is part of a group of medium scale, bulk retail units at this address,” Alfassi points out.
“A Body Corporate is facilitated by Crockers Property. Meanwhile, the unit looks great, having just received an interior and exterior paint, plus new carpet.
“It has been tenanted by the Tile Depot for the past eight years and a standard net lease of $125,000 per annum allows for two further terms of six-years-each.
“This investment property is being sold in a robust commercial property market. There is strong market demand and a shortage of stock for properties with super quality such as this. The property has strong lease fundamentals, a solid building and good tenant covenants — combined with long residual lease terms with a national company,” says Alfassi.
“A perfect opportunity for an investment exists here.”
The property will be sold by a set date of sale, ending May 24 — unless sold earlier — with interest expected over $2 million.