Diversified Albany village investment
A fully tenanted, split-risk commercial investment property is for sale in the heart of Albany village on Auckland's North Shore.
The property at 235 Dairy Flat Highway comprises a standalone 428sq m building on an 809sq m freehold site.
The diversified asset provides four income streams underpinned by two longstanding anchor tenants, returning $138,377 plus GST in net annual rent.
Business Local Centre zoning allows for future redevelopment of up to 18m in height, providing a new owner with long-term options to maximise the value of the underlying land.
Colliers International is marketing the property for sale by way of deadline private treaty closing at 4pm on Wednesday 26 August, unless sold prior.
Shoneet Chand, Director of Colliers North Shore, says investment properties in Albany village rarely come to the market for sale.
“After well over a decade of positive ownership, the vendor has decided to pass the baton to new owner. This presents an exceptional opportunity for an astute investor to acquire a fully tenanted asset located on the edge of the fast-growing Albany commercial and residential basin.
“The investment is anchored by a popular restaurant and bar, alongside an established laundromat business, with two other commercial tenants providing a diversified income stream.
“Built in the 1980s, the property comprises a two-level commercial building that has been well cared for and recently repainted.
“The property has easy access from both the front and rear, with 16 on-site car parks. A retail presence to both frontages provides good exposure to passing traffic, while the central location provides easy access to both the Northern Motorway and Albany Expressway.
“The location, zoning and splitrisk income make this a superb longterm investment for an owner seeking passive income now, and future redevelopment potential in the future.”
Anchor tenant Toucan Bar pays $63,231.48 in net annual rent on a 12-year lease with rental reviews every two years. A six-year right of renewal extends the final expiry date to May 2033.
Albany Laundry pays $47,614 in net annual rent on a nine-year lease expiring in October 2026, with rental reviews every two years. Two travel firms occupy the remaining two tenancies, paying a combined $27,531.52 in net annual rent.