The land and building housing several healthcare providers in a virtual ‘one-stop-shop medical hub’ has been placed on the market.
The modern purpose-built property located at the seaside settlement of Snell’s Beach on Auckland’s northern boundary is home to a doctors’ practice, dental surgery, pharmacy, and a grocery store.
With a dual-lane entry/exit point off Dalton Road, the 779-square metre medical centre building sits on some 1,621 square metres of land and has sealed parking for 18 vehicles – with additional staff and customer parking on the road immediately to the side of the property.
Built in 2019, the single-level multi-tenanted freehold health hub property at 347 Mahurangi East Road in Snells Beach is now being marketed for sale for $5,100,000 plus GST through Bayleys Warkworth.
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Salespeople Henry Napier and Chris Blair said that since its inception several years ago, the medical centre had quickly grown to become a cornerstone of the town’s health provision sector.
“The tenancies function in a symbiotic environment – giving most customers a single point of contact for their specific assessments, treatments, and medications,” said Napier.
Combined, the five tenancies within 347 Mahurangi East Road generate annual rental of $277,027 and comprise the tenancies of:
· Snells Beach Medical Centre occupying 311 square metres on a current lease running through to 2029, with four further five-year rights of renewal
· Snells Beach Superette occupying 149 square metres on a current lease running through to 2027, with three further five-year rights of renewal
· Unichem Pharmacy occupying 130 square metres on a current lease running through to 2030, with four further five-year rights of renewal and,
· Snells Dental occupying 101 square metres on a current lease running through to 2026, with three further five-year rights of renewal
The property’s landlord has underwritten the rent of a currently vacant 88-square metre space within the building through to early 2023 at a level of $30,760 per annum.
“With long leases in place across the existing tenancy profile – each with regular rental reviews built into the lease terms – the obvious opportunity with this property is to tenant the vacant space being underwritten by the landlord. An indicative per square metre rental value for the empty portion of the medical hub can be benchmarked against the existing tenancies,” said Napier.
He said the currently vacant portion of the high-profile building would amply suit a tenant operating in the health care or medical professions – such as an audiologist, physiotherapist, podiatrist, osteopath, or optometrist.
Mahurangi East Road is the main road running along the spine of Snells Beach, leading down to the residential portion of the town overlooking the beach.
Blair said nearby Warkworth’s new motorway link would amplify the appeal of both commercial and residential property in the Snells Beach locale. The Matakana Link Road is a 1.35-kilometre link between State Highway 1 and Matakana Road, providing an alternative route to the frequently
congested Hill Street intersection for traffic heading to and from Leigh, Omaha, Sandspit, and Snells Beach.
“Snells Beach is a veritable ‘hotbed’ of activity right now with a real appetite for investment across all the property sectors,” he said.
“It’s a somewhat fragmented marketplace, however, with much of the existing stock being tightly held by individuals over a long period of time, while new players on the sidelines are wanting to get a foothold on the back of residential growth.
“We’re also seeing movement of investment across asset classes with traditional residential investors now wanting to transition to commercial and industrial property.
“Every point that a motorway touches, creates opportunity and there will be a knock-on effect on supply and demand for Snells Beach as a result of the new State Highway 1 motorway extensions and improvements,” he said.
“Former holiday destinations such as Snells Beach are now being viewed through a permanent residence lens - with retirement village operators scouting for sites at scale for example - and that brings inevitable challenges around the provision of amenities and services.”
Latest census data from Statistics New Zealand identifies that Snells Beach has a population of approximately 3,405 people.
Reflecting the forecast growth for the Snells Beach area over the next 35 years, Watercare is spending some $123 million on its new wastewater treatment plant on the edge of the township.
- Article supplied by Bayleys
