A fully leased substantial retail and professional services complex in the heart of Howick Village’s commercial precinct is for sale offering a high profile, split risk investment opportunity.
Located on a 539 sq m site at 25-33 Picton St, the 957 sq m two-level building is currently generating total net annual rental income of $246,137 from seven tenancies.
The property is being marketed by Bayleys’ international director Chris Bayley in conjunction with Tony Chaudhary, Janak Darji and Amy Weng of Bayleys South Auckland and will go up for auction on September 21, unless sold prior.
“This would be one of the best retail offerings to come up for sale in a long time in central Howick where fully tenanted properties of this nature rarely become available for purchase in this tightly held commercial precinct,” says Bayley.
“The property benefits from great exposure to Picton St, Howick’s main retail strip, with carries a high volume of vehicles. It is also has dual frontage to a large carpark at the rear of the property which is accessed from Wellington St, another very busy thoroughfare. In addition, it has a variety of well-established tenants many of whom are at the stage of exercising renewals on their leases.”
The property has three ground floor tenancies and four above. The anchor tenant is the Apothecary Licensed Eatery Limited which operates a daytime cafe, with evening bistro dining on Thursday to Saturday nights, and an adjoining wine bar called The Cellar.
The business was established six years ago by the owner of the neighbouring antique tenancy whose shop previously occupied that space as well.
“A stunning job has been done on converting the premises into a lively new business that’s really hit the spot with the locals and it is now one of the most popular social meeting places in Howick,” says Chaudhary. “A vintage-style fit out has been undertaken which is in keeping with the rustic look of the antiques shop and includes button-back leather seats and collectors’ items and paraphernalia of all descriptions. This has created a great ambience and buzz to the whole building.”
The Apothecary has also become a popular venue for private functions with the café/restaurant able to cater for up to 100 people and The Cellar up to 50. The other ground floor tenant addition to the Apothecary and on The Antique Shop is a longstanding fruit and vege shop, The Village Grocer.
There are a variety of professional tenants on the upper level including taxation and financial services firm Bramwell Consultants and the Auckland Guitar School.
“With little to no vacancy on the Picton Street retail strip, businesses in the area are well entrenched,” says Chaudhary. “Howick prides itself in maintaining its more traditional village atmosphere with a predominance of boutique style retail outlets together with a broad range of food and beverage outlets and business and healthcare services.”
“It services a large and expanding residential catchment which includes affluent areas of Bucklands Beach, Eastern Beach, Highland Park, Mellons Bay, Cockle Bay and Shelly Park. Howick itself is a well-established residential area that continues to thrive and grow.”
Located to the rear of the property is the Terraces Development, which includes retail shops with residential apartments above. There is a substantial parking area between the two properties which contains a significant number of parallel parks, including 16 parks which are specifically designated to 25-33 Picton St.
“There is no doubt the easy accessibility to the property is a major attraction for tenants and their customers,” says Bayley. “Also being located in the heart of Howick’s business district means the property enjoys a high volume of traffic and pedestrian flows.”
Nearby tenants nearby include ANZ Bank, Jetts Gym, Life Pharmacy and Bayleys Real Estate. “Business in this area are generally well established and are focused on providing a high level of service to the local community,” says Bayley.