Colliers is proud to exclusively present this exceptional opportunity to acquire 229 Dairy Flat Highway, Albany which is a large ‘add value’ development site, offering strong holding income and an excellent investment component in a sought after Auckland location.
The total property is currently returning $2.176m (approx) from six tenants. Predominantly, the offering is split into three components which are summarised as follows:
- Modern Quest Hotel facility – returning approx $723k with a long lease term and a proven operator
- Single level Massey Design School/ex supermarket – With NLA of 1,572sqm, this is an excellent development proposition – additional area may be utilised if excess car parking is not required for the new development
- Three Level Building – 3,357sqm of building area which was originally constructed as apartments and retail. Ideal scenario here would be for a purchaser to change the use back to residential and utilising the existing buildings
In addition to these, there is an abundance of car parking which could also be utilised for future development to intensify the site further (subject to council consent).
Underpinning this offering is the 1.04Ha ‘Business – Local Centre’ zoned site, ideally located in Albany Village with many key landmarks in close proximity including, Massey University, Westfield Albany, multiple apartment blocks, Settlers Retirement Village, Kristin & Albany Senior High Schools, QBE Stadium and many more. The location also provides for easy access to both the Northern & Western motorways with a 20 minute drive to Auckland’s CBD in non-peak hour traffic (approx).
This exciting North Shore opportunity must be viewed to fully appreciate the potential. For further information, or to arrange an inspection, contact either of the Sole Agents now – Shoneet Chand 021 400 765 or Matt Prentice 021 464 904
Features:
* Net return of $2,176,666 pa + GST
* Excellent redevelopment or ‘add value’ opportunity
* 1.04Ha landholding zoned ‘Business - Local Centre’
* 6,720m² net lettable area + 154 car parks
* Grade ‘A’ IEP rating with modern & original buildings
* Development upside in high growth location
* Central location with easy access to motorways
* Sole Agency
