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A real catch in Ōtāhuhu up for auction

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Two high-profile adjoining properties on a prime Business Mixed-Use zoned site with dual access and dual frontage in the heart of Ōtāhuhu providing slit risk income streams is up for auction later this month.

The substantial stratum in freehold landholding at 23 Princes Street and 26 Atkinson Avenue, currently accommodates South City Limited, trading as the Ōtāhuhu Seafood Shop, and a residential investment with carparking providing combined net rental income of approximately $135,160 excluding GST (if any).

The properties sit in a town-centre location with a rich concentration of amenities and transport links, within a suburb benefiting from local growth and public sector investment that are driving significant buyer interest.

Colliers has been exclusively appointed to market the properties for sale by way of auction to be held at 11am Wednesday 23 June 2021 at Colliers Highbrook, Level 1, Colliers House, 52 Highbrook Drive, East Tamaki, unless it is sold earlier.

Gawan Bakshi, Investment Sales Broker at Colliers, says the properties for sale represent a number of benefits for investors looking to acquire two strategic land holdings with plenty of upside.

“23 Princes Street, Ōtāhuhu is positioned on a substantial land parcel with the IEP A-grade seismic rated building comprising of a regular shaped, single storey facility currently occupied by a popular seafood and convenience food retailer providing income of $105,000 per annum plus GST (if any).

“The building is positioned to the rear of the site with car parking to the front of the site. The property benefits from approximately 25 metres of road frontage to Princes Street.

“The building itself is constructed predominantly of concrete block with long run iron roofing and roller door access to the rear of the building. The tenant has made a range of food-grade improvements throughout the site.

“The residential property at 26 Atkinson Avenue, Ōtāhuhu consists of predominantly brick construction with a tiled roof. It features two bedrooms, a bathroom and kitchen with a separate living area that includes a heat pump.

“There is parking to the front and side and is currently occupied by a residential tenant on a residential tenancy agreement with income of $23,920 and an additional $6,240 per year plus GST (if any) for the carparks. There is a range of opportunities for a potential purchaser to occupy and add value under the Business Mixed-Use zoning,” says Bakshi.

Ryan Gibb, Investment Sales Broker at Colliers, says the properties positioning and location are strong investment drivers for purchasers.

“23 Princes Street and 26 Atkinson Avenue is a well-positioned site on the corner of Princes Street and Atkinson Avenue, a main arterial route linking suburbs north and south, in the heart of Ōtāhuhu.

“The area benefits from a large number of local and national retailers and trade outlets, along with health and public services nearby.

“Notable commercial premises in the vicinity include Ōtāhuhu Health Centre, Work and Income, Ōtāhuhu Town Hall, NZ Post, MSD Regional Office, Ōtāhuhu Recreational Centre, Ōtāhuhu Police Station, and numerous branded restaurants and retail outlets.

“The property is well connected to surrounding suburbs and outer commercial centres of Auckland, with SH1 via Princes Street. SH20 is approximately an 8-minute drive and Auckland Airport is under 15 minutes away.

“A number of public transport options are in nearby with the Ōtāhuhu Bus Station on the boundary of the site between King Street and Avenue Road. Ōtāhuhu Train Station is only 1km away providing connectivity to the wider Auckland region.”

Bakshi says: “this is a highly popular offering and we encourage all interested parties to undertake due diligence forthwith to avoid any disappointment.”


Related Experts

Gawan Bakshi

Broker | Investment Sales

Auckland

Gawan is a solutions-focused and proactive member of the Colliers International Investment Sales team, based in Auckland CBD. He specialises in scouting and matching suitable investment opportunities for individual property owners, family trusts, high profile national property and retail groups. He is the area expert for Mount Roskill, Three Kings, Hillsborough, Onehunga, Mount Albert, and Sandringham with extensive knowledge and local information for each suburb.

Gawan’s Bachelors of Commerce and Bachelors of Property from University of Auckland have equipped him with the technical expertise required to identify the benefits and risks associated with each property and provide reliable and professional advice to his clients. He goes to length to ensure his clients have access to all the relevant information and are able to overcome challenges with his advice, before making a final decision.

Gawan’s thorough understanding of property investment and market conditions, paired with his proficient localised knowledge means he is able to discern every deal carefully on a case by case basis to achieve the best possible outcome for his clients.

Gawan speaks fluent Hindi and Punjabi and understands Gujurati and Urdu, making him an important member of the team with the ability to access and communicate with this growing market audience.

View expert

Ryan Gibb

Broker | Investment Sales & Leasing

Auckland South

I am a member of the Investment Sales team at Colliers International, focusing on the sub $20 million investment bracket in the South Auckland market and further afield.

I also focus on the South Auckland leasing market with an emphasis on Manukau.


My responsibilities include:

- Facilitating acquisition and divestment transactions

- Provide economic and market advice to tenants, landlords, buyers and sellers

- Evaluating income reports, rent rolls and conducting cash flow analysis and comparative market analysis to determine the market value, cap rate and internal rate of return of income producing properties

- Identifying problems, monitoring processes and achieving timely and effective closed transactions, consistent with client goals.

 

Recent Sale Transcations

141 Kolmar Road, Papatoetoe - Sold - $4,367,000 -  3.2% - Papatoetoe record

23 Princes Street and 26 Atkinson Avenue - Sold - $2,600,000 - 4.2% yield - Otahuhu Record

15 Lambie Drive, Manukau - Sold - $12,095,000

550 Te Irirangi Drive, East Tamaki - Sold - $14,200,000

53 & 65 St George Street, Papatoetoe - Sold - $6,100,000

22 Amersham Way, Manukau - Sold - $11,000,000

Recent Leasing Transcations

6 Osterley Way, Manukau - 1,800 m²  - University of Auckland

19 Lambie Drive , Manukau - 1,200 m² - New Zealand Police

22 Amersham Way, Manukau - 1,161 m²  - Education Provider

13 Ronwood Avenue, Manukau - 1,000 m² - Community Organisation

20 Amersham Way, Manukau - 1,195 m² - Education Provider

743 Great South Road, Papatoetoe - 1,200 m²

1 Ash Road, Wiri - 1,225m²  - Non Government Organisation

View expert