Milford retail investment offers rare opportunity in a prime location
A rare split-risk retail and office investment is being offered for sale in the bustling town centre of Milford on Auckland’s North Shore.
Positioned just off the main intersection and minutes from Milford Beach, the property benefits from significant exposure and high foot traffic.
The building was constructed in the 1960s and comprises two levels of commercial development with two retail tenants and six office tenants.
Colliers International have been exclusively appointed to market the property at 3 Milford Road, for sale by way of deadline private treaty. Offers close on Thursday 16 April at 4pm unless sold prior.
Janet Marshall, Director and Commercial Manager at Colliers’ North Shore office, says this is an exceptionally rare opportunity in one of the most tightly held areas of the North Shore.
“Located in the heart of Milford’s established retail district, this property receives a consistent influx of customers and exposure due to its high-profile position.
“Across the road is the shopping complex, Milford Centre, which is home to anchor tenants including Countdown, The Warehouse and Whitcoulls.
“Milford Centre is a shopping hub that not only draws Milford residents, but shoppers from the neighbouring suburbs of Westlake, Forest Hill and Crown Hill.
“Plans to further extend the Centre with a $200 million investment will create additional focus on Milford and bring even more potential customers to the area, making this a superb opportunity both now and in the long term.”
Colliers North Shore Director Euan Stratton, who is also marketing the property with colleague Sean Honeycombe, says it has a variety of future options and potential.
“The demographic in Milford has changed significantly in the last 10 years, with the area becoming immensely popular with younger people and affluent families.
“The change is being reflected in the commercial offerings, with many properties undergoing refurbishment to rejuvenate the area.
“A boutique retail offering in the township, supported by big brand amenity in the nearby shopping complex is drawing people from a wide catchment area as far as Takapuna and the East Coast Bays.”
The property for sale is fully tenanted and returns an annual net income of some $130,832 plus GST.
Two ground floor retail tenancies have profile to Milford Road, while the two rear tenancies and first floor are operated as office spaces.
Boutique coffee company, Meebz Coffee Roasters, occupies one of the retail spaces, supplying a wide variety of specialist coffee blends to cafes, offices and individuals.
Next door is the long-established Milford Clock and Watch repair, which has been dedicated to the repair and restoration of clocks and watches for almost 30 years
Design features of the building frontage include full height glazing of the ground floor and a canopy that provides weather protection to clients and their customers.
The investment package has a net lettable area of 378.25sq m on 445sq m of freehold land.
The site is zoned Business Town Centre and is a flat rectangular shape with a frontage of 15m and depth of 30m.
Eight carparks are included and located at the rear of the building.
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