The land and buildings of a prominently positioned property on a busy corner in the West Auckland suburb of New Lynn are being presented to the market for sale, offering buyers the opportunity to acquire an asset with long-term upside.
28 Rimu Street, New Lynn is a 2,272sq m property that is held in two freehold titles and is zoned Residential – Mixed Housing Urban Zone under the Auckland Unitary Plan.
One of the buildings at the property has previously been occupied by a church but will be vacant on possession.
The other building is home to an early childhood education centre called Grace Christian Community Preschool, which is consented for 57 children.
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The childcare centre’s current seven-year lease term runs until 2027 with two further rights of renewal in place for six years each, leading to a final expiry of 19 January 2039.
The net annual rental income from their agreement is $112,632 plus GST and operating expenses per annum and there are two-yearly market reviews scheduled, potentially providing an opportunity for the new owner to increase the rental return in the future.
New Lynn’s ongoing regeneration and well-connected location to key transport infrastructure makes it an attractive spot for investment, landbanking, and future developments that will offer accessibility and efficiency.
Colliers Directors Josh Coburn and James Appleby have been exclusively appointed to market the property for sale and are taking expressions of interest closing at 4pm on Wednesday 18 December, unless sold prior.
Coburn, Director of Capital Markets and Site Sales at Colliers, says there is a multitude of options available to buyers given a building at the property will come with vacant possession.
“The new owner may choose to occupy the vacant portion of the location or tenant it on a short-term basis to provide further rental income,” Coburn says.
“Add-value investors could reposition the vacant building and intensify the usage of the site.
“Meanwhile, buyers with a long-term view will recognise the significant potential on offer to redevelop the site completely and capitalise on the favourable zoning, strategic location, and rapid growth of New Lynn.”
New Lynn houses a diverse community that is continuing to expand with notable population growth during the past five years that has contributed to its regeneration.
The area is only 8.2km from State Highway 20, opening up access to the rest of the city, while Auckland Airport is 20km away.
There are also strong public transport links with bus and train services readily accessible.
Appleby, Director of Site Sales at Colliers, says New Lynn is a key growth location in West Auckland that is well serviced by LynnMall shopping centre and other notable amenities.
“Ongoing residential and commercial developments in New Lynn have contributed to the enhancement of the suburb and it will only continue to improve, making the subject site a savvy investment for discerning investors,” Appleby says.
“The property’s high-profile corner location, opportunistic lease terms, and large, bankable land area make it an attractive opportunity for purchasers, offering a range of solutions to numerous aspects of the market."
- Supplied by Colliers
