359 Massey Road, Mangere East, Manukau City

359 Massey Road, Mangere East, Manukau City Rare Auckland Supermarket Investment Opportunity

Colliers has been exclusively appointed to market for sale the Countdown Mangere East Neighbourhood Centre by way of a Deadline Private Treaty campaign closing at 4 pm Wednesday 30th November 2022 (unless sold prior).

The 14,732 sqm freehold site provides for three separate buildings totalling 5,263sqm of which 4,247sqm is leased to Countdown (Woolworths Group, ASX listed) on a new 10-year lease with the balance of 1,029sqm divided between two smaller buildings. The property has an income of $1.7m net per annum (approx) which incorporates Countdown (78% by income) and a mix of retail tenants including a KFC (Restaurant Brands), a pharmacy, a medical centre and a range of convenience-based offerings.

 

An astute investor could investigate the future value-add redevelopment potential of parts of the site. The property includes redevelopment clauses in many of the leases and the potential to introduce a drive-through for KFC. There are attractive rental growth provisions in the majority of the leases.

 

The centre is considered a hub of Mangere East and is well located at the intersection of Massey and Yates Road.  It is adjacent to Walter Massey Park, home to the Mangere East Community Centre, Mangere East Library and the Mangere City Association Football Club.

 

Invest now and contact the exclusive agents for more information. 

Features:

* $1.7m net passing income (estimate)

* 5,263 m² total lettable area

* 14,732 m² total site area

* Fixed annual rental growth

* New 10 year lease to Countdown

* Flexible Business Local Centre Zone

* Strong supporting retail tenancies

* Immediate & future development upside