Henderson property with bankable credentials

Henderson property with bankable credentials

373 Great North Road, Henderson. Sold on 26th June 2017.

The Property
- 914m² over two levels, plus basement storage and car parking
- 808m² land (more or less)
- BNZ is the long-standing tenant
- Currently returning $219,360 pa + GST and OPEX, with rent review due December 2017
- Zoning is Business - Metropolitan Centre zone under the Auckland Unitary Plan (operative in part)Rateable Value - $3,060,000.00
- Rateable Value - $3,625,000 (1st July, 2014)
Quick Look
• National Total Property marketing campaign with auction method of sale
• Sold under the hammer for $4,000,000
• Strong enquiry received – mainly from Auckland-based investors along with some international interest
• Five bidders on the day: four in the auction room, and one on the phone from Bangkok
• Sold to a local investor

The Story

Property in Henderson is historically very tightly-held, so when this freehold offering on a prominent corner site within the retail and commercial precinct came to the market, it generated significant interest.

The property offers ground floor bank retail, offices and amenities and further first floor offices and amenities.

In the vicinity is public car parking, the Waitakere Central Library and retail outlets, including Westfield’s WestCity Mall, The Warehouse, and Harvey Norman.

Mike Adams and Laurie Burt of Bayleys say a good quality building on a reasonably-sized piece of freehold land in the main street of Henderson – with a stable tenant – was always going to be a winner in the auction room.

“We were certainly kept busy fielding calls and requests for information on this one,” says Mike.

“Corner commercial sites always generate a lot of interest among investors and this property, with frontage to both the main arterial Great North Road and Ratanui Street, was no exception.

“Add a long-standing tenant into the equation and it’s easy to see why bidding was strong.”

Vendor Comment

Owned by a family trust, the property was sold to facilitate another commercial investment.

The Great North Road property was owned for 18 years by a Henderson-based family trust.

One of the trustees says her parents were long-time Henderson residents and the BNZ was their local bank.

“It was a passive investment for the family trust and the decision to sell was motivated by our wish to put the capital into another commercial property investment,” she says.

“The fact that Bayleys has marketed and sold bank-occupied properties before was invaluable. Mike and Laurie worked to optimise the challenging and restricted access arrangements for showing potential buyers the property and we were impressed with the regular, honest feedback.”

Admitting to some nervousness on auction day, the trustee says she appreciated being able to observe the auction from the dedicated vendor break-out room at Bayleys House in Auckland, and says the final price achieved was beyond the trust’s expectations.

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