Property listing ID: 64717
Here is a property with real potential. Unit G9 & G10 68 Ponsonby Road is an excellent opportunity for a savvy investor to acquire a strong ongoing cash flow from a proven tenant in an area that is going through a strong growth cycle. The property consist of a 127m² retail space with 36m² courtyard plus 20 (yes, 20) car parks. The retail and two car parks is leased to the Earlybird Bakery, previously in 133 Ponsonby Road beside Chappel, they pay $60,000 per annum on a five year term with set rental growth of 2.5% per annum. The lease is 5 + 5 + 5 with market rent reviews on the renewals. The balance (18) car parks are leased on varied terms at circa $45/week giving a total net rental of just over $88,000 + GST and outgoings. The opportunity here is the growth of the location, within 200 meters we have the Countdown supermarket and the 5,000m² of office space that goes with it, Vinegar Lane, developments on Crummer and Maidstone Streets along with the 3 large scale conversions on Hopetoun Street and Conrad's large scale apartment development on Howe Street. These developments are going to have a positive effect on the foot traffic and retail potential (and demand for car parking) in this area that will have a favorable affect on the market rental of the retail tenancy. Contact now for your information memorandum.
Listed by Barfoot & Thompson , Cam Paterson (City Commercial) , City Commercial Commercial (City Commercial)