Colliers International is proud to exclusively offer 53 & 65 St George Street, Papatoetoe for sale.
53 & 65 St George Street, known as the Papatoetoe Mall is a split risk retail investment offering ten single storey retail tenancies over a land area of 2,548m2 (more or less) across two fee simple titles. The site has been recently redeveloped to a high standard providing a net income of $375k + GST p.a *subject to contract on tenancy 10. There is currently one unit vacant offering a fully leased potential market income of $423k + GST p.a with the ability to add significant value and future proof this investment.
Papatoetoe Mall offers a new walkway that links St George Street to the neighbouring New World Supermarket at the rear of the property. The refurbished New World and the surrounding civic space opened in March 2019, adding a significant boost to the Papatoetoe township. Further upgrades to the town centre car park have been completed, significant residential projects are also in the pipeline.
This is an outstanding opportunity to acquire an investment property that features strong fundamentals across all key investment criteria, 5 year WALT (weighted average lease term), multiple tenancies providing a split risk investment, a newly redeveloped property to modern building standards, as well as a location with huge growth potential.