Northwest auto hub hits the fast lane for sale
An industrial property occupied by two auto businesses in the heart of the Kumeu¯ commercial district, a key growth node for the Auckland region, has been placed on the market.
The corner site on 2044sq m of freehold land zoned Business–Mixed Use at 65 Main Rd occupies a prime location within the highgrowth area, which is experiencing a transition from predominantly rural to urban use as Auckland expands to meet population demand.
Bayleys salesperson Tony Chaudhary says the property is being offered to the market for the first time in 28 years and presents a rewarding opportunity to maximise a highprofile premises earmarked for future growth.
“Auckland’s entire northwest region has experienced a sustained period of significant redevelopment as the city expands its urban boundaries into areas previously used for farming and horticulture.
“This has seen underlying zoning changed to residential, commercial and industrial use to provide for urban growth, with up-zoning having a lifting effect for values on properties with greater scope for intensification.”
Chaudhary is marketing the property with Bayleys Northwest salesperson Matt Clifford by deadline private treaty closing at 2pm, Thursday, 22 September.
The property generates annual net rent of $180,407 plus GST and outgoings with built-in rental growth from two of the three tenancies.
There are two tenanted ground-floor workshops and a vacant first-floor office totalling 982sq m on one freehold title with 25 unallocated parking spaces.
A 192sq m ground-floor tenancy comprises 152sq m of workshop accommodation, 20sq m of offices and amenities, plus a 20sq m mezzanine/lunchroom occupied by long-standing tenant Kumeu¯ Tyres.
Kumeu¯ Tyres has been in occupation for 28 years and has a current lease term of six years to August 2023 with one further six-year right of renewal.
The larger workshop occupied by Auto Super Shoppe Kumeu¯ (previously Cottle Motors) comprises 619 sq m split across 138sq m of showroom/office accommodation, 408sq m workshop and 73sqm mezzanine storage/amenities.
It has a new six-year lease to March 2028 with two further three-year renewal rights.
The first-floor tenancy provides 171sq m (more or less) of office accommodation and at settlement will be leased back to the vendor for a 12-month term for $33,000 net a year plus GST and outgoings.