Neighbouring freehold sites housing a rich mix of commercial tenants in an Auckland growth hotspot have been put up for sale, offering diversified income plus significant future development potential.
The two properties on adjoining titles on Apirana Avenue, Glen Innes, are zoned for intensive development in the fast-growing suburb’s town centre.
Three buildings on the sites are fully leased to tenants ranging from a major charity shop and leading fruit retailer to an acupuncturist, a printing and photography shop, a café and a chocolatier. Seven tenancies return combined net rental income of $350,782 plus outgoings and GST per annum.
The land and buildings at 181-183 and 185-189 Apirana Avenue, Glen Innes, are now being marketed for sale by deadline private treaty closing on Wednesday 5 May (unless sold prior), through Bayleys Auckland Central.
Salespeople Alan Haydock and Damien Bullick said the offering incorporated buildings with a total floor area of some 1,758 square metres on approximately 3,785 square metres of land across two freehold titles.
Mr Haydock said the properties included 56 on-site car parks and together benefited from about 70 metres of high-profile frontage to busy Apirana Avenue.
“The property at 181-183 Apirana Avenue makes up just over a third of the total landholding and contains two standalone buildings. The larger structure, a single-level, high-stud retail building of approximately 550 square metres, sits at the front of the site and is occupied by the Dove Hospice Shop.
“Located at the rear of the site, an approximately 110 square metre building is leased to Chocolatl Limited, a manufacturer and retailer of fine chocolates and related products,” Mr Haydock said.
The larger adjoining title at 185-189 Apirana Avenue contains a two-level building, whose rear ground-floor tenancy of about 435 square metres is occupied by Brilliance Enterprises Limited, trading as Fruit World. With 22 stores in the North Island, Fruit World lays claim to being New Zealand’s largest independent franchisee greengrocer.
My Haydock said approximately 100 square metres in the front corner ground-floor tenancy was leased to Eight Letters Café, while the remaining ground-floor space housed Colour City, a printing and photography shop.
“The majority of level one is occupied by Eastern Bay Acupuncture, which leases some 316 square metres.
“The two sites for sale are well served with an ample car parking area for tenants and customers between the existing buildings, which also provides a future development opportunity for what are currently underdeveloped sites,” said Mr Haydock.
Mr Bullick said the Apirana Avenue sites’ future development possibilities were supported by their Business – Town Centre zoning under Auckland Council’s unitary plan.
“Typically applied to suburban centres on main arterial roads with good public transport, this zoning generally serves to support growth and intensification.
“In the case of the Apirana Avenue properties, residential and commercial development is permitted up to a height of 32.5 metres, subject to other council requirements,” said Mr Bullick.
“The zoning provides for a wide range of activities such as commercial, residential, leisure, tourist, community and civic services.”
Mr Bullick said the properties for sale were prominently positioned opposite PAK’nSAVE in the Glen Innes town centre.
“These sites enjoy huge exposure to passing traffic on Apirana Avenue, one of the main arterials for Glen Innes shopping centre, which is home to around 150 businesses.
“Surrounded by popular retailers and amenities, the location is a short walk from Glen Innes Train Station, which provides a direct link to Britomart in Auckland’s central business district,” Mr Bullick said.
“Positioned about nine kilometres east of the CBD, Glen Innes is surrounded by other highly-sought after and affluent suburbs such as St Heliers, Meadowbank and Stonefields.
“The suburb has been identified by Auckland Council for future growth, and this is being driven by high levels of investment from both the public and private sectors. The Auckland Unitary Plan has bolstered Glen Innes’ status as a sought-after location for medium and high-density residential development.”