A quality building in a premium East Tamaki location
The five retail units for sale at 287 Oteha Valley Rd.
Five new fully-tenanted retail units in one of Auckland’s fastest growing areas have come to market, and are expected to appeal to both local investors and those outside of Auckland looking for a worry free, bottom draw investment, brokers say.
The units, which range in size from 100sq m to 200sq m, at 287 Oteha Valley Rd, Albany are for sale individually by auction at 11am, Wednesday May 18 at Colliers’ auction rooms, Level 27, 151 Queen St, Auckland, unless sold earlier by negotiations.
“The units are of a high quality — built by Wallace Developments — featuring established tenants on new long-term leases with personal guarantees, as well as positioning on a key arterial road in a rapidly growing North Shore location,” says Ellie Martin of Colliers International who, with colleagues Euan Stratton, Mike Ryan and Jimmy O’Brien, is marketing the property.
“With the units generating between $45,000 to $85,550 per annum plus GST plus outgoings, with new six to 10-year leases in place all with built-in growth in the form of rent reviews or similar variations, all the fundamentals are in place for a solid bottom drawer investment opportunity.
Further underpinning long-term viability is the location in one of the fastest growing areas in Auckland — which is important for future re-letting, Martin says.
“Three of the five tenancies — Unichem, Vivo Beauty and Albany Central Dental — were already local in the area prior to moving to this recently completed property, so they have established client bases — which means investors can trust in the strength and longevity of their investment.”
Bashir Pharmacy Ltd — trading as Unichem Albany Village Pharmacy — is situated in a 200sq m unit and has a new 10-year lease, with three five-year rights of renewal.
The Albany retail centre is near QBE Stadium.
Core Clinic — a business including podiatrist, physiotherapists and acupuncturists — are located in a 100sq m unit and have a six-year lease, with two four-year rights of renewal extending to a final expiry date of February 27, 2030.
Albany Central Dental leases a 120sqm unit, with a lease term of 10 years and one six-year right of renewal, while Vivo Hair and Beauty leases a 173sq m unit, with a lease term of nine years, Stratton says.
“Vivo Hair and Beauty is a national brand operator with 15 salons in Auckland alone — and 37 salons across New Zealand — while Albany Central Dental is an established dental practice with a proven track record of loyal clientele.”
The fifth retail space — a 150sq m unit with outdoor area included — is rented to Balance Kitchen, with an initial lease term of 10 years, with two five-year rights of renewal.
“Balance Kitchen is a modern and healthy café that offers both a delicious menu as well as a Build-Your-Own meal concept, which enables café-goers to design and personalise their meal without any extra cost. Full macronutrient information is detailed in the menu, making Balance Kitchen a favourite hub for athletes, bodybuilders, health-focused individuals, and families.”
The units are located on Oteha Valley Rd — the main arterial road connecting Albany to the northern motorway, Stratton says.
“Neighbours in the overall development include one of the best performing Z-service stations and a new child care facility which is due to be opened shortly.
“It is also close to a wide range of facilities and amenities such as Westfield Albany, QBE Stadium, Albany Mega Centre, Albany Park and Ride, Massey University, Kristin and Pinehurst Schools, as well as a number of newly-completed apartment developments, as well as 3000 apartment units either planned or under construction in the area.”