You can bet on it...
Tuesday 23 June 2009, 10:02AM
By Bayleys Realty Group
528 views
An affordable investment property in the Lower Hutt suburb of Wainuiomata will go to auction with Bayleys on 25 June and, with a committed national tenant in place, is expected to attract strong interest.
The TAB outlet at 10A The Strand - the busy cross valley link road in Wainuiomata - is being marketed by Andrew Smith of Bayleys Wellington who says this tidy and functional freehold unit-titled retail property has a sound lease in place.
“The New Zealand Racing Board, operating as the TAB, has occupied this unit since it was built around 20 years ago. They have just exercised their next right of renewal from 30 September 2009, so the lease is now in place until 2012 with a three-yearly rent review due in September of this year.”
The current net rental is $23,688 per annum and all of the outgoings are paid by the tenant.
Presented in excellent condition, the 195sq m property is constructed of low maintenance materials including long run roof, aluminium shop front joinery and a concrete floor. The fit out is of a high standard, in-keeping with the TAB’s national image and includes a suspended ceiling and quality carpet throughout.
Toward the rear of the unit a separate gaming area has been created with nine poker machines providing the tenant with an additional income stream.
“The property sits on the north west boundary of Wainuiomata’s main shopping centre with prominent nearby tenants including McDonalds, New World Supermarket, Caltex and Mitre 10. There are new residential developments in the vicinity and the fact that the tenant has been here for over two decades reflects the soundness of the site,” says Mr Smith.
The property could appeal equally to established investors looking to expand their retail portfolio or new investors to the market seeking the security of a quality tenant in a proven location.
“In the current investment market, having a long-term loyal national tenant ‘locked in’ is a very attractive proposition. In addition, the property’s zoning of ‘suburban commercial’ would allow for a wide range of uses in the future,” says Mr Smith.
Wainuiomata accommodates approximately 18 percent of Lower Hutt City’s population with very good infrastructure and community facilities in place. A four-lane road provides a robust and quick link to Lower Hutt and the greater Wellington region.