Yu Tea which offers a range of teas, Taiwanese food and deserts has secured the site on a new lease with two further rights of renewal of four years each, returning $60,325 per annum net plus GST.
"The units were originally built to keep by the vendors so no expense has been spared, ensuring the property has been built to a very high standard. This site has one of the most accessible routes to State Highway 16, only 600m from the Northwestern Motorway interchange," says Smith.
"Two of the key drawcards to this development is the dual entry and exit points and the very generous on-site car parking," Kermode adds.
"The development occupies one of the proudest road frontages to Lincoln Rd and boasts prominent signage opportunities and exposure to 45,000 passing cars a day," Smith points out.
Brokers say the property is virtually a "completely passive investment" as it is externally managed by Centurion Management Services.
"High-quality construction means the structure will last longer, involve lower maintenance and is generally hassle free," says Chand.
The units are close to the Lincoln North shopping centre, approximately 1km away, and the newly constructed NorthWest shopping mall, 5km away to the north at Westgate. "Four major Special Housing Areas on Fred Taylor Drive, only a 10-minute ride away, are planned to house nearly 4000 new dwellings in the next 10 years," Smith says. "If you think of that within the geographical context of Henderson, it is a major transformation."
Lincoln Rd is a major feeder route running from Swanson Rd in the south to the Northwestern Motorway. It is a primary link between Henderson Town Centre and surrounding suburbs, and home to a mix of retail centres inter-spersed with general commercial premises and dwellings.
"Lincoln Rd is one of the most sought-after destinations in Auckland among retailers looking to take advantage of the high passing traffic and proximity to the dense surrounding residential neighbourhoods," Kermode says.
With major upgrades to the Northwestern Motorway under way and the anticipated completion of the Western Ring Route in 2017, accessibility is set to improve."
"West Auckland is the city's fastest growing area for the next 30 years. It is expected to house around 30,000 new dwellings and the creation of about 13,300 new jobs, all of which make developments such as this in extremely high demand," says Smith.