A passive investment on the busy corner of one of Auckland’s highest-trafficked city-fringe arterial routes is offered to the market amidst growing demand for well-located split-risk assets, which generate dependable returns, Bayleys salespeople say.
Bayleys Auckland Investment Sales director Tony Chaudhary, alongside colleagues James Chan and Matt Lee, are marketing the fully leased property on a 589sqm (more or less) freehold site at 1179 Great North Road for sale by international tender, closing at 4:00 pm on Thursday, 28th November 2024 (unless sold prior).
Chaudhary says that with the commercial sales market on the rebound, the subject property presents a distinctive opportunity for investors seeking a low-maintenance portfolio addition occupied by a diverse list of tenants.
“Investors are hunting for assets with reliable income across multiple tenancies. This property offers exactly that, with six established tenants in the medical, health, and hospitality sectors, including well-known brands like Bay Audiology and trusted local names such as Physio Connect, Flex Fitness, and the popular neighbourhood café The Breakfast Club,” he says.
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The café tenant occupies 123sqm (more or less) across units two and three, while Flex Fitness has a 15-year lease to 2035 for the entire first floor, totalling approximately 530sqm.
“The subject property returns an income of circa $539,254 + GST net pa. Importantly, these tenancies come with a robust Weighted Average Lease Term (WALT) of seven years, providing security in a market where longer lease terms and consistent rental growth are highly valued.
"Each lease also includes annual rent reviews, ensuring that returns are aligned with inflationary pressures, making this investment especially resilient through economic change.”
The modern two-level property was built in 2020, comprising a floorplate of approximately 1,068sqm which is split across seven individual titles.
Bayleys Asian Markets national director James Chan says buyers can either keep the current format or amalgamate the property into a single title – providing options for strategic decisions as the market evolves.
“In a climate where adaptability is key, the choice to consolidate or retain titles offers investors alignment with current trends and flexibility for future growth,” he says.
The property is positioned on the corner of Great North and Huia Roads, benefitting from significant exposure on one of Auckland’s busiest arterial routes.
Bayleys Asian Markets senior broker Matt Lee says the location captures high traffic flow and places it within a vibrant town centre that has seen steady growth in recent years.
“The Business – Town Centre zoned property is primed to support ongoing commercial activity and residential growth across this in-demand suburb.
"Favourable zoning allows for various uses, further enhanced by excellent connectivity, with multiple bus services nearby and easy access to Auckland’s broader motorway network via the Waterview Interchange.
“With Pt Chevalier’s ongoing development and its appeal as a strategic city-fringe suburb, this commercial asset is perfectly paced to benefit from local and passing trade.
"The surrounding area hosts a mix of national brands and essential amenities, including Woolworths and New World supermarkets – the latter currently under construction. Other established retailers that add further appeal include KFC, McDonald’s, and Mobil, which ensure that this corner site remains a go-to hub for customers.
“For investors seeking to capitalise on these dynamics, the subject property presents a rare find that blends security with growth potential – bringing together location, income stability and potential for future flexibility – capturing the essence of a resilient, income-generating asset in one of the region’s vital urban communities.”
- Supplied by Bayleys
