Mt Roskill sites offer rare chance

Mt Roskill sites offer rare chance By Colin Taylor 5:30 AM Wednesday Jun 19, 2013 Properties in this busy centre are certain to attract keen interest. The property at 1001 Dominion Rd, which houses the Yong Fa restaurant, provides an annual rental income of $51,878. Expand The property at 1001 Dominion Rd, which houses the Yong Fa restaurant, provides an annual rental income of $51,878. Two retail properties in the heart of the Mt Roskill shopping strip at the top of Dominion Rd are for auction, with one of them, at 1252 Dominion Rd, vacated by the Westpac Bank. The other, a fully leased property at 1001 Dominion Rd, on the corner of Dominion Rd and Mt Albert Rd, is being marketed by Tony Chaudhary and Janak Darji of Bayleys Manukau in conjunction with Quinn Ngo of Bayleys Auckland. The two Dominion Rd properties will be among 20 to be auctioned on June 26 as part of Bayleys' Total Property portfolio. The property at 1001 Dominion Rd is a high-profile 1950s standalone building that houses the popular Yong Fa Chinese restaurant, which exercised a four-year right of renewal in December last year, plus a travel agency which renewed its lease for two years last August. Chaudhary says the property provides a passive investment for someone looking for a well-located opportunity in an affordable price bracket. It has a letting area of 138sq m and produces an annual rental income of $51,878. "Its location on two main arterial routes, Dominion Rd and Mt Albert Rd, gives the Chinese restaurant very good exposure to passing vehicle and foot traffic and the business also benefits from the large surrounding residential area, plus clientele from other established businesses nearby," Chaudhary says. The building has a council carpark at the rear and has been well maintained. It sits on a 225sq m freehold site in two titles. At 1252 Dominion Rd, the single-level former Westpac Bank premises was generating $68,485 a year rent. "This represents an opportunity for an owner-occupier or for someone who is looking for an add-value property," says Chaudhary, who is marketing this property with Janak Darji and Paul Dixon of Bayleys Auckland. The 290sq m well-presented building, which comes with high quality meeting room and office partitioning, plus a strongroom, could potentially have another storey added because its business 2 zoning allows a maximum height of 12.5m and business or residential use. Under the proposed Draft Auckland Unitary Plan, however, the property would be within a Local Centre zone where the height limit would rise to 16.5m, not taking into account height-to-boundary lines. "It could be possible under both zonings to put apartments or office space on top of this building, which has a site size of 390sq m, although the building itself takes up the whole land area," says Chaudhary. "A new owner could redevelop and revive the existing building with a new tenant or possibly divide it into two tenancies." The Mt Roskill shopping precinct has attracted some well-known service-based businesses in recent years, including many of the major banks and national businesses such as the TAB, Civic Video and Burger King. "There's never much vacant space in the Mt Roskill shopping area and it is well serviced by ample street and council car parking," says Chaudhary. "I only know of one other vacant retail space in the heart of the strip and it's another bank building." What's on offer For sale: Two Mt Roskill retail outlets Address: 1001 and 1252 Dominion Rd Agency: Bayleys Manukau and Auckland Sales method: Auction Wednesday, June 26 Features: Passive investment and add-value potential http://www.nzherald.co.nz/commercial-property/news/article.cfm?c_id=28&objectid=10891424