A modern healthcare facility in Auckland's Pakuranga has been placed on the market for sale.
Constructed only two years ago in 2018, the two-storey Pakuranga Medical Centre offers patients multiple services under one roof including general medical, pharmacy, physiotherapy, radiology, and dentistry.
The building at 11-13 Cortina Place is for being marketed for sale by JLL by way of expressions of interest closing September 23.
It commands a prominent frontage onto significant artery Ti Rakau Drive and is set to benefit from the planned road extensions under Auckland Transport’s new busway project.
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There are ten tenancies in total across the property’s net lettable area of 2,391sqm, with two anchor tenants making up 55 percent of the net income of $1,110,842 plus GST per annum.
Adding to this security is a long weighted average lease term (WALT) of 12.84 years and fixed growth from annual rent increases that are secured at 2 percent.
JLL agent Chris Wakim said it would be difficult to find a better defensive asset in the current market.
“We’ve seen increased investor interest in the healthcare sector because unlike other sectors, its performance does not rely on the economy as a key demand driver as it’s an essential service,” he said.
“This is a chance to acquire an impeccably presented and modern facility with outstanding fundamentals. Add in the huge population growth we’ve seen in the eastern suburbs as well as our ageing population and you’ve got a very secure and resilient investment.”
Colleague Jolyon Thomson said there was a lot development in the pipeline for the suburb.
“The AMETI Eastern Busway is a catalyst to future-proof economic growth in the area with significantly improved transport choices, reliability, and journey times in the area and to other parts of the region,” says Thomson.
“This includes a new station at Pakuranga town centre, providing improved access to this important commercial and retail precinct and better travel options to the surrounding area.”
