A split-risk investment property is for sale on a prominent Mt Wellington corner site, presenting a chance to secure a high-quality trophy asset on a significant landholding.
Located in one of Auckland’s most central suburbs, the property at 200 Mt Wellington Highway is well positioned to benefit from the area’s strong continued growth.
It comprises a modern, low-maintenance retail centre that is fully leased to 11 tenants, who together return $740,014 in net annual rent plus GST and outgoings.
Fixed rental reviews on nine leases provide locked-in rental growth, while a 12-month rental guarantee provides added security for investors.
Colliers International’s Auckland Investment Sales team has been exclusively appointed to market the property for sale by deadline for offers closing at 4pm on Thursday 18 June, unless sold prior.
Broker David Burley says it is an opportunity to secure a long-term passive investment with superb fundamentals.
“This rare trophy asset ticks all the boxes – an outstanding location, strong tenant covenants, and a secure, split-risk income stream.
“The property is prominently positioned on one of Auckland’s busiest intersections, with frontage to Mt Wellington Highway and Waipuna Road.
“This provides exposure to an average of 60,000 passing vehicles a day, as well as excellent accessibility to amenities and infrastructure.
“The property is a short 500m walk to the train station and shopping centre at Sylvia Park, and a two-minute drive to the Southern Motorway, Southeastern Highway and AMETI arterial link interchanges.
“This superb accessibility has attracted a strong mix of tenants including a range of nationally branded food outlets, local eateries, a childcare centre, bottle shop and laundromat.
“All of these attributes – location, tenant covenant and income security – make the property a superb long-term passive investment.”
The property comprises a single-level 1,435sq m building on a 4,047sq m freehold site. Business Mixed Use zoning provides scope to further develop the site in future to a maximum height of 18m.
Broker Simon Child says the corner site provides dual access to two key arterials, with 64m of frontage to Mt Wellington Highway and 58m of frontage to Waipuna Road.
“The building is set back from the street corner, giving tenants excellent exposure and providing space for 57 customer car parks.
“Tenants include national brands Oporto, Zambrero, Sal’s Pizza, Tank and LiquorLand. Local tenants include Discoveries Educare, a laundromat, and Chinese, Indian and Thai eateries.”
Child says Mt Wellington has long been considered one of Auckland’s most central and accessible suburbs.
“The property is located 1km from the Southern Motorway to the south and just over 1.2km from the Southeastern Highway to the east via Waipuna Road.
“To the north is the AMETI arterial link, providing a direct link to the eastern suburbs, as well as the Panmure bus and train exchange.”
Matthew Barnes, Director of Colliers’ South Auckland Investment Sales team, says Mt Wellington has undergone significant development in recent years.
“The ongoing expansion of Sylvia Park has been complemented by the development of several large office, industrial and residential projects.
“Recent residential developments include Stonefields, Richmond Auckland and the Parkside Residences, which provide a mix of standalone, terraced and apartment dwellings.
“These homes will bring thousands of new residents to Mt Wellington, which will bolster the area’s already strong catchment.”
Barnes says the property for sale is situated directly opposite a well-established Countdown supermarket, which is owned by Stride through its holding in Investore.
“Sylvia Park, which is owned by Kiwi Property, is located 500m to the south, while new Pak’N Save and Countdown supermarkets are planned for two large sites to the north.
“These supermarkets will replace the NCI building on Mt Wellington Highway and the Moyes Panmure site on the Ellerslie-Panmure Highway.
“Other nearby amenities include Bunnings and the booming Lunn Avenue precinct, which is home to the new Stoneridge on Lunn development, as well as numerous large format and convenience retailers.“Prominent brands on Lunn Avenue include New World, Farro, Mitre 10, PlaceMakers, The Warehouse and Noel Leeming.”