Shore sites set for new leases of life
Two adjoining commercial properties for sale at a pivotal North Shore junction are set for a new lease of life as buyers consider future uses.
The stand-alone freehold buildings are underpinned by a combined landholding of over 2660sq m. They sit with exceptional exposure at the corner of key arterials East Coast Rd and Oteha Valley Rd in the suburb of Northcross.
Buyers are offered the chance to purchase one or both. Vacant and soon-to-be-vacant tenancies and development-friendly zoning present a multitude of options for owneroccupiers, add-value investors and developers.
The existing buildings have long housed healthcare practices, but have the ability to be adapted for other uses such as offices or potentially retail.
■ 948 East Coast Rd has been home to Shorecare Medical Services, a GPowned urgent and after-hours care provider, for nearly 30 years.
Its presence will provide buyers with a net annual holding income of $258,453 plus outgoings and GST until lease expiry in August 2024, after which it will be available to new occupiers with vacant possession.
■ 950 East Coast Rd, formerly home to an obstetrics practice and sports injury clinic, is being sold with vacant possession.
The properties are marketed through Matt Lee, Ranjan Unka, James Chan and Michael Nees of Bayleys Real Estate. They will be sold together or separately by tender closing Wednesday April 24, unless sold prior.
Lee said the properties benefited from a pivotal location with expansive combined frontage and exposure to busy traffic along both roads.
“Their position in Northcross, between Albany and Browns Bay, puts them within close range of key amenities such as Westfield Albany, Massey University and numerous schools.
“The Northern Motorway is within a five-minute drive and there’s a bus stop just 80m away, enabling easy access to surrounding suburbs and beyond,” Lee said.
The approximately 525sq m facility at 948 East Coast Rd was purpose-built for Shorecare around 1995. The building is underpinned by 1650sq m of freehold land with 36 carparks.
Unka said this property contained various medical consulting rooms and treatment rooms, several of which have piped water connections, plus basement-level storage.
“A separate, self-contained tenancy is subleased to a diagnostic radiology specialist operator. The site is currently returning a net rent of $258,453 plus outgoings and GST per annum. Formal notice has been given by the tenant, which will vacate the premises on 31 August 2024.
“The upcoming vacancy opens the way for new occupiers, either an owner-occupier or new tenants installed by an add-value investor,” said Unka.
Chan said the high-profile corner site also offered considerable scope for future development. “Significant possibilities for commercial or mixed-use development flow from this property’s position within the Business—Local Centre zone under Auckland’s Unitary Plan,” said Chan.
Purpose-built in the late 1990s, the approximately 337sq m building at 950 East Coast Rd is underpinned by 1012sq m of freehold land with 20 carparks. The property has an A-grade IEP seismic rating of 100 per cent NBS.
The building is currently split into two tenancies, now vacant, plus a common entrance and shared hallway.
Previously used as an obstetrics medical clinic, the front tenancy of nearly 105sq me has an existing layout with numerous partitioned offices/ treatment rooms. Several of these have piped water connections. This tenancy is self-contained with kitchenette and bathroom facilities.
The more than 160sq m rear tenancy was until recently occupied by physio and sports medicine specialists Sports Injury Clinic. This is also partitioned into multiple offices and treatment rooms and is self-contained with a kitchen and bathroom/shower facilities.
This site sits within the Terrace Housing and Apartment Building zone under Auckland Council’s proposed Plan Change 78.