The freehold standalone building lies in the heart of the Glen Innes retail precinct. It has been occupied for over 30 years by a Beaurepaires tyre centre and an acrylic fabrication workshop.
The two tenancies generate total rental income of $100,547 plus GST per annum.
Bayleys salesperson Damien Bullick said the upcoming expiry of both leases in September would present new owners with numerous options.
“A buyer will have the possibility of renegotiating further leases with two well-established and proven tenants.
“Alternatively, they could occupy part or all of the property, refurbish and add value, or undertake a full redevelopment taking advantage of the site’s intensive zoning,” said Bullick.
The site for sale on Apirana Avenue forms part of an area identified for intensification and growth within the Business – Town Centre zone under Auckland’s unitary plan. It has an allowable building height of up to 32.5 metres, subject to other council requirements.
The property at 166-170 Apirana Avenue, Glen Innes, Auckland, is being marketed for sale by Damien Bullick and Alan Haydock of Bayleys Auckland Central. Sale is by way of a tender closing on Wednesday 8 June, unless the property is sold prior.
Bullick said the offering consisted of an approximately 617-square metre building on some 921-square metres of fee simple land.
“The industrial-style building is split into two tenancies of similar size. The front tenancy is leased to Beaurepaires, which utilises it for a tyre service centre.”
“The second tenancy is at the rear of the building, comprising a workshop along with a small mezzanine floor,” said Bullick.
Haydock said a new owner could capitalise on an add-value opportunity by re-purposing the existing building into more of a retail/showroom use, as owners had done successfully with numerous other industrial-style buildings along Apirana Avenue.
“The potential for such a reconfiguration is supported by the property’s high-profile position on a key retail strip where there is virtually no vacancy.”
“The site’s zoning also gives it huge future potential for a multistorey redevelopment, with planning provisions enabling a multitude of possible activities, from commercial and residential to tourist, leisure, community and civic services.”
“The property for sale is underpinned by its prominent position on arterial Apirana Avenue, offering immense exposure to passing traffic within a retail and commercial hub with around 150 businesses.”
“The site for sale sits alongside a PAK’nSAVE supermarket and is surrounded by other big-name occupiers such as Chemist Warehouse, Harvey Norman, Animates, Z Energy and McDonald’s,” said Haydock.
The Apirana Avenue property is also a short walk from Glen Innes station, which offers a direct rail link to Britomart in Auckland’s city centre.