Algie says it is just 100m from the intersection of Archers Rd and Wairau Rd, both of which are major routes through the established Wairau Valley commercial and industrial area and primary feeder roads to surrounding residential areas.
He says the retail centre is of attractive modern design and built of low-maintenance materials, with canopies over the walkways and well-presented, easy-care grounds.
Tenants also benefit from an illuminated directory/signboard at the entrance and multiple signage points above the canopies.
The largest tenancy is a Jetts Fitness Centre. The others are a Kellylin Couture bridal wear and accessories shop, a Raw Essentials pet food and animal care store and a Japanese restaurant, Asahi. They are on varying lease terms with built-in rental growth and rights of renewal which, if exercised, would take lease expiries through to between 2017 and 2025.
Another retail property with multiple tenancies at 66-80 Vincent St, Howick, will also be auctioned on September 10. The 571sq m block of shops has six well-established tenants paying total net annual rental income of $121,749 plus GST. They comprise a dairy/lotto/florist store, cafe, butchery, hair salon, takeaway and a pharmacy/doctors' premises.
"This is the first time it has been on the market in about 50 years with properties in this area being very tightly held," says Tony Chaudhary, marketing it with colleague Shane Snijder.
Chaudhary says the building is on a high-profile 660sq m corner site in Howick's commercial precinct which is on four separate freehold titles and has substantial on-site car parking. It is on a busy roundabout corner that also connects to Wellington St, while the other end of Vincent St links with the main arterial of Ridge Rd.
"This and other surrounding commercial properties serve the local residential catchment which includes the affluent areas of Bucklands Beach, Eastern Beach, Highland Park, Mellons Bay, Cockle Bay and Shelly Park," says Chaudhary.
Snijder says several of the tenants have been operating from the property for a long time and it offers an ideal split risk, passive investment. It may also offer future redevelopment potential for an owner looking for add-value opportunities, he says.
Its Business 5 zoning applies to mixed areas of light and medium industry, offices and a limited range of retailing activity. Under the proposed Auckland Unitary Plan, the property is zoned Neighbourhood Centre which applies to corner stores or small shopping strips in or near residential neighbourhoods. Buildings of up to three storeys high and residential use at upper floors are permitted.
"Under this zoning, a new owner could possibly build on top of the existing premises, subject to obtaining the appropriate consents," says Snijder.
Another six-tenant retail property further south is also for sale. Comprising 1508sq m of buildings on a 1816sq m corner site at 60 George St, Tuakau's main street, it earns $89,980 per annum plus GST and outgoings.
Bayleys Counties' Graeme Moore, who is marketing the property, says the well-maintained complex is in the heart of Tuakau, about 10 minutes' drive from Pukekohe.
"Tuakau has benefited from significant growth and town centre upgrading of its paving and the streetscape in recent years," he says.
"Along with nearby Pokeno, Tuakau is expected to experience a continuing increase in population and development over the next three decades as businesses and house buyers look for more affordable land on Auckland's southern fringe.
"The residential market is already very active with families relocating to Tuakau because of its good value-for-money housing. Commercial growth is also set to increase within the commercial zone nearby. Just down the road is the recently refurbished multimillion-dollar Tuakau Hotel with its new restaurant and upgraded accommodation which is a popular venue for out-of-town visitors."
Moore says 60 George St appears to have been maintained to a high standard, with the roofing and guttering having been replaced over the previous five years and tenancy amenities also upgraded.
"The tenants are a good mix of well-established local businesses and include a florist/gift shop, a toy/gift store, acupuncturist, a barber, antiques and collectibles store, and a light industrial workshop.
"The property is arguably under-rented for a holding of this size and there is scope for future rental growth given the growth that is expected to occur in the town's business centre."
Several single tenancy retail properties will also go up for auction on September 10. These include a 746sq m building on a 1067sq m site at 196 Great South Rd, Papatoetoe, which has a new six-year lease to ANZ Bank returning about $140,000 per annum plus GST and outgoings.
"It's in the heart of Papatoetoe in a prime position on a main arterial," says Nick Bayley of Bayleys Manukau, who is marketing it with colleagues Ben Bayley and Dave Stanley.
"This property offers investors a great opportunity to purchase an investment with a strong and well-established tenant which has been in the building since the 1990s and has recently renewed its lease," says Nick Bayley. "It is being offered to the market for the first time in 24 years and comprises a solidly constructed two-level commercial building that was developed in the mid 1970s and has an IEP [Initial Evaluation Procedure] seismic rating of 80 per cent of New Building Standard.
"It also comes with 17 car parks at the rear with access to these provided via a driveway off Great South Rd."
For auction at 395 Manukau Rd is a 228sq m retail unit in the centre of Epsom's busy shopping strip, opposite the Alexandra Park Race Course and one and a half blocks before the intersection with Green Lane West. Neighbours include Westpac, Eve's Pantry, Hollywood Bakery, Lido Cinema and a Caltex Service Station.
The unit is leased to a Bottle-O store, part of an Australasian wide, independently owned chain of liquor stores. The property, producing net annual rental income of $55,000 plus GST, is undergoing a rent review.
Marketing agent Mark Pittaway of Bayleys Auckland says the tenant, which operates another Bottle-O in Mt Eden, has confirmed an intention to renew the lease for three years from October 2014 and will have four further rights of renewal remaining.
"The unit has an impressive modern fit-out with an open-plan layout and includes a large chiller, warehousing and roller doors at the rear, with convenient parking at both the front and rear of the property," says Pittaway. "It represents a superb retail investment opportunity for the smaller investor looking for a well-located, affordable property."
A 527sq m retail unit housing a large Mad Butcher store at 2-10 Triangle Rd, Massey, is also being auctioned on September 10.
A Mad Butcher franchise has been in occupation for close to eight years and exercised the first of two five-year rights of renewal in May 2011.
The property is producing net annual rental income of $96,080 plus GST. Founded by Sir Peter Leitch in 1971, the Mad Butcher has 39 stores nationwide and is now part of the NZX listed Veritas Investment Group.
