Pukekohe medical-anchored properties for sale

A commercial building in Pukekohe’s town centre occupied by a range of complementary multi-disciplinary medical professionals along with a pharmacy is on the market for sale.

Located at 10 West Street, on a prominent corner site at the Wesley and Tobin Streets intersection, the six freehold strata-titled units making up the property are being sold in two parcels as they have different ownership structures.

Five of the units – comprising around 90 percent of the building – occupied by Pukekohe Family Health Care, Labtests, Auckland Radiology and Pukekohe Physiotherapy are being offered as one lot, while the sixth unit which is home to Unichem Pharmacy, is to be sold separately.

Bayleys sales agents Michael Block and Shane Snijder of Bayleys are marketing the properties for sale by way of deadline private treaty closing September 17.

Purpose-built in the 1990s as a medical centre, the two-level fullyleased property has served its medical tenants well and is the town’s main healthcare centre.

The 3,999sqm site has 69 car parks and the buildings have been wellmaintained with documented upgrades in the intervening years. The buildings have an assessed 85 percent new building standard seismic rating.

The pharmacy unit has a floor area of 184sqm and returns a net rental of $174,210 plus GST per annum, while the five other units – totalling 2,053sqm – return a net rental of $677,411.96 plus GST per annum.

The tenant businesses are on varying lease terms.

Block says while there is no denying that the medical hub is a valuable component of Pukekohe’s town centre, the true value of the site could be realised in the future through redevelopment.

“Pukekohe is recognised as a crucial node in the southern Auckland growth story and seen as central to part of an evolving housing solution for the wider Auckland urban area,” he says.

“Auckland Council has two structure plans which could see more than 34,000 homes built in the DruryOpaheke and Pukekohe-Paerata areas over the next 30 years.

“The medical centre site is zoned Business-Town Centre which opens up potential redevelopment options for an astute investor who recognises the higher density mixed-use and residential opportunities that come with such a zone.

“Town Centre zoning generally allows for more intensive development with a Height Control Variation allowing development up to 18 metres in height and permitted uses include retail, commercial, medical and residential.

“A developer could purchase these properties with a view to having holding income while plans to optimise the site are progressed.”