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June 1, 2019
Reference: nzherald
Two Auckland properties occupied by Ray White at Epsom and Remax Revolution in Papatoetoe will go under the hammer later this month.
Featured in Bayleys latest Total Property portfolio magazine, the properties at 349 Manukau Rd, Epsom, and 328 Great South Rd, Papatoetoe; are being marketed by Oscar Kuang and James Chan for sale by auction at Bayleys Auckland commencing 11am on Wednesday June 26.
Kuang says a duo of freehold retail units house the Ray White Epsom agency in Manukau Rd which can be bought together or separately.
The self-contained units of 94sq m and 86sq m are at street level in a two-storey architecturally designed corner development with apartments above that was completed in 2010.
Ray White's tenancy on the 86sq m unit will end at the beginning of August but is generating annual income of $76,300 plus GST in the meantime.
"The commercial units have recessed double door entry, good stud height and open retail areas," says Kuang. "At the rear of the units are allocated secure car parks along with off-street parking. The corner site is exposed to streams of traffic passing every day along arterial Manukau Rd."
He says the units present an added value opportunity with holding income from the 94sq m unit and numerous options for an owner/occupier or property investor.
"With bank interest rates dropping, a buyer could get in on the ground level by purchasing a solid building in one of Auckland's exclusive suburbs."
Further south, another real estate agency, Remax Revolution, leases 874sq m on a 1307sq m site at 328 Great South Rd, Papatoetoe.
The property is being marketed for sale by auction at 11am on Wednesday June 26 through Matt Lee and James Chan of Bayleys Auckland, in conjunction with Tony Chaudhary of Bayleys Manukau.
The standalone freehold building generates annual income of $150,000 in Papatoetoe's town centre where Auckland Council's favourable Business Town Centre zoning allows multi-level mixed use retail/apartment developments.
Lee says a concept plan along these lines has been drawn up for the property's possible future redevelopment.
"The property underwent a major internal and external refurbishment in 2018 and has a seismic rating of 85 per cent of new building standards. It offers a range of options for a new owner," he says.
"The ground floor can be used in its entirety by an owner/occupier or tenant, or it can be split in to multiple tenancies, as it was before Remax became the tenant."
Surrounded by low level commercial buildings, the Remax Revolution premises in Papatoetoe contains ground level retail/office, a rear workshop, seven storage units, and 27 car parks.
Lee says the sizable land area with dual access points is located in the heart of the town's centre. Nearby amenities include Papatoetoe Central School and Hunters Plaza; while the State Highway 1 Southern Motorway is about 1.5km from the property.
"The wider Papatoetoe area is undergoing a major revitalisation," he says quoting a 2018 Infometricsreport on the Otara-Papatoetoe economy, stating the area averaged 2.2 percent growth a year over the past 10 years compared with an average of 2.1 per cent per annum for the national economy.
