CBD RETAIL - BELOW VALUATION OPPORTUNITY
4/18, Beach Road, City Centre, Auckland City
Price On Application
- Proposed Usage
- Floor Area
- 461.29 m²
- Property ID
- Motivated vendor has dropped price again - Was $1,400,000 now $1,100,000
- High profile retail unit in superb CBD position near Britomart and Spark Arena
- Fully leased with two 5 year leases returning circa $127,987 p.a. net ($180,976 p.a. before ground rent)
- Approximately 461.29sqm Leasehold title with six secure covered car parks
- Sick of sub 6% yields, consider this healthy return!
The current vendor has done the hard work with two 5 year leases, now you can sit back and enjoy the cashflow.
The unit is in an excellent CBD position midway between Britomart and Spark Arena on the ground floor of the well-known Scene Two apartment building. In this position, the property enjoys great exposure and foot traffic and, with the apartments above, an immediate consumer base for the tenant's businesses.
The tenancy with frontage onto the busy Beach Road is an established Korean restaurant measuring approximately 120.72sqm, returning $73,690 per annum. The tenancy with frontage onto Scene Lane is a new Chinese Restaurant and returns $107,286 per annum. This tenancy measures approximately 340.57sqm, however in addition to this area the tenant also enjoys exclusive use of a north facing balcony. There are six secure covered car parks, two of which have not been leased providing an opportunity to further increase your return.
The instructions from the vendor are clear, they want this sold. Registered valuation at $1,450,000 available on request to assist with your due diligence.
Call now to discuss your offer!.