Real estate premises tick investor boxes
The near-new commercial premises housing a busy real estate office has gone up for sale at an Auckland city-fringe site with big exposure to Great North Rd.
The freehold unit in Grey Lynn is fully occupied by Harcourts Hobson Partners on a new six-year lease running through to 2028, with a further three-year right of renewal.
The tenancy generates an annual net rental income of $171,930 plus outgoings and GST, with guaranteed annual rental growth and a market rent review on renewal.
Unit 2R, 189-197 Great North Rd, is being marketed for sale by Alan Haydock, Damien Bullick and Dean Budd of Bayleys Auckland Central. Sale is by tender closing on Thursday 21 July, unless the property is sold prior.
Haydock said the calibre of the premises, tenant and location, combined with the new six-year lease and locked-in rental growth, added up to a compelling proposition for passive investors.
The property comprises an approximately 335sq m unit on the ground floor of a recently completed luxury mixed-use development, along with six secure basement carparks.
“This is a modern and well-appointed commercial unit with a generous stud height of some 4.5m. Full-height glazing at the road frontage ensures plenty of natural light throughout the premises as well as superb profile and exposure to arterial Great North Rd,” said Haydock.
Bullick said the western fringe location in desirable Grey Lynn was an attractive attribute for owners and tenants alike.
“As a main arterial route linking the central city with city fringe suburbs such as Grey Lynn, Westmere and Kingsland, Great North Rd enables access to an affluent catchment and exposure to high volumes of passing traffic.
“This location is also very handy to both public transport and the motorway network.”
About 3km from downtown Auckland, the property sits within the flexible Business–Mixed Use zone under the Auckland Unitary Plan.
Budd said the area had established itself as a highly desirable location for high-end residential developments, including this building, and is also a popular commercial location.
“The property for sale is surrounded by established and well-known retailers such as Harvey Norman, Fisher & Paykel and Bunnings
“This section of Great North Rd is also home to numerous dealers of prestige car brands including Audi, Porsche, Aston Marton and Lamborghini, and is now attracting major national and international commercial tenants,” said Budd.