914 New North Road is superbly located in the popular suburb of Mt Albert, just opposite the train station.
The site is held in one Fee Simple (Freehold) title and includes a two-level building that offers live/work and mixed-use. A fantastic, affordable, tenanted retail investment not to be missed.
The property is fully leased to a well-established bakery operator and includes a two-bedroom residential space located above the shop. There is parking at the rear of the property, accessible from Mt Albert Road.
The tenant has been in occupancy since 2014. The current lease term is six years from 1 September 2023 with a six-year right of renewal to 2035. The current annual net rental is $38,316 + GST from 1 September 2024. The lease includes a fixed 3% increase annually (next increase on 1/9/2025), except market review every three years, with a full ratchet.
The Mt Albert Town Centre has recently benefitted from upgrades aimed at making it more pedestrian and cyclist-friendly, improving the lighting, and enhancing its overall appearance. This is a significant transport hub, handling a large volume of public transport users and road traffic.
Connectivity to the city has been further improved with the recent City Rail Link upgrade, which now offers a fast and convenient route to downtown Auckland.
A diverse range of businesses are located here, and the area is known for its diverse community and established residential areas. The property benefits from the strong growth in the area.
Contact the sole agents.