DTZ Property Sale

DTZ Property Sale

A three storey older style property at 55 Albert Street in Auckland CBD has sold to a private investor for $2.45m freehold at a yield of 6.3%

The property is currently leased for retail and restaurant use with a total rental income of $154,565 plus GST per annum. A Karaoke and Sushi bar occupies the ground floor at a rental of $60,000 net for 245 sqm for a four year term, the first floor tenant is Terra Cuisine Limited occupying 247 sqm at $45,000 net on a 5.5 year term and Ding Ho licensed Chinese restaurant occupies the second floor at $49,565 net on a term of approximately 5.5 years.

The land area is 300 sqm with the building utilising the total site area. Albert Street is classified as a Collector Road under the Operative Plan with St Patricks Square forming a pedestrian mall. (Agnes Teh, DTZ Agency, Auckland).

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