Howick complex rare opportunity

5:00 AM Saturday September 3, 2016 True Commercial

The two-level building, at 25-33 Picton St, generates total net rental income of $246,137 from seven tenancies.

A fully-leased retail and professional services complex for sale in the heart of the Howick Village commercial precinct offers a high profile, split risk investment opportunity.

Located on a 539sq m site at 25-33 Picton St, the 957sq m two-level building is currently generating total net annual rental income of $246,137 from seven tenancies.

The property is being marketed by Bayleys’ international director Chris Bayley in conjunction with Tony Chaudhary, Janak Darji and Amy Weng of Bayleys South Auckland. It will go up for auction on September 21, unless sold prior.

“It’s one of the best retail offerings to come up for sale for a long time in central Howick, where fully tenanted properties of this nature rarely become available,” says Bayley.

“The property benefits from great exposure to Picton St, Howick’s main retail strip, which has a high volume of vehicles. It is also has dual frontage to a large carpark at the rear of the property — accessed from Wellington St, another busy thoroughfare. It has a variety of well-established tenants, many at the stage of exercising renewals on their leases.”

The property has three ground-floor tenancies and four above.

The anchor tenant is The Apothecary Licensed Eatery, operating a daytime cafe, with evening bistro dining Thursday to Saturday nights, and an adjoining wine bar called “The Cellar”.

The business was established six years ago by the owner of the neighbouring antique tenancy, whose shop previously occupied that space as well.

“A stunning job has been done on converting the premises into a lively new business and it is now one of the most popular social meeting places in Howick,” says Chaudhary.

“A vintage-style fit out is in keeping with the rustic look of the antiques shop, including button-back leather seats, collectors’ items and paraphernalia of all descriptions.

“This creates a great ambience and buzz to the whole building.”

The Apothecary is popular for private functions with the restaurant able to cater for up to 100 people and The Cellar up to 50. The other ground floor tenant is longstanding fruit and vege shop The Village Grocer.

Tenants on the upper level include taxation and financial services firm Bramwell Consultants and the Auckland Guitar School.

“With little to no vacancy on the Picton Street retail strip, businesses in the area are well entrenched,” says Chaudhary.

“Howick prides itself on maintaining its traditional village atmosphere with a predominance of boutique-style retail outlets together with a broad range of food and beverage outlets and business and healthcare services.”

To the rear of the property is the Terraces Development, including retail shops with residential apartments above.

There is substantial parallel parking between the two properties, including 16 parks designated to 25-33 Picton St.

“There is no doubt the easy accessibility to the property is a major attraction for tenants and their customers,” says Bayley.

“Being located in the heart of Howick’s business district means the property enjoys a high volume of traffic and pedestrian flows.”