Three purpose-built and fully-tenanted retail units on the ground floor of a recently-completed two-level commercial/retail complex in Mount Wellington are for sale and offer passive investors long-term security with assured rental growth.
Fulfilling the sought-after investment criteria of location, quality build and long-term leases, the units at 509-517 Ellerslie-Panmure Highway vary in size from 240sqm to 253.37sqm (approximately) and are occupied by recognised tenants with established businesses including a hospitality operator and a range of service providers.
Unit 4 is occupied by Lola Café, a new offering from the founder of the proven and successful eateries Charlie & George in Stonefields and Flour Mill in Epsom. Unit 1 is home to global fitness studio brand Orangetheory, while Unit 2 is shared by Physio Connect physiotherapy clinic and a Ray White real estate office as two separate tenancies.
All three units have assured rental growth with annual fixed increases built-into the long-term leases.
Also showing confidence in the immediate location are two owner-occupiers namely a busy St. Pierre’s sushi outlet within the building and the neighbouring highly-successful McDonald’s restaurant.
The development was undertaken by Argyle Estates, respected and experienced commercial property developers with a notable 25 year track record in the industry throughout New Zealand and the South Pacific.
The three available retail units are zoned Business Mixed Use, have generous carparking capacity and were completed in 2019.
They are being marketed for sale by Tony Chaudhary of Bayleys Manukau and his sales team comprising Janak Darji and Amy Weng.
The units will be sold separately by auction at 11am, Wednesday 11th March, 2020 (unless sold prior).
“This commercial complex is representative of the premium developments that Argyle is renowned for,” says Chaudhary.
“With the entire upstairs tenancy occupied by a childcare facility, and the popular St. Pierre’s Sushi operation having already purchased its ground floor premises off the plans, it’s clear to see that this development has nailed what the market is seeking as an investment proposition.
“Add in the exposure that this corner site offers and the multiple access and exit points onto the key arterials of Ellerslie-Panmure Highway and Mount Wellington Highway, and the tenant or owner-occupier value-proposition just gets more attractive.”
Chaudhary says the location’s credentials stack up as among the most compelling on offer in the Auckland region given the forward-thinking initiatives that have recently been completed and other benefits yet to come into play.
“The units we are selling are adjacent to one of the busiest McDonald’s stores in Auckland, close to numerous big box retail precincts, handy to Sylvia Park shopping centre and opposite a large commercial site that is widely-tipped for redevelopment in the near future,” explains Chaudhary.
“The former Moyes Panmure Holden dealership has exited the 2.3-hectare site and word on the street is that it has been purchased by Woolworths New Zealand (formerly Progressive Enterprises).
“Regardless of whether this site ultimately becomes home to a supermarket and supporting retail, or some other commercial configuration, the location of the retail units we are marketing is prime.”
Improvements to the transport network and roading within the immediate area only serve to further underpin the location according to Chaudhary.
“The Auckland Manukau Eastern Transport Initiative (AMETI) has identified key ways to streamline travel movements for commuters, suppliers and distributors along the roading corridors creating safer and faster connections on this side of Auckland,” he explains.
“The previously-challenging Panmure roundabout has been replaced with a signalled intersection and there’s work planned for the Panmure Bridge.
“These infrastructural works are complemented by associated upgrades to the public transport network with the Panmure Train station having had a major overhaul and the eastern bus corridor to provide high-frequency public transport linkages.”
Mount Wellington and Panmure have been earmarked by Auckland Council for more intensive residential development with nearby Stonefields an example of ongoing residential intensification in the neighbourhood.
“These retail units for sale along the busy Ellerslie-Panmure Highway epitomise the real estate mantra ‘location, location, location’ and represent a quality retail investment in the heart of a growing location.”