Milford lauded as ‘the place to buy’
The two-level property at 159 Kitchener Rd, Milford – identified by a red border - is at the intersection of Kitchener, Hurstmere and Omana Rds. Photo / Supplied
A fully-tenanted commercial premises in the tightly-held Milford Shopping Centre will be auctioned on November 30, unless sold earlier.
The two-level property is at 159 Kitchener Rd at the intersection of Kitchener, Hurstmere and Omana Rds.
“This North Shore location is effectively at the northern boundary of one of the most prosperous retail precincts on Auckland,” says NAI Harcourts commercial sales and leasing agent, Isaac Tankard, who is selling the property with colleagues Nick Young and Rob Meister.
The Milford shops serve a clientele which generally could be described as “comfortably off”, Tankard says.
“It’s a retail precinct amidst up-market residential areas bounded by Lake Pupuke, Milford Beach, East Coast Bays and the likewise up-market Takapuna CBD.
“The appeal of Milford makes it an extremely low vacancy area which is close to North Shore Hospital and its many surrounding medical facilities. Desired colleges and schools and a retirement village are in the area as well, all adding up to a high-end location where fresh commercial stock is seldom seen.”
Tankard describes the freehold property as compact, yet high profile, featuring a commercial frontage to a busy intersection.
The ground floor is about 88sq m while, at the top of the stairs, the first floor space comes to about 71sq m.
Both floors offices have individual kitchenette and toilet facilities.
The total floor area comes to about 150sq m, while the land area is about 205sq m — including four car parks.
Tankard says the ground floor of the building is tenanted by Small Business Accounting which pays $22,800 per annum.
The ground floor of the building tenanted by Small Business Accounting. Photo / Supplied
The first floor is leased by Grand Aust NZ pty Ltd, which pays $21,230 annually. Total annual income therefore is $44,030pa before costs.
Small Business Accounting is on a four-year-lease commencing on October 1, 2014 with two four-year rights of renewal.
The tour guide and travel agency firm Grand Aust NZ Pyt Ltd is on a three-year lease, commenced April 15, 2015, and having two three-year rights of renewal.
The capital value is $800,000; seismic rating (IEP) is 45 per cent of the NZ standard and the zone is Business Town Centre.
“This last detail is significant to investors, as this zone allows for a future building height of 18 metres,” says Tankard.
“Permitted uses include dwellings plus a wide range of commercial uses,” he adds.
The Milford retail precinct is a special one, surrounded by its own popular neighbourhood, all of which have good access to the Northern Motorway via Northcote Rd, plus impressive public transport options “by Auckland’s standards”.
Milford offers a good mix of strip-style and convenience retail shops, professional services and offices, says Tankard. The recently-renovated New World supermarket and revamped Milford Shopping Centre are standout retail facilities. The latter has $180m development plans, comprising 20 new mall retail stores, plus 115 luxury apartments.