What is believed to be the largest commercial property in Snells Beach is on the market.
The standalone building at 270-278 Mahurangi East Road houses The Warehouse retail centre including underground parking for 90 vehicles. Its rateable value is $6.55 million and it was last sold in August 2012.
The centre, at nearly 5000sqm, covers almost half the 10,137sqm property, which is zoned ‘business – local centre’.
The Warehouse is on a 10-year lease until 2022, generating a net rental return of $563,269 plus GST.
The freehold land and concrete tilt slab building are being jointly marketed for sale by tender, through Bayleys Warkworth and Bayleys Auckland.
Bayleys Warkworth commercial salesperson Henry Napier said the purpose-built Warehouse outlet was constructed in the early 2000s.
“The Warehouse was one of the first modern-generation commercial tenancies in the Snells Beach town centre. Over the past couple of decades there has been considerable growth of new commercial, retail and industrial activities in the immediate vicinity,” Mr Napier said.
The tender closes on October 26.