Units in popular Lincoln North retail centre
The units are among the largest in the Lincoln North retail centre. Photo / Supplied
Adjoining retail units in the Lincoln North Shopping Centre in Henderson — one occupied, the other vacant — are up for sale in Bayleys’ latest Total Property portfolio.
A 755 sq m unit, located in a high profile corner positon, with significant exposure to busy arterial road Universal Drive, has a recently renewed seven-year lease to Supercheap Auto NZ producing net annual rental income of $212,292.
“It’s one of the largest units in the well-established and popular Lincoln North retail centre with the bonus of assured rental growth from fixed annual increases of three per cent,” says Tony Chaudhary, who is marketing the property with Matt Lee, James Chan and Amy Weng. It goes up for auction on May 18, unless sold earlier.
Supercheap Auto NZ has occupied Unit A1-192 Universal Drive, since 2009 and in July last year signed a new lease for seven years with one further five-year right of renewal in 2023.
Supercheap Auto opened its first seven stores in New Zealand on the same day in November 2003 and currently has over 40 stores trading in this country, specialising in automotive parts and accessories plus household tools.
Next door, Avanti Cycle’s relocation from 498 sq m Unit A2, 192 Universal Drive has opened up an opportunity for an owner-occupier or an investor looking to add value by leasing up the vacant space in the tightly held centre.
This unit is being marketed by Nicolas Ching and Beterly Pan and is for sale by deadline private treaty closing May 18 unless sold prior to that date by negotiation.
“The unit has an extensively glazed frontage offering high visibility to Universal Drive as well as customer parking close to the front door,” says Ching. “The spacious, reinforced concrete floor area and high stud means it would be well suited to a larger, bulk retail type of tenancy, a restaurant or even as office space for an organisation that deals with the public.”
Other adjoining tenancies include St Pierre’s Sushi, Casa Beds & Appliances, a pharmacy, Snap Fitness and ANZ and Westpac banks. The two units for sale share a rear loading dock accessed by a sealed service lane.
The centre comprises a mix of 20 national, international and local tenants with other big brand tenants including NZX listed Restaurant Brands (KFC and Pizza Hutt), Animates, Lollipops, Tank, Subway, NZ Post/Kiwibank, BNZ and Columbus Coffee.
Completed in 2006, the Lincoln North Shopping Centre is on a 1.67ha site which has wide frontage and substantial exposure to both Lincoln Road and Universal Drive, two of West Auckland’s busiest arterials. There are entrances and exits to the centre from both roads.