Commercial sites set for new lease of life

Two adjoining commercial properties for sale at a pivotal North Shore junction are set for a new lease of life as buyers consider future uses.

The duo of stand-alone freehold buildings are underpinned by a combined landholding of over 2,660 square metres.

They sit with exceptional exposure at the corner of key arterials East Coast Road and Oteha Valley Road in the Auckland suburb of Northcross.

Buyers are being offered the chance to purchase one or both. Vacant and soon-to-be-vacant tenancies and development-friendly zoning present a multitude of options for owner-occupiers, add-value investors and developers.

The existing buildings have long housed healthcare practices, but have the ability to be adapted for other uses such as offices or potentially retail.

The property at 948 East Coast Road has been home to Shorecare Medical Services, a GP-owned urgent and after-hours care provider, for nearly 30 years.

Its presence will provide buyers with a net holding income of $258,453 plus outgoings and GST per annum until lease expiry in August 2024, after which it will be available to new occupiers with vacant possession.

The site next door at 950 East Coast Road, formerly home to an obstetrics practice and sports injury clinic, is being sold with vacant possession.

The properties at 948 and 950 East Coast Road, Northcross, Auckland, are now being marketed for sale through Matt Lee, Ranjan Unka, James Chan and Michael Nees of Bayleys Real Estate.

They will be sold together or separately by way of a tender closing on Wednesday 24 April, unless sold prior.

Lee said the properties benefited from a pivotal location with expansive combined frontage and exposure to busy traffic along both East Coast Road and Oteha Valley Road.

"Their position in Northcross, between Albany and Browns Bay, puts them within close range of key amenities such as Westfield Albany, Massey University and numerous schools.

"The Northern Motorway is within a five-minute drive and there s a bus stop just 80 metres away, enabling easy access to surrounding suburbs and beyond," Lee said.

The approximately 525-square-metre facility at 948 East Coast Road was purpose built circa 1995 for Shorecare.

The building is underpinned by some 1,650 square metres of freehold land with 36 car parks.

Unka said this property contained various medical consulting rooms and treatment rooms, several of which have piped water connections, plus basement-level storage.

"A separate, self-contained tenancy is subleased to a diagnostic radiology specialist operator. The site is currently returning a net rent of $258,453 plus outgoings and GST per annum. Formal notice has been given by the Tenant, which will vacate the premises on 31 August 2024.

"The upcoming vacancy opens the way for new occupiers, either an owner-occupier or new tenants installed by an add-value investor," said Unka.

Chan said the high-profile corner site also offered considerable scope for future development.

"Significant possibilities for commercial or mixed-use development flow from this property s position within the Business Local Centre zone under Auckland s unitary plan.

"This typically provides for buildings up to four storeys high and a variety of commercial activities, with residential use enabled at upper floors," said Chan.

Purpose-built in the late 1990s, the approximately 337-square-metre building at 950 East Coast Road is underpinned by some 1,012 square metres of freehold land with 20 car parks.

The property has an A-grade Initial Evaluation Procedure seismic rating of 100 percent of new building standard.

The building is currently split into two tenancies, now vacant, plus a common area entrance and shared hallway.

Previously used as an obstetrics medical clinic, the front tenancy of nearly 105 square metres has an existing layout with numerous partitioned offices/treatment rooms. Several of these have piped water connections.

This tenancy is self-contained with kitchenette and bathroom facilities.

The more than 160-square-metre rear tenancy was until recently occupied by physio and sports medicine specialists Sports Injury Clinic. This is also partitioned into multiple offices and treatment rooms and is self-contained with a kitchen and bathroom/shower facilities.

Nees said the existing layout presented opportunities for owner-occupiers or add-value investors looking to install new tenants with immediate suitability for medical businesses, or the ability to adapt and reconfigure the premises for occupiers in other fields.

The site at 950 East Coast Road sits within the Terrace Housing and Apartment Building zone under Auckland Council's proposed Plan Change 78.

"Designed to encourage residential intensification, this enables the greatest density, height and scale of development of all Auckland s residential zones with buildings up to five, six, or seven storeys.

"Developers will eye this zoning, along with the strategic location and high-profile frontage of this site with a view to creating a future townhouse or apartment project. Several new and developing projects in the immediate neighbourhood illustrate what s possible in this fast-growing area," Nees said.

- Supplied by Bayleys