A block of 4 shops built in 2011 on a prominent corner site in Avondale has been bought by one of the tenants through a tender by commercial property specialists JLL.
The block’s 3 tenants are Stars Bakery, Sushi Ichiban & Avondale Food Market. One 128m² unit is vacant.
JLL commercial and investment agent Chris Harding said the 6% yield was no surprise because the tenancy mix was good and the lease terms were varied.
“It’s an area set for huge industrial growth. Rosebank Rd is a busy arterial route serving a largely developed business area. The Rosebank Peninsula is the industrial hub of West Auckland. When the Waterview Connection is completed in 2017, JLL expects this area to become even more popular with industrial tenants.
Chris Beasleigh, JLL’s national director of retail, said strong yields in retail property sales were keeping these investments in high demand.
277 Rosebank Rd, corner Honan Place:
Features: 2477m² site, 456.5m² single-storey retail block, 3 units occupied & one vacant, 52 parking spaces, dual road access
Rent: $112,800/year + gst & outgoings
Outcome: sold by a family trust for $2.71 million at a 6% yield
Agents: Chris Harding, Chris Beasleigh & Ranesh Parmar
Attribution: Agency release.