One of the most recognisable commercial buildings in the North Shore suburb of Milford is genuinely for sale, with its owner of 10 years wanting to pursue other projects.
Located on a prominent 235sqm corner site at the intersection of Kitchener and Milford Roads, Jupiter House is a two-storey 1960s building which is fully occupied by a mix of retail and office tenants, and anchored by the independent boutique travel agency, Shore Travel.
The striking building has 390sqm of lettable space, with Shore Travel occupying the largest of the ground floor tenancies and having optimal brand exposure to the busy intersection thanks to a floor-to-ceiling glass frontage with excellent signage and curved front profile.
The additional two ground-floor retail tenancies have been refurbished and are occupied by a barber shop and a fashion store, while the first floor provides a number of smaller renovated office suite tenancies occupied by a range of small local businesses.
The freehold land and building opportunity at 6-8 Milford Road returns a diversified annual net income of around 209,250 plus GST, with tenants on varying lease arrangements.
The property is being marketed for sale by negotiation by Michael Lees, Bayleys North Shore Commercial.
Nees said the building has cemented its place as a standout landmark, with its distinctive good looks and prime location underpinning historically-strong occupancy.
“Everyone knows the building and we anticipate that buyer interest will likely come from local investors who appreciate the building, like the look of it, and recognise its legacy as a trophy property in Milford.
“It offers appropriately-sized tenancies for businesses who typically choose to be in the Milford township, which is characterised by largely local, independent retailers and service providers, supported by larger players like supermarkets, national retailers, and major banks.
“The asset has enjoyed near-zero vacancy over a long period of time and with occupier demand strong in Milford, its ongoing rental appeal would seem assured.
“With an income stream diversified across the retail and office market segments, and with Milford known for its extremely low vacancy rates, Jupiter House is a countercyclical asset in a prime location.”
The property is zoned Business-Town Centre, a favourable underlying zoning that allows growth and intensification under Auckland’s unitary plan, and provides long-term confidence for a new owner.
Typifying 1960s commercial building practices, the property has reinforced concrete foundations, with the structure incorporating a combination of steel, masonry brickwork and concrete.
The ground floor features modernised joinery and glazing, while the roof is a pitched A-frame with long-run iron roofing.
“The building has been assessed at 40 percent new building standard, so while some structural upgrade work may need to be addressed in the future, the property has been very well-maintained by its current owner,” said Nees.
“Given that Milford is an aspirational coastal suburb with high levels of amenity, and attracting a high socio-economic demographic, commercial sites in the heart of the township are tightly-held and seldom come to the open market.
“Proactive developers have recognised this and leveraging off the development possibilities provided by the zoning, have seen an opportunity to create more-intensive residential living options to capitalise on Milford’s enduring appeal.”
The subject property is located on the same block as the Milford Centre which has 14,000-sqm of retail space.
Owner of the centre, New Zealand Retail Property Group (NZRPG), has built a 63-unit premium apartment complex called Omana North adjacent to the centre and is reportedly planning further apartment development.