Howick units give a tasty opportunity
The Shiraz bar and restaurant has been operating since 2005, and is in a thriving retail area.
The property housing Howick's popular Shiraz bar and restaurant in a high profile position across the road from the recently refurbished Countdown Meadowlands Plaza is for sale.
"Shiraz has a single lease over the two A and B units at 113 Meadowland Drive in Somerville," said Barfoot & Thompson Commercial agent Paul Vermaak.
Vermaak and colleague Kim Loo are marketing the property for sale by auction at 10.30am on Thursday, October 30 at the agency's 34 Shortland St auction room in the Auckland CBD, unless they sell it beforehand by negotiation.
"These two prime properties totalling 161sq m are covered by a single deed of lease and will be sold as a single sale," Vermaak said.
"These units would make ideal entry level investments for purchasers looking to expand into the commercial property market.
"Shiraz is a Howick area landmark and has occupied these premises as a well-established business and long-standing tenant since 2005."
Fronting onto Meadowland Drive, the stratum in freehold units occupy a complex site area of 3098sq m zoned Business 5.
The property is leased to Devon Management Services, which pays annual rent of $66,000 on a three year lease from April 1 last year with a final expiry date of March 31, 2018 if one right of renewal of two years is exercised.
Vermaak said the property was an excellent location for a hospitality business.
"The Meadowlands commercial area serves the greater Howick residential suburbs including Botany Downs, Somerville, Cockle Bay, Shelly Park, Shamrock Park, Dannemora and Mellons Bay.
"This commercial area is home to many popular restaurants, shops and wholesale supermarkets, banks, gyms, cafes and pharmacies, as well as various office and service organisation buildings.
"Meadlowland Drive's neighbourhood convenience precinct in which the units are situated is on the north- eastern side of the roundabout between Whitford Rd, Meadowland Drive and Millhouse Drive.
"Somerville Shopping Court is on the northern side, with Meadowlands Shopping Centre on the eastern side and small retail centres along Meadowland Drive and Gooch Place opposite the Meadowlands Shopping Centre.
"The property and restaurant has excellent exposure to heavy traffic travelling between Howick and the Botany Town Centre, being almost midway between the central Howick shopping area 2.6km away and the Botany Town centre 2.8km away. It is also 14.1km from the Mt Wellington State Highway One north-south motorway interchange."
Loo said Howick had an affluent population of 128,000, which was forecast to rise to 200,000 by 2031. "The annual median household income for Howick residents was $84,500 last year, and 71 per cent of residents own their homes."
He said surrounding properties were predominantly residential with supporting retail developments comprising neighbourhood convenience centres.
The units have reinforced concrete foundations with concrete slab flooring and a reinforced concrete frame. The brick walls incorporate aluminium window framing and aluminium framed fully-glazed swing doors.
The roof is Zincalume over netting and steel purlins.
Loo said the present Business 5 zoning under the Auckland Council District Plan would ultimately bereplaced by the Proposed Unitary Plan which shows the site to be zoned Business.