Freehold block of five units on Rosebank peninsula

4:58 AM Saturday May 28, 2016 True Commercial

The property 391A Rosebank Road is occupied by five business tenants.

A freehold property on Rosebank Peninsula, which incorporates five tenanted businesses, will be auctioned on June 9.

The property, at 391A Rosebank Rd, comprises a building of about 1100sq m on 2288sq m of land.

It is being marketed by Barfoot and Thompson commercial/Metro agents Grant Magill and Murray Tomlinson.

Magill says they’re pleased to be offering for sale a property built around 2013 with a mix of mid-sized commercial tenants on a busy arterial road.

“It is in a sector of the city now transitioning from industrial to a Business zoned precinct that will play a critical role in serving the Central Isthmus of Auckland City,” Magill points out.

“If an investor is looking for a building with multiple income flows — one built to comply with the Revised NZ Building Code and having potential for excellent rental growth — then it’s hard to beat it.” He says the property presents well in its own right and is complemented by the immediate neighbourhood.

“The retail food businesses here look to be filling a much needed gap in this mid-portion of the Rosebank Peninsula’s commercial section, with the commercial units of a size always in demand.”

The property, located on the north-eastern side, halfway down Rosebank Rd, has 11 designated car parks. The tenants are: Unit 1A, Sushi; Unit 1B, Life Fuel; Unit 1C, Pita Pit; Unit 2, JJ Kitchens; Unit 3, Health 101, Cross Fit.

Annual rental income is given as $167,000 plus GST (rates for 2015/16 being $18,311 plus GST).

“The present operational zone is Business 5, which under the Proposed Auckland Unitary Plan is expected to become Business Light Industry,” says Magill.

The Rosebank Peninsula is included in the generic reference of being West Auckland.

It’s a location which used to be always referred to as Avondale, however less so in recent time.

“To many people this area has formed its own industrial identity, distinct from residential Avondale.”

He says the peninsula was historically horticultural land but quickly developed as an industrial precinct with the advent of the Western motorway in the 1960s. “The CBD is about 9km away, via the western motorway to the Rosebank off-ramp and a further 2km along Rosebank Rd to the property.

“Avondale Village is about another 2km along Rosebank Rd, to the southeast.”

To the immediate left of the building for sale is a retail and office property incorporating Columbus Coffee and a Childcare facility. Behind are Oceania Audio and LHF (Sanitarium), both owner-occupiers and significant industrial properties.

Construction is typical of modern warehouse/bulk retail design-and-build structures, in concrete tilt slab construction with long-run iron walls, together with truck roller doors for Units 2 and 3.

Each tenancy has its own toilet facilities.