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Mt Eden corner property provides necessities

With investors still actively competing for well-located, fully-tenanted and seismically-compliant commercial properties, agents says a Mt Eden building on a high-profile freehold corner site along iconic Dominion Road is expected to generate strong enquiry.

Located within the Balmoral Village precinct which provides convenient and relevant retail and service options for a wide demographic, the property at 607-611 Dominion Road, Mt Eden sits at the corner with Tennyson Street providing optimal exposure to passing traffic along one of Auckland’s busiest suburban arterials.

The property has a good seismic rating at 67 percent new building standard, has four off-street car parks at the rear of the property, and is underpinned by 513sqm of freehold land zoned Business – Local Centre.

There is around 296sqm of lettable area and the building is fully leased to two established tenants.

Balmoral Pharmacy occupies the retail space right on the corner, while Balmoral Drycleaners & Laundry leases the larger footprint of the property with three separate business components being a full-service drop-off/pick-up laundry and garment repair storefront, a self-service public laundromat facility, and a drycleaning store.

Both tenants have shown their ongoing commitment to this location by taking new eight-year leases from 1st July last year, with additional rights of renewal taking final expiries through until 30th June 2038.

The property returns a total net annual income of $100,900 plus GST, with regular reviews providing rental growth, and is being marketed by Alan Haydock, Damien Bullick, and Phil Haydock of Bayleys Auckland Central with tenders closing Thursday 3rd August, unless sold prior.

Bullick says despite tightened economic conditions, investors are looking beyond the current cycle and identifying properties with strong fundamentals and resilient income streams.

“Location-wise, this property is a box-ticker as some 45,000 people live within a two kilometre radius, an estimated 2.2 million passengers travel by bus along Dominion Road every year, and the subject property is passed by around 27,000 cars each day.

“The broader Dominion Road shopping and dining precinct is well-supported by the local catchment and is also a favoured destination for out-of-area diners seeking an eclectic and diverse mix of ethnic cuisines.

“The whole pandemic phase has reinforced the fact that local shopping strips and precincts are important to neighbourhoods and communities and these stores have established themselves as core service providers.”

Saying the tenant businesses are functional and practical for the area, Bullick said buyers could take additional confidence from the underlying long-term land value of Business – Local Centre-zoned properties.

“While for the foreseeable future retail and service provision is the intrinsic function of this tidy and practical property, the zoning allows for development up to 13m which over time, can only further enhance the investment appeal of this site.”

Balmoral Pharmacy is part of the locally-owned NDL Group which also owns and manages Royal Oak Pharmacy, Takapuna Pharmacy and St Heliers Pharmacy.

Dominion Road, connects Balmoral-Mt Eden with the Auckland CBD and motorways, and the neighbourhood also boasts good public transport connectivity.

In recent years, Auckland Council has invested in improvements to bus and cycle lanes along Dominion Road to support identified growth in the area from Eden Terrace via Mount Eden south through Balmoral to Mount Roskill over the next decade.

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