Multi-tenanted retail investment for sale as part of deceased estate
A multi-tenanted retail investment property in a prime location on State Highway 1 in Wellsford is for sale by auction through Colliers International.
The 322sq m property at 168 Rodney Street, which returns a net annual income of $41,532 plus GST, is offered for sale as part of a deceased estate.
The executor of the will has instructed Colliers International to auction the property at the agency’s North Shore office at 11am on Tuesday, 5 December, unless sold earlier.
Colliers International brokers Ryan de Zwart and Craig Smith say the property is superbly positioned in the centre of Wellsford township.
“The standalone building is divided into four tenancies, with two shops at street level tenanted by an established bakery and bar, plus two basement storages areas,” de Zwart says.
“With 14.4m of prime street frontage to SH1, the property benefits from excellent exposure to both local shoppers and motorists travelling between Auckland and Northland.
“It is well located close to other popular businesses, including a Mobil service station next door, and a Four Square grocery store and other retailers across the street.
“The main retail strip in Wellsford is a very tightly held and busy location, making this a rare investment opportunity that should not to be missed.”
Constructed in the 1990s, the property occupies an almost rectangular 283sq m site, zoned Town Centre under the Auckland Unitary Plan.
The 117sq m retail units are accessed via street level or by internal and external stairs backing onto an easement at the rear of the property.
The 44sq m basement storage areas are accessed via individual roller doors backing onto the same easement.
The retail unit to the south is occupied by JT’s Bar and Grill – a popular local drinking spot which offers a pool table, television and gaming machines.
Initially signed to a three-year lease, JT’s pays $19,210 plus GST in annual rent. Two rights of renewal of three years each extend the lease until August 2026.
Wellsford Bakery, which is frequented by both locals and passing travellers, occupies the retail unit to the north.
Signed to a four-year initial lease, the bakery also pays $19,210 plus GST in annual rent. Three rights of renewal of three years each extend the lease until April 2028.
The bakery also occupies the northernmost storage basement, with a casual monthly lease returning $1,667.41 per annum.
The second basement is occupied by a private storage tenant, returning $1,445 per annum from a casual monthly lease.
Smith says the executor’s instructions are clear.
“Serious investors seeking a prime Wellsford retail investment will not want to miss this auction.”
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