Unit ideal for small business
JLL agents Alex Wefers and Jarred Hill are marketing a tenanted, mixed- use unit in popular Grey Lynn.
The unit is one of seven in a multiunit office and warehouse complex at 60A Surrey Crescent.
It is tenanted by Surrey Crescent Laundry, which has been there since 2007, and is being sold by expressions of interest closing on August 30, unless sold earlier. Wefers describes it as, “a gem of an investment, considering the tenant is already in place”.
Other businesses in the complex include live/ work tenants and a mix of small businesses, “so it is a busy complex with good synergy”.
“It is in a great location, close to fringe centres and motorway links. The property is a substantial 147sq m and comes with four carparks, so it is ideal for a small business like the laundry that currently occupies the property,” says Wefers.
The Surrey Crescent Laundry, which services the commercial market, invested up to $ 800,000 to fit out the property. This required resource consent and approval from Watercare.
The present lease term i s three years, with 18 months remaining. Following this, there is to be four rights of renewal of three years each, with final expiry of 2031. “The current rental is $ 37,000pa net and there are two- year rent reviews in place.”
Hill says the tenant has invested a significant amount in this location, and when considering the CPI, the current lease terms could see a new owner return an extra 5- 6 per cent every two years.
“The property is on the southern side of Surrey Cres, a short distance to Grey Lynn village and the West Lynn shops,” says Hill. “It is accessed from Surrey Cres and Great North Rd and is close to St Lukes Shopping Centre and the off- ramp to SH16.”