Cash flow shored up in Cobham Court investment opportunity
A freehold commercial property in Cobham Court, Porirua that is home to Cash Converters’ ‘Store of the Year’ and a United Video store - owned by the founder of the brand’s franchise network - is for sale by tender with Bayleys.
John Mackenzie is marketing 14 Cobham Court, a 1960s purpose-built retail building split into two tenancies each 522.5sq m. There is customer car parking in front of the building and access - plus four dedicated car parks - from Civic Place at the rear.
“Shop One is occupied by Cash Converters and the space is partitioned to provide for a front retail area with a workroom behind, along with offices and amenities. A large rear mezzanine level is used as additional office space,” says Mr McKenzie.
United Video occupies Shop Two with the area configured as an open-plan retail space with amenities to the rear and mezzanine offices.
In addition to these two high-profile tenants (with personally-guaranteed leases), there are ATMs for the ASB and ANZ which takes the annual net rental income to $181,000.
“Seasoned investors know the intrinsic value of having well-leased properties in their portfolios and with two key national tenants in place along with the additional cash flow from the ATM machines on site, this represents a smart investment – in any market,” says Mr McKenzie.
“Cobham Court is an essential part of Porirua’s retail and service sector and is well-located for bus and rail services and motorway access. The weekly Saturday morning markets are held in the car park, the Porirua City Council buildings are situated on the northern side, leading banks have chosen to have strategic branches there and as a result, it’s always been a highly-sought after area for investors.”
Cash Converters Porirua won the Franchisee of the Year award in 2008 for performance and this year was awarded Franchise Store of the Year. The founder of United Video Franchising, William McPartland, owns the Cobham Court store.
Tenders close with Bayleys on 2 December.
