Beachlands beckons buyers
The main building has three rock solid tenants.
Two separate buildings on one lot containing a mix of commercial and residential tenancies have come on the market in the rapidly growing commercial precinct of Beachlands, southeast of Auckland city near Whitford and Maraetai
The fully tenanted property at 38 Wakelin Rd encompasses 922sq m of freehold land and two separate buildings, and is being offered for sale by Nicolas Ching, sales director of NAI Harcourts Auckland Central. It will be auctioned at 2pm on September 18 at NAI Harcourts Auckland Central at 18 Emily Place in the Auckland CBD unless it sells beforehand.
Ching says the property is in a tightly held location, with major housing and commercial developments planned for nearby.
"The road front retail building of about 200sq m is tenanted by three of the most reliable tenants an investor could hope for: the New Zealand Police, Beachlands Post & Lotto including Kiwibank, and BNZ Branch Properties.
"It has excellent exposure to Wakelin Rd, a main thoroughfare through Beachlands," Ching says.
The commercial building is rented for a total of $58,716 a year to the three tenants. Police pay an annual rent of $22,740 on a lease expiring on August 10, 2018; Beachlands Post & Lotto pays $29,476 with an expiry date of September 30, 2021; and BNZ Branch Properties rents space for an ATM machine at $6500 a year, expiring on June 9, 2017.
The residential building has been modernised and includes a three-bedroom dwelling and a one-bedroom flat.
The building has sea views from the rear of the site and is accessed by a service lane, allowing it privacy and quiet.
The three-bedroom dwelling is rented for $24,960 a year and the flat for $15,080.
The combined total annual rent for the two buildings is $98,756.
Ching says it is an opportunity for investors looking to capitalise on the huge growth planned for the area.
Beachlands Village is already a busy commercial precinct that services an established and affluent residential population.
"In 2011 there were 2350 households in the Beachlands and Maraetai area but population is growing fast with the Auckland Council planning for expansion under the proposed Unitary Plan.
"For the Beachlands and Pine Harbour area, 1250 new houses are allowed for with 122ha of rural land rezoned for low-density housing and 11.5ha of Pine Harbour land rezoned for 500 new houses."
Ching says large-scale commercial development has also been approved for Beachlands and Maraetai.
"The Whitford to Maraetai road will be the site of a further 31,500sq m of new commercial floor space, including a 4000sq m Countdown supermarket. Another 6700sq m of new commercial floor space is provided for by 2016 and 8500sq m by 2026."
A regular ferry service runs to the Auckland CBD from nearby Pine Harbour Marina and Beachlands is close to Clevedon and the East Auckland shopping precincts of Botany and Howick.
The popular Formosa Golf Resort is nearby.