Score at next week’s auction
The two-level building for sale at 352-354 Remuera Rd in the heart of Remuera shopping precinct.
Retail properties in Remuera, Newmarket and Albany are among 20 offerings for auction next week as part of Bayleys’ second Total Property portfolio of the year.
The wide selection of commercial and industrial properties will go under the hammer in Bayleys’ central Auckland auction rooms at 11 am on Wednesday, May 20, unless sold earlier by negotiation.
A two-level building occupying a high profile position in the heart of Remuera shopping precinct and producing net annual rental of $131,460 from two tenancies is being marketed by Quinn Ngo, Owen Ding and James Chan of Bayleys’ Auckland based international division. Located on a 339 sq m site at 352-354 Remuera Rd, anchor tenant the Phoenix Tree Garden Restaurant occupies 134 sq m over two levels inside the building and a further 160 sq m of enclosed space at the rear of the site.
“This longstanding tenant is a popular restaurant specialising in Asian fusion cuisine and is well set up to cater for casual dinners as well as private functions,” says Ngo. “The large canopy covered area at the rear can be opened up on a sunny day to make the most of the tranquil garden setting or enclosed when the weather is not so good. It can also be separated from the main restaurant area at the front when there are functions on.”
The balance of the building, encompassing 117 sq m, is leased to another tenant which operates the Noblesse fashion clothing store downstairs and Southern Pacific Tours Limited upstairs.
Ngo says the building is a prime location close to the Victoria Avenue and Clobern Road intersection.
“The ASB Bank is on one side of the building and on the other side are a jewellers and the BNZ. It’s also close to a busy New World supermarket, 215 public car parks, three other banks, a post office with over 1000 PO boxes and private bags and the Remuera library.
Two retail shops, including the La Porchetta restaurant, are for sale in Albany’s recently completed The Foundation complex.
Nearby, also in strong location, is a 285 sq m ground floor retail premises occupied by two tenants at 1A, 142 Broadway, Newmarket, which is being marketed by Luke Carran and Jamsheed Sidhwa of Bayleys South Auckland and Owen Ding.
“This freehold property is in a prime position in one of Newmarket’s highest pedestrian count areas with prominent exposure to Broadway and the Khyber Pass Road intersection, so if you are driving down Khyber Pass you are looking straight at it,” says Carran.
A Yoli yogurt bar occupies about 285 sq m and Crocs footwear occupies 83 sq m. Yoli is a self service frozen yoghurt business in which customers help themselves from a wide selection of flavours and toppings. It opened its first store in Sydney in 2013 and now has outlets in New Zealand and India with plans to open in a number of South East Asian countries. The Newmarket store was opened in mid 2014 on a five-year lease (with two five-year rights of renewal), that is producing net annual rental income of $74,160. The Crocs store, which sells only this popular brand of casual footwear, has been in occupation since August 2012 and has exercised the first of two two-year rights of renewal. It is paying a gross annual rental of $72,000 with the landlord paying $11,200 of operating expenses.
Further north in Albany two retail shops will also go under the hammer in the recently completed 22-unit The Foundation restaurant and services complex which has four road frontages on a prime corner site in Oteha Valley Rd, Albany.
They are being marketed by Ngo, Chan and Matt Lee, also of Bayleys’ international division, in conjunction with Eddie Zhong of Bayleys North Shore Commercial.
The larger of the two, a 295 sq m La Porchetta restaurant is earning net annual rental income of $117,210 plus GST with an initial annual eight year lease from July 2014, plus one eight-year right of renewal. The lease has annual Consumer Price Index rental adjustments and rent reviews to market in 2018 with an expiry in 2022 if all rights of renewal are exercised.
The popular Italian restaurant chain founded in 1985 has close to 70 restaurants across New Zealand and Australia
“This unit has an extensive fit out and design incorporating a covered outdoor seating area.
The other neighbouring property is the only vacant unit currently for sale in the complex and also has a quality interior and exterior finishing and is ready to occupy,” says Ngo.
It has a floor area of 128 sq m with an interior area of 91 sq m and a partially covered exterior area of 37 sq m lending itself to a food and beverage business which would benefit from the location in a high profile food hub with national tenants such as Flying Burrito, Daikoku Restaurant, Lonestar, Oporto, Pita Pit, Tank Juice and Bruce Lee Sushi.
Next door is a Discoveries Educare childcare centre. Adjacent to the Foundation is the Albany Lifestyle Centre, which includes Mitre 10 Mega and Freedom Furniture store.