JLL agents are offering a unique investment portfolio in Epsom, Greenlane and Remuera, available for the first time in over 100 years.
Spread across a total of over 1ha of freehold land, the five assets at 104 and 108 Great South Rd, 112-116 Great South Rd, 248 Great South Rd and 13-15 Dilworth Ave are available individually or as a portfolio for mixed-use and multi-housing purposes.
They are for sale by tender closing Wednesday March 20.
With a net passing annual income of over $1.3 million and weighted average lease expiry of approximately 14.5 years, as at February 2024, these legacy assets promise stable cashflow and exceptional long-term growth potential.
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“Seldom does an opportunity become available to acquire the ground lessor’s (freehold) interests in such an enviable location, let alone five separate options simultaneously,” says Jonathan Ogg, JLL New Zealand's head of capital markets.
The neighbouring freehold sites at 104 and 108 Great South Rd, Epsom, are home to established motel operators.
With a combined net annual income of approximately $414,000, they offer a quality income stream for the long-term.
The lease renewal of both assets, having leasehold interest of 21-year lease periods to perpetuity, is due in 2024 and 2029 respectively.
Most importantly, the prime location and zoning as business-mixed use make these sites an ideal development opportunity for the buyer with an eye to the future.
With a combined landholding of approximately 3329 sq m, 112-116 Great South Rd, Epsom, is a sought-after opportunity in an enviable location.
The long-term ground lessee operating across both titles on one lease pays a net annual rental of $400,000, plus GST and operating expenses.
The properties lie in the Auckland Grammar and Epsom Girls Grammar school zones and are in a Business-Mixed Use zone with immense potential for future development.
"These assets span vibrant urban precincts, each with their unique growth prospects, offering stable income to investors and potential for developers looking to unlock these well-located properties," says Jonathan Lynch, JLL New Zealand's co-head of metropolitan sales and investments.
On a 1012 sq m land parcel, 248 Great South Rd, Greenlane, comprises a predominantly residential dwelling of approximately 266sq m with a spacious garage at its rear.
Strategically located in Remuera-Newmarket, it is zoned Terraced Housing and Apartment Buildings, offering various development options.
With a lease renewal pending in January 2025, investors can anticipate growth and potential capital appreciation.
The buyer can explore numerous options, with both residential and commercial uses permitted.
Two neighbouring freehold titles at 13-15 Dilworth Ave, Remuera, offer a large 3624sq m site with free-standing improvements.
At the southwestern end of Dilworth Ave, next to the Remuera Rackets Club and close to top schools and amenities, the property is ideal for investors seeking long-term income and future development prospects.
Its well-established, long-term tenant occupies the site with a quality improvement on a 21-year lease with reviews every seven years. The next is due in August.
The overall site presents an attractive future development opportunity in a secluded yet well-connected position to Remuera, Newmarket and SH1.
The property lies at the foot of Ōhinerau Mt Hobson and provides occupants with an array of options, such as nature walks, shopping at Westfield Newmarket, or a short walk to the sports club next door.
The property also boasts a large 65m street frontage.
"With stable cashflow, long lease terms to perpetuity, future development potential and flexible zoning, these properties represent an ideal bottom-drawer, inter-generational investment opportunity, individually and as a portfolio," says Kevin Reardon, JLL New Zealand's senior broker for metropolitan sales and investments.
- Supplied by JLL
