Retail space in 'old money Milford'

The property for sale at 145-147 Kitchener Rd has 11 retail and office tenancies. Photo / Supplied

A commercial property comprising 11 retail or office spaces is for sale in the 'old money' suburb of Milford.

Rob Meister and Andrew Bruce of NAI Harcourts are marketing the freehold property at 145-147 Kitchener Rd for sale by deadline treaty, with offers closing at 4pm on August 22, unless it sells earlier.

Meister says such opportunities are all too rare, as Milford is such a highly desired location and one of the oldest and most prosperous in Auckland.

"Milford has the reputation of being an 'old money' area. The central business district comprises high-end shops and offices of a type seen in few other localities. This centre is about equidistant from two of our highest-value residential areas — Lake Pupuke and Milford Beach.

"What's more, it could house the highest concentration of doctors-per-square kilometre in the country, considering North Shore Hospital and the numerous medical practices surrounding it, are just down the road.

"So with all that, commercial properties are really tightly held at Milford and it's a real pleasure to be able to bring one of this calibre to market."

Bruce says the property has a history of full occupancy and promises to provide ongoing income security.

"Current net income is $262,525 and, when the vacant retail space is leased, it has the potential for earning to over $280,000. The part operative Auckland Unitary Plan's zoning is favourable from a permitted use and height perspective.

"This all points to a safe bet for both the short and long-term," says Bruce.

The property's capital valuation is $5.45m.

It is situated next door to a New World supermarket, occupying a large freehold title of some 758sq m. Three sides that have a roadway boundary, providing light to the buildings and also clear space for possible future development.

Seven retail tenancies are on the side facing Kitchener Rd and a commercial building with office and hospitality tenants is at the rear.

The front retail section of the property has a seismic rating equal to 100 per cent of the New Building Standard (NBS); the rear is rated at 95 per cent of NBS.

"Regarded as a premium location for investment, Milford is an area included in Auckland Unitary Plan zoning for potential future development, allowing up to five levels or 18 metres in height," says Meister.