A high-profile corner site in a fast-developing area of Albany presents add-value investors, owner-occupiers or developers with the opportunity to secure a prominent asset in a highly sought-after location.
198-200 Dairy Flat Highway, Albany is an 803sq m stand-alone building split into five tenancies on a 4548sq m freehold site with 55 dedicated on-site car parks. The property is zoned Business – Local Centre Zone under the Auckland Unitary Plan.
Situated on a busy corner of two main arterial routes, Oteha Valley Road and Dairy Flat Highway, the highly exposed site benefits from thousands of cars passing daily, while the Northern Motorway is readily accessible.
Two of the five retail sites are currently tenanted returning $187,410 plus GST and operating expenses in net annual rental income with fixed annual growth.
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Colliers brokers Matt Prentice, Shoneet Chand, and Jack Tuson have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 1 December, unless sold prior.
Of the tenanted properties, the 94sq m Shop 4 currently operates as a cafe and the lease provides $42,255 plus GST and operating expenses in net annual rental income.
Chef Group Ltd, operating as Gao Asian Fusion restaurant, leases Shop 5, which is made up of two shops totalling 321sq m in floor space with a 77sq m patio.
They began an eight-year lease in October 2018 with two further rights of renewal for four years each. Their agreement provides $145,156 plus GST and operating expenses in net annual rental income.
Flexibility in leasing and upside opportunity in adding additional income is provided with Shops 1, 2 and 3 that are currently vacant. The premises range in size from 59sq m to 130sq m.
Prentice, director of sales and leasing at Colliers, says this is a standout purchasing opportunity given the extensive growth that has taken place in the surrounding area.
“Developers will be eyeing this site with excitement in a market that is starved of property and highly desirable offerings such as this one,” Prentice says.
“On the other hand, occupiers and add-value investors will recognise the considerable potential in this property and could make their own mark given the existing vacancies.”
Chand, director of investment sales at Colliers, says this property has been well-crafted and is highly functional that will serve a range of potential future uses.
“General construction comprises reinforced concrete foundations and floor slabs. The external walls are predominantly concrete panel to the side and rear with full height (3m) showroom and bifold type glazing to the frontage and deck areas,” Chand says.
“The canopy areas are lined and feature exposed steel structural work to the front wall fascia, which has a railing/balustrade type profile. The basement car park area has a concrete floor slab with a concrete panel retaining wall to three sides and concrete encased steel structural supports.”
Tuson, investment sales broker at Colliers, says Albany benefits from excellent access to the transport network, including the Northern Motorway and the Northern Busway, and the associated park and ride facility.
“Albany has been identified by the Auckland Council as one of the three key nodes outside of the city centre,” Tuson says.
“As Auckland continues to grow and develop, the identified node areas will be responsible for supporting business and residential growth in the immediate and surrounding areas. Albany has been identified as a focal point for future employment, commercial, and social activity.”
The Business – Local Centre Zone applies to a large number of small centres throughout Auckland. The centres are generally located in areas of good public transport. The zone primarily provides for the local convenience needs of surrounding residential areas, including local retail, commercial services, offices, food and beverage, and appropriately scaled supermarkets.
- Article supplied by Colliers
