Mt Roskill retail with upside potential

A fully leased suburban retail investment offering with prime frontage on a prominent Mt Roskill corner site is for sale, with its diversified income stream and future upside potential likely to resonate with buyers looking for a well-performing commercial asset in a strategic growth location.

The freehold property comprises six adjoining retail tenancies totalling 532sqm, along with a cell tower and an ATM tenancy on a circa-840sqm site that wraps around the Richardsons Road and Stoddard Road corner. Other tenants are a dental practice, convenience store, takeaway food operators, and specialist retail businesses, with the property returning net annual income of $229,135 plus GST and outgoings.

These retail stores form part of a larger neighbourhood shopping precinct located around 500m off the motorway, with visibility to 20,000 passing vehicles daily, and strong pedestrian exposure.

The Business – Town Centre zoning supports a broad range of activities, including leisure, residential, tourist, cultural, community, and civic uses, and enables potential residential development above the existing retail tenancies.

The property at 204-208 Richardson Road, Wesley, Mt Roskill is for sale by deadline private treaty closing 4pm, Thursday 12th March, unless sold prior, through Bayleys brokers Beterly Pan, Ankur Dakwale, and Harrison Stace.

Many of the wider precinct’s businesses have operated there for more than two decades. The property for sale generates a stable, reliable, and well-diversified income stream across the eight tenancies, which Pan says will give investors strong confidence. diversified income stream across the eight tenancies, which Pan says will give investors strong confidence.

“Suburban and neighbourhood retail hubs with a good balance of businesses have performed really well in recent years as the ‘shop local’ narrative gained traction.

“This retail precinct provides an ideal mix of established businesses that are well-aligned with the local demographic, generating steady local foot traffic, and regular and repeat spending. It works well for the Mt Roskill community, with on-street parking, and being within walkable distance of a broad residential catchment.”

Pan says the existing leases have varying expiry dates to spread risk and have scheduled rent reviews and long-term rental growth built in for future upside. The income profile is further strengthened by supplementary revenue from the onsite ATM and cell phone tower installations, which provide passive, long-term returns independent of retail trading conditions.

“Additionally, a new owner could consider dividing the property into six separate unit titles to be sold down individually or look at building upwards under the favourable Business – Town Centre zoning designation which has flexibility for mixed-use residential and commercial development.

“Having options is a bonus in the current investment market, and we are expecting strong interest from buyers.”

Mt Roskill is a popular central suburb that has seen rapid growth over the past decade with a mixture of public and private development being undertaken. Ongoing Kāinga Ora redevelopment is facilitating new housing supply, and there’s strong amenity with supermarkets, schools, parks and major community facilities.

The property for sale benefits from proximity to the Waterview tunnel and SH20 giving streamlined access to the airport and to the CBD, with additional connectivity from multiple bus connections running through key corridors.

“Mt Roskill is an evolving and consistently active suburban hub with growing spending potential meaning retail investment property has intrinsic value.”