Retail spaces from west to east

The Lincoln North Shopping Centre in which two properties are for sale.

Retail units out west at Henderson, and in the eastern suburbs at Highland Park and Glen Innes, are up for auction next month as part of Bayleys' latest Total Property portfolio campaign.

Two units in the Lincoln North Shopping Centre are among a number of unit titled retail properties for sale and will be auctioned separately on June 6.

They encompass a 179sq m ground floor unit occupied by Moda Kitchen and a 472sq m unit recently occupied by international fitness club Snap Fitness following a major refurbishment and fit out of its space. Both units are being marketed by James Chan and Cameron Melhuish, of Bayleys Auckland office.

The Snap Fitness six-year lease from April 2012, plus two associated signage leases, is producing net annual rental income of $105,424. Founded in 2003 in the United States, Snap Fitness currently has more than 2000 clubs worldwide with more than half a million members. It has over 20 franchised clubs either operating or about to commence operations throughout New Zealand.

The Snap Fitness space is directly above the Moda, St Pierres and Lincoln Mall Pharmacy retail tenancies and also has two ground floor entries, with the main entry housing a lift. The unit is located in a very high profile position, adjacent to the Lincoln North Shopping Centre's Universal Drive entry and exit point, Chan says.

The unit has various workout spaces, bathroom and shower facilities plus a substantial 108sq m deck. Chan says the unit receives excellent natural light because of its corner position and extensive glazing.

Moda Kitchen's unit also has a six-year term, running until August 2016 with one six-year right of renewal and is currently producing net annual rental income of $71,577. Moda Kitchen specialises in the design, manufacture and installation of kitchens with business steadily expanding over the last few years, despite a challenging economic environment, says Chan. It now also has outlets in Mairangi Bay, Mt Wellington, Hamilton, Lower Hutt, Christchurch, Queenstown and Wanaka.

The Lincoln North Shopping Centre has attracted many well known national and international tenants including ANZ , Westpac, BNZ, Kiwibank, Restaurant Brands (KFC and Pizza Hutt), NZ Post Shop, Animates, Lollipops, Avanti Cycles, Video Ezy, TAB, Subway, Dunkin Donuts, SuperCheap Autos, Columbus Coffee and St Pierre's Sushi.

The site was previously home to a Pak n' Save supermarket, which has relocated directly opposite on the other side of Universal Drive.

The centre essentially comprises three standalone buildings, the redevelopment of which was completed in 2007. Shop frontages have full height glazing and double entry doors, with pedestrian canopies running outside the shop frontages.

The 1.67 hectare site on which the Lincoln North Shore Shopping Centre is located has wide frontage and substantial exposure to both Lincoln Road and Universal Drive - two of West Auckland's busiest arterial routes. There are entrances and exits to the centre from both roads which feed into a substantial parking area for 236 cars.

The buildings wrap around the customer car parking in an "L" shape with a lane towards the rear of the site providing access to loading bays and staff car parking.

In addition to providing retailers with huge exposure, Lincoln Road links to the North Western motorway.

"Lincoln North Shopping Centre has attracted numerous well known national and international tenants and is fully occupied - a testament to the strength of the location and calibre of the finished product," Melhuish says.

On the other side of the city in East Auckland, a high profile unit in the Highland Park shopping centre will be auctioned on June 8. The unit, with a Thai restaurant as tenant, is producing annual net rental income of $46,793 and is being marketed by Chan and Nicolas Ching of Bayleys Auckland and Katie Wu, Bayleys Manukau.

Chan says the vendor has owned the 99sq m property for the past 16 years and it has been home to a popular Thai restaurant for the past 13 years. Taste of Thai currently has a four-year lease from March 2010, with one further four-year right of renewal. Chan says the unit is strategically positioned between a long-established Pizza Hutt outlet and the Event Cinema complex, with other nearby occupants including Subway, Burger King, Blockbuster and Caltex.

"This is a busy retail precinct off Pakuranga Highway which is well supported by a sizeable and well established residential population," says Chan. Earlier this year, Bayleys auctioned the neighbouring 100sq m Pizza Hutt outlet which sold for $530,000 at a 7.5 per cent yield through Tony Chaudhary of Bayleys Manukau.

Also in the eastern suburbs, another retail building at 25-27 Mayfair Place, Glen Innes will be auctioned with vacant possession on June 6 by Chaudhary and Nicolas Ching. The property, formerly a furniture and appliance store, comprises a 275sq m two-level building on a 151sq m site in the Glen Innes town centre mall.

"The retiring vendor wants the property sold and it provides an affordable, add value investment opportunity in a growing area that is undergoing a major revitalisation," says Chaudhary.

He says the property could be partitioned to accommodate up to three tenancies, two on the ground floor and one on the top floor.

"The top floor has its own separate entrance at ground level and could suit a professional practice or even possibly residential conversion." There is a service lane along the rear boundary of the property, which provides access to a roller door and car dock at the rear of the ground floor.

"It's a tidy, well presented building with excellent exposure within the mall and plenty of parking nearby," says Chaudhary.