Wellsford retail property on SH1

12:54 PM Friday November 24, 2017 True Commercial

Two tenants at 168 Rodney St, Wellsford, are JT’s Bar and Grill and Wellsford Bakery. Photo / Supplied

A multi-tenanted retail investment property in a prime location on State Highway 1 in Wellsford is for sale by auction.

The 322sq m property at 168 Rodney St earns a net annual income of $41,532 and is for sale as part of a deceased estate.

The executor has instructed Colliers International to auction on December 5, unless sold earlier.

The agency’s brokers Ryan de Zwart and Craig Smith say the property is in the centre of Wellsford.

“It is divided into four tenancies, with two shops at street level tenanted by an established bakery and bar, plus two basement storages areas,” de Zwart says.

“With 14.4m of prime street frontage to SH1, the property has exposure to local shoppers and motorists travelling between Auckland and Northland.

“It is close to other popular businesses, including a Mobil service station next door, and a Four Square grocery store and other retailers across the street.

“The main retail strip in Wellsford is a tightly held and busy location.”

Built in the 1990s, the property occupies an almost rectangular 283sq m site, zoned Town Centre under the Auckland Unitary Plan.

The 117sq m retail units are entered via street level or internal and external stairs backing on to an easement at the rear of the property.

The 44sq m basement storage areas are accessed via roller doors backing on to the same easement.

The retail unit to the south is occupied by JT’s Bar and Grill — a local drinking spot which offers a pool table, television and gaming machines.

Initially signed to a three-year lease, JT’s pays $19,210 in annual rent. Two rights of renewal of three years each extend the lease until August 2026.

Wellsford Bakery, frequented by locals and passing travellers, occupies the retail unit to the north. Signed to a four-year initial lease, the bakery also pays $19,210 plus GST in annual rent. Three rights of renewal of three years each extend the lease until April 2028.

The bakery also occupies the northernmost storage basement, with a casual monthly lease returning $1,667.41 per annum. The second basement is occupied by a private storage tenant, returning $1,445 per annum from a casual monthly lease.