Dancing tenant in Glen Innes
About 9km to the east of Auckland City, in suburban Glen Innes, an investment property is for sale with a new lease to a dance studio.
“This property has outstanding investment fundamentals,” says Simon Child of Colliers International who, with colleagues Gareth Fraser and Shoneet Chand, is exclusively marketing 250-252 Taniwha St for sale by auction commencing at 11am on Wednesday June 19, unless it sells earlier.
The two-level 395sq m building covers most of a freehold, Business Town Centre zoned site of 258sq m across two titles. The site slopes slightly in contour and has 12.2m of frontage to Taniwha St.
“This sale presents a chance to secure a key landholding in an upand-coming area,” Child says. “Located in the heart of Glen Innes town centre it has an established tenant, access to excellent public transport services, and a flexible highdensity zoning in a rapidly developing location.”
The property is on a high-profile intersection with Apirana Ave, which is the main arterial route linking Glen Innes to Mt Wellington, Panmure, St Johns and Glendowie.
It’s also next to the Glen Innes bus exchange and only 20m from the pedestrian crossing to the Glen Innes train station.
Long-term tenant Raw Dance has re-signed to a three-year lease paying $82,700 plus GST in net annual rent from January 2019. One right of renewal of three years extends the final lease expiry date to 2025.
Child says the site’s Business Town Centre zoning allows for intensive development of up to 32.5m in height, with a wide range of permitted uses including commercial, residential and retail.
Chand says the building was constructed in 1963 and recently underwent an interior upgrade.
“It has an A-grade seismic rating of 100 per cent new building standard [NBS] and is divided into three dance studios plus an attractively remodelled entrance and reception area that feature polished concrete floors.
“Studio One has a raised polished wooden floor; Studio Two has a wooden floor, and Studio Three has a specialist Tarkett vinyl dance floor. Building services include an HRV [heat recovery ventilation] system and heat pumps.”
The property has been used as a dance studio since 2006 and tenant, Raw Dance, has occupied the building since 2014. Raw Dance offers classes for pre-schoolers through to adults in a range of styles including jazz, hip hop, contemporary, ballet, stretch, and strength and conditioning.
Child says Glen Innes and the surrounding suburbs have experienced significant growth and gentrification in recent years.
“Glen Innes is quickly becoming a retail destination with businesses including Pak’n Save, Countdown, McDonald’s, Animates, Chemist Warehouse and Citta Design.”