Investors look for healthy returns as fruit and vegie supermarkets go up for sale
Two stand-alone suburban fruit and vegetable supermarkets in Auckland have been placed on the market for sale.
The pair of fresh produce stores are both located in busy retail locations servicing established residential neighbourhoods. The two locations are being sold by Bayleys Real Estate - with just the land and buildings on offer in both instances.
First up, is a 345 square metre outlet housing Pt Chev Fresh, which has been a tenant on the site for 17-years. The freehold property at Unit D 1110 Great North Road features a single-level building in Point Chevalier town centre, and comes with four car parks.
Pt Chev Fresh is on a current five-year lease running through until 2021 with two further five-year rights of renewal and generating an annual return of $108,312 plus GST per annum, with outgoings.
The property is being marketed for sale at auction at 11am on October 24 through Bayleys Auckland. Salespeople Nicolas Ching, James Chan, and Quinn Ngo said Pt Chev Fresh’s immediate neighbours were very much focused on convenience retail operations – such as a butchery, bakery, laundromat, liquor stop, petrol station, and take-away food premises.
“Being complimentary to other retail outlets within the hub, Pt Chev Fresh enjoys a high volume of foot traffic as customers buy their fruit and vegetable supplies from the store, their meat from the butcher next door and a bottle of wine or six pack of beers from the liquor store on the other side. It’s a symbiotic relationship for all tenancies,” Mr Ching said.
“The block is relatively modern and has been maintained to a high standard. This has underpinned the attraction to customers,” he added.
Elsewhere in Auckland, another fruit and vegetable retail outlet in Ellerslie features a 272 square metre premises accommodating the Ellerslie Fresh Mart. The freehold retail unit at 101 Main Highway Ellerslie comes with 10 car parks.
Ellerslie Fresh Mart is on a current five-year lease running through until 2019 with two further five-year rights of renewal, and generating an annual return of $60,000 plus GST per annum. Fresh Mart occupies the entire premises.
The property is located in the heart of Ellerslie township and also being marketed for sale at auction at 11am on October 24 through Bayleys Auckland. Salespeople Oscar Kuang, Beterly Pan and Nicolas Ching said the property was located directly across the road from Ellerslie train station – making it a highly convenient location for commuters to pop in and purchase their daily grocery needs on the way home from work.
“As a true ‘neighbourhood’ fruit and vegetable shop, Ellerslie Fresh Mart makes for a ‘local’ alternative to the big supermarket locations in Greenland and Panmure,” Mr Ching said.