A premium multi-tenanted commercial asset on Royal Oak’s primary retail strip is offered to the market amid increased demand for high-profile landholdings within Auckland’s established and strategically positioned suburbs, Bayleys brokers say.

Bayleys Asian Markets senior broker Matt Lee is marketing the freehold 637sqm (more or less) site at 778 Manukau Road for sale by international tender, closing at 4:00 pm on Friday, 11th July 2025 (unless sold prior), alongside colleague James Chan.

Lee says the high street asset is located just metres from the busy Royal Oak intersection and comprises a modern, three-level building with a secure basement and ground-level car parking.

Constructed circa 2009, the building is fully leased to a diverse mix of six established tenants, generating a net annual rental income of $386,682 plus GST.

“Spanning a net lettable area of approximately 1,078sqm, the property is zoned Business – Town Centre, allowing for future intensification and a broad range of commercial or residential redevelopment options.

“The property offers 22 on-site car parks, including 18 secure basement bays – a highly sought-after feature in Auckland’s urban fringe and commercial hubs.”

Lee says the tenancy profile offers both diversity and resilience, featuring a balanced mix of retail, office, and medical occupiers.

Ground floor retail tenants include eateries Daily Vietnamese Café and Ristretto, educator NumberWorks’nWords, and Foot Sense podiatry, with office tenancies on the upper levels occupied by Bayleys Real Estate and a medical operator.

“Bayleys, which is New Zealand’s largest full-service real estate agency, has occupied the building’s first floor since completion, while a reputable medical operator occupies the top floor, utilising the premises as an office/facility.

“Investors seeking passive income underpinned by long-term rental growth will appreciate the lease structures in place, which incorporate annual CPI-based reviews (with fixed or capped increases) and multiple renewal rights across the tenancies, Lee says.

The property is situated at the heart of Royal Oak, adjacent to key amenities including the Royal Oak Mall and Cornwall Park, with excellent transport connections via arterial routes such as Manukau Road, Campbell Road, and Mount Smart Road.

A large public car park at the rear further enhances accessibility and visibility, while providing alternative future access options.

Bayleys Asian Markets director James Chan describes the opportunity as a “top-drawer, split-risk commercial investment, well-suited for acquisition by seasoned investors and family trusts.”

“Royal Oak is a mature, high-demand suburb with limited availability of prime commercial stock. Favourable Town Centre zoning adds a compelling dimension for future growth and flexibility, contributing to the property’s attractiveness as a rewarding hedge against market volatility.

“The offering comes at a time when Auckland’s commercial property market is showing signs of vitality, and well-located, income-generating assets remain in strong demand, particularly where split-risk tenancies offer income security amid broader economic change.

“With its strong tenant covenant, future development potential, and high-profile, strategic location, 778 Manukau Road presents a rare chance to acquire a truly passive, future-proofed investment in a high-growth location.”