D15/16 Burton Street, Grafton, Auckland

Luna Carparks - International Tenant

- New lease to Orion Health (Orion Systems International Limited) to July 2025 with rights of renewal of 2 years and 8 months
- Hassle free fixed annual rental reviews of CPI +1%
- Strategic city fringe location, an easy walk to Auckland CBD, hospital, universities and train stations
- Returning $149,915 per annum + GST

Rarely do investment opportunities of this nature present themselves such a strategic location and with the strength of an international tenant covenant.

The Luna Carparks form part of the Luna Apartment Complex which was completed in 2005 and comprises a 6 level, 122 unit apartment building with ground and basement level car parking.

The subject property comprises 47 car parks. 46 of the car parks are leased to Orion Health through to 2025 and return $149,915 + GST p.a. (gross). These carparks are located within 50 metres of Orion Health's head office at 181 Grafton Road (corner Khyber Pass Road).
Demand for carparking in the Uptown area is at an all time high and this pressure is set to continue.

The completion of the $4.4b City Rail Link Project, projected for 2024, will be the largest game changer for the upper Grafton/Eden Terrace/southern Mount Eden precinct with pedestrian friendly pavements and road crossings on the agenda for the CRL project team in this immediate area. The gentrification of this precinct is underpinned by an increase in the number of more food & beverage offerings via new bars, restaurants, cafes and pubs. As a result, many large scale commercial property investors are strategically positioning themselves in the area. https://www.cityraillink.co.nz/

Strategically located passive investments of this nature are rarely presented to the market.