For SaleAuction 1st Jan 1970
Commanding a prominent corner position at the gateway to Mt Eden Village, 395 Mt Eden Road is prime real estate.
The property has been extensively redeveloped and modernised to meet modern building standards. This removes the headache of having to upgrade the building for the foreseeable future. The property is fully tenanted and is home to Kebab Stop who have been in occupation for 20+ years alongside a burger bar and restaurant called Corner Burger. Corner Burger is owned by Maestro Café Limited who are experienced hospitality operators with numerous businesses throughout Auckland and the North Island. In addition, APN lease the billboard which has exposure to 15,000 cars per day. Between these 3 tenants, the property returns a total of $185,000 pa (with a rent review to APN due to increase this by $10,000 pa) and has a weighted average lease term of 6 years.
All of these elements add up to a prime investment suitable for long term ownership. It is only because of a change of circumstances that the current owner is selling – prime properties such as this very seldom come to market.
Mt Eden is typified by relatively low density, high value residential properties. 4 kms to Auckland CBD and an epicentre of school zones which include Auckland Boys Grammar, Epsom Girls Grammar and many other high decile schools, it is a highly desirable suburb.
At the heart of the suburb is Mt Eden Village, which is considered to be one of the most vibrant hospitality retail strips in Auckland. It comprises a cluster of successful and longstanding hospitality institutions such as De Post Belgium Beer Café, Frasers Café, Circus Circus Café, Mantells and Molten.
This trophy property is for all that value the stability of the city fringe market and want a foot hold in a highly sought after retail strips.
Ref #: 56676
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