A multi-tenanted retail property with mixed-use development options in the centre of one of Auckland’s fastest-growing suburbs has been placed on the market for sale.
The single-storey freehold building at 149-151 Line Road occupies a high-profile corner site in Glen Innes town centre. Glen Innes is a high-growth suburb targeted by Auckland Council and the Government as a strategic location for future population expansion and town centre renewal.
The property for sale, which sits at the corner of Line Road and Mayfair Place, is fully leased to a pharmacy, a barber and a foodservice outlet, generating total net rental income of $63,293 plus outgoings and GST per annum.
Some 73 square metres of retail space is leased to Cox’s 7 Day Pharmacy Limited, which also occupies the adjacent 155 Line Road. The pharmacy pays annual rent of $28,783 plus outgoings and GST on a lease which runs through to 2022, with a further three-year right of renewal. The lease incorporates annual market rent reviews.
Approximately 61 square metres is tenanted by food outlet Sanaz Kebab, trading as Kebab Kitchen, generating net rental income of $27,300 plus outgoings and GST on a lease extending to 2025 which also comes with annual market rent reviews.
Elam Barber Shop occupies a third space of approximately 20 square metres, paying rent of $7,210 plus outgoings and GST per annum, with fixed annual rental increases of four percent.
The freehold land and building at 149-151 Line Road, Glen Innes, are now being marketed for sale by auction on 2 December (unless sold prior), through Bayleys Auckland Central.
Salespeople Matt Lee and James Chan said the standalone commercial building of some 153 square metres sat on approximately 164 square metres of land in the heart of Glen Innes town centre.
“The property for sale is well-positioned in the commercial centre of Glen Innes with main-road access along Line Road,” said Mr Lee.
“It is surrounded by a variety of amenities and businesses including the Glen Innes Library, Te Oro Community Centre and council car park, all located across the road, as well as Glen Innes Train Station, major supermarkets and large-franchise food outlets.”
The Line Road site is a few hundred metres from the 13-hectare site earmarked for Tamaki Village, a future high-density residential development.
Mr Lee said Glen Innes had grown in popularity in recent years due to its burgeoning amenities and services and its proximity to a large residential population, including the suburbs of Panmure, Point England, Glendowie, Saint Heliers, Kohimarama and Remuera.
“The Line Road property’s valuable Business – Town Centre zoning promotes town centre intensification, providing a focus for commercial activities and growth. It allows a diverse range of activities, including commercial and residential uses as well as leisure, tourist, cultural, community and civic services,” said Mr Lee.
Mr Chan said the site’s zoning allowed for a maximum possible building height of 32.5 metres.
“The height opportunities at this location facilitate increased intensification. As a result, the property at 149-151 Line Road offers a range of future uses as well as significant development potential,” Mr Chan said.
“Developers will consider a range of future mixed-use options, with attractive fundamentals for retail at ground level and additional possibilities for office and residential activities on upper floors.”
Located nine kilometres to the east of Auckland’s city centre, Glen Innes has been identified as a strategic area for future growth, with a mandate to progress large-scale affordable housing projects.
“Tamaki Regeneration, jointly owned by Auckland Council and the Government, is progressing a 20-year project to revitalise Glen Innes town centre. There are also substantial current works and future plans for large-scale affordable housing projects,” said Mr Chan.
Tamaki Regeneration has a mandate to replace 2,500 social houses with at least 7,500 mixed tenure houses over a period of 10 to 15 years.
“This future intensification and renewal will further elevate property fundamentals at the Line Road site,” said Mr Chan.
“Astute investors will value this chance to acquire a high-exposure, standalone corner site with multiple income streams – plus the opportunity to investigate medium to long-term development options in tandem with this suburb’s future regeneration and growth.”