High-profile Pukekohe retail with future upside
A fully leased retail property on one of the most prominent corner sites in Pukekohe’s town centre is being offered to the market with multiple income streams and future redevelopment potential.
Colliers International is presenting the 1,100sq m freehold property at 1 Queen Street, Pukekohe, Auckland, for sale by auction at 4.30pm on Wednesday 14 November, unless it sells earlier.
Matt Barnes, Colliers’ Director of Investment Sales in South Auckland, says it is a superb opportunity to secure one of the most visible sites in the township.
“As Auckland’s growth accelerates and development pushes further south, Pukekohe is poised to undergo an unprecedented wave of urbanisation.
“The property for sale is well positioned to capitalise on that growth. It occupies a strategic position at the western end of town, by the roundabout connecting Queen, King, Seddon and West streets.
“With huge exposure to passing traffic and its distinctive wedge-shaped site, the property is easily one of the most highly recognisable in Pukekohe.”
The property has a net lettable area of almost 600sq m and 15 on-site car parks, shared between the three tenants.
“It is fully leased to a bar, restaurant and fish and chip shop, returning $184,608 plus GST in net annual rent. Each of the leases includes rental growth provisions.
“With final lease expiry dates between May 2023 and April 2028, the property offers a favourable weighted average lease term of more than six years.”
Barnes says the property comprises three adjoining buildings with an area of undeveloped land at the rear, currently utilised as on-grade car parking.
Shop 1, on the northern corner of the site, is a two-story weatherboard building with a net lettable area of 346.6sq m. It is tenanted by Smart Bar.
Shop 2 is a single-storey building with a net lettable area of 160sq m, tenanted by Poco Loco restaurant.
Shop 3, the smallest building on the site, has a net lettable area of 93.2sq m. It is tenanted by fish and chip takeaway restaurant Fisherman’s Catch.
The property is zoned Business Town Centre under the Auckland Unitary Plan, allowing for long-term redevelopment of up to 18m in height.
Gareth Fraser, Auckland Director of Investment Sales at Colliers, says Pukekohe is located about 50km southwest of Auckland’s CBD.
“The township services its own population of more than 30,000 as well as the wider Franklin District, which includes the growth hubs of Waiuku, Pokeno, Tuakau and Karaka.
“It is only eight minutes from State Highway 1, putting it within 45 minutes of Auckland’s CBD via car.
“Pukekohe can also be accessed via SH22 from Drury, which is earmarked for substantial industrial, commercial and residential growth.
“The Pukekohe Train Station is centrally located off Manukau Road, a main urban road through town.
“Regular services provide an easy commute into Auckland’s CBD, which is an hour and 10 minutes from Britomart via train.”
Pukekohe is home to many hospitality operators, national retailers, trade outlets, education facilities, industrial occupiers and sporting clubs and facilities.
Pukekohe Plaza is located at the southern side of Pukekohe, hosting key retailers such as Farmers.
Further south lies the main industrial hub of Pukekohe along with large retail and trade retail stores such as The Warehouse, Mitre 10 Mega, Rebel Sport and more.
Countdown Pukekohe is on the northern border of the township. In between are several retailers, banks, service stations, restaurants and bars.
Among Pukekohe’s notable attractions is the race track, which hosts the annual ITM Auckland SuperSprint, bringing in visitors from around New Zealand and even offshore.
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