Central Otahuhu retail strip building for sale
Dating from the 1920s, the six units at 275-285 Great South Rd, Otahuhu, house six retail shops and first-floor residential accommodation.
A two-level property at 275-285 Great South Rd, Otahuhu, is for sale through Barfoot and Thompson.
The freehold two-level commercial property dating from the 1920s has six units, on three titles. It houses six retail shops and first-floor residential accommodation. Five of the six units upstairs are leased, with the remaining unit close to being leased.
Barfoot and Thompson commercial-industrial agents Ben Johnson and Mike Jensen are marketing the property by deadline private treaty process, a process due to conclude on Wednesday at 4.30pm, unless sold earlier by negotiation.
The total building area is 1230sq m on 932sq m of land with combined holding income of $210,202 net per annum once the remaining unit has been leased, says Johnson.
“Lease options for the property are flexible, so likely to suit investors, owner-occupiers or developers.
“This location, on the western side of the road, has been a well-established commercial and industrial hub for more than 40 years. It’s close to the neighbouring commercial suburbs of Mt Wellington, Penrose and Onehunga via arterial link roads in the north, south and west.”
The building has street parking, plus rear access gained via Station Rd East, where tenants park. The street parking is primarily used by customers.
“The current Mixed Use zoning is expected to move to Town Centre under the Proposed Auckland Unitary Plan.”
Access to travel north or south on State Highway 1 is a matter of minutes, with the drive into the CBD a mere 15 minutes.
“This location will be invaluable in future years, as residential and commercial inflation is showing no signs of slowing down. Otahuhu is no longer classed as South Auckland Commercial but as part of the central ‘commercial belt’, a change due to the steady growth of commercial locations further south.
“Larger corporations have invested significant capital into development within Otahuhu's commercial, industrial and retail sector - including Goodman Property; Sampson Corporation; James Kirkpatrick Group; Carls JR; Z; Burger King and Southpark Corporation,” says Jensen.
“Having these large scale property developers and investors reshaping the area has lifted the desirability and calibre of this location dramatically.”
He points out that Auckland Transport is building a new, fully-integrated bus-train station at the Otahuhu railway station, just minutes away, which will provide better connected and more frequent public transport services. “It’s to be a key station in the new network, which is planned to be introduced across South Auckland later this year.”