A long-held, well-known retail and café property that is popular among foodies on a high-profile street corner in thriving Titirangi has come up for sale at 120 Park Road.
Marketed by Deborah Dowling and Brett Whalley of CBRE, the fully-occupied freehold property is available for sale by auction at 11.30m on Wednesday 5 December 2018, unless sold prior. The auction will be held at CBRE’s Northwest office at 1/5 Te Pumanawa Square, Kohuhu Lane, Westgate.
Deborah Dowling says that this is an affordable, quality property that has come onto the market for the first time in 25 years.
“120 Park Road has many qualities that will interest investors. It is fully occupied and in a low vacancy area, with three tenants including a well-known café that recently has been fully refurbished and is managed by a highly-regarded operator."
“The property also has future development potential due to its favourable zoning offering multiple options. As well as built-in rental growth annually, the property offers possible rental upside in the near future with a review to market due in 2019. Each of the three leases has personal guarantees as extra security for the incoming owner. In short, this is a great and affordable way for the right purchaser to own their own slice of Titirangi, a thriving part of Auckland.”
Occupying a freehold corner site of approximately 587sq m, the property provides a total floor area of 486.6sq m through three separate commercial and retail spaces, shared corridors and external decks.
Fully occupied with three separate tenants, the property returns a net $96,114+GST per annum. The main area, which is accessed from Park Road, is occupied by well-known local eatery Park Road Kitchen. This 261.19sq m café space includes a professional commercial kitchen area and separate amenities plus a covered outdoor dining area. With the recent refurbishment, the café offers locals and visitors a quality dining experience with healthy food and unique coffee options.
The 143.46sq m premises at the rear is occupied by the offices of Infruit Limited, which sources quality fruit and vegetable ingredients, including purees, pulps, powders, juices, and concentrates for the food and beverage industry.
A lower floor retail studio of 81.99sq m is occupied by 3 Bears Woodland, one of the first maternity and nursing wear businesses established in New Zealand. The lease commenced in May 2016.
Timber decks extend off the cafe and rear office elevations. The remainder of the site is tar-sealed, with landscaped garden areas along the boundaries and car parking.
The property has been improved and upgraded over the years, including adding space to the side of the property which is now operated by the café and used for extra conferencing rooms and additional storage and seating.
120 Park Road is located at the western end of the scenic Titirangi Village, on the corner of Park Road and South Titirangi Road. Approximately 25 minutes from CBD Auckland, the property enjoys easy and close access back onto Titirangi Road and is near arterial bus routes, says Brett Whalley.
“Titirangi is an increasingly popular location in West Auckland. Titirangi Village is recognised as the gateway into the Waitakere ranges. Not only is it in an increasingly affluent residential area, but it is a very popular stopping point for tourists and visitors alike heading out to, or returning from, the famous West Coast beaches such as Piha, Karekare and Muriwai.”
“The village provides an excellent array of convenience shopping, medical and office users, pharmacies and banking facilities plus a number of restaurants and cafes. On the corner of South Titirangi Road is the celebrated Te Uru Waitakere Contemporary Gallery sitting next to the recently refurbished Lopdell House.”
Dowling adds that the property’s Business - Local Centre zone means that it offers potential for future development.
“This zone, which applies to a large number of small centres in areas of good public transport throughout Auckland, provides for local convenience needs of surrounding residential areas. The expansion of local centres such as this one will be viewed as appropriate if they provide greater social and economic well-being benefit for the community, typically enabling buildings of up to four storeys and uses such as residential care, offices, retail, food and beverage outlets, education providers and healthcare facilities.”
“This should only increase the investment attraction of 120 Park Road, which has existing excellent and diverse income streams already in place, plus the potential to increase the value of the property over time.”
For New Zealand/international news or global stories, follow us on Twitter.
ABOUT CBRE GROUP, INC.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.