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Newly-minted commercial unit shows money talks

A recently completed retail unit occupied by one of the country’s ‘Big Four’ banks is expected to attract heightened interest from investors seeking reliable cash flow in a high-growth location, Bayleys salespeople say.

The 214sq m (more or less) premises at G2, 158 Onehunga Mall, occupies the ground floor of eight-level mixed-use development, the Onehunga Mall Club (OMC).

Bayleys Auckland Metropolitan Markets team members James Were and Phil Haydock are marketing the property for sale by auction, scheduled for 11:00 am on Wednesday, June 5th, 2024 (unless sold prior).

Were says that while many businesses are hunkering down for a period of consolidation, investors will find the blue-chip tenant – Westpac Bank – a reliable anchor amid market fluctuations.

“With businesses tightening their belts, we could see rental growth plateau over the coming year, emphasising the appeal of properties with strong tenant covenants, particularly as investors look to counterbalance inflationary pressures.

“A new lease to the bank tenant offers purchasers the confidence that their asset will continue to generate a reliable income, underpinned by Westpac’s strong financial stability and established reputation.

“An attractive combination of a long-term lease and fixed annual rent increases provides income security for the new landlord and a predictable income stream that will be a welcome addition to any passive investor portfolio,” he says.

Westpac Bank has recently signed a new seven year lease to 2031, with two three year renewal rights and fixed rent increases of 2.5 percent annually.

The property generates $117,865 plus GST and outgoings per annum.

Comprising a versatile mix of open-plan reception, partitioned office/workspaces, staff amenities, and a secure covered car park, the unit is one of two ground-floor retail units in a new development recently completed by Lamont & Co.

The development firm has recently partnered with NZX-listed Precinct Properties as manager of its residential business channels.

“OMC has been completed by the highly experienced team behind several of the city’s most successful urban living projects, including the award-winning 239-apartment ‘Fabric of Onehunga’ development,” says Bayleys Auckland Metropolitan Markets salesperson Phil Haydock.

“Since Auckland Council acquired the old Onehunga Wharf five years ago, developers have been quick to eye projects in the suburb, and transformative plans over the next three decades are expected to deliver a world-class waterfront precinct to rival Wynyard Quarter.

“We’ve seen this potential leveraged during the 2012 completion of the Onehunga Foreshore Project, which transformed a former industrial area into a recreational waterfront space encompassing three new swimming beaches, a boat ramp, pedestrian and cycleways, and public amenities/new greenspace.

“With Onehunga becoming an extremely desirable, connected community earmarked for future growth, the subject property presents an excellent early ‘set-and-forget’ opportunity to acquire prime retail space that is tenanted and generating immediate cashflow with built-in rental growth and enormous future potential prospects,” he says.

Click here for more information on the listing.

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