High profile intersection properties out West
This unit leased to BNZ Bank in Lincoln Rd earns annual rent of $132,023.
A BNZ outlet in the Lincoln North Shopping Centre in Henderson, with a recently renewed lease in place to the bank, is one of two West Auckland properties on high profile intersections that will be auctioned in April by Bayleys.
The 341sq m unit at 192 Lincoln Rd is producing net annual rental income of $132,023 from a new three-year lease to the BNZ Bank from January 2016, plus one three-year right of renewal. The bank has been in occupation since the centre was developed 10 years ago.
The property is being marketed by Oscar Kuang and James Chan of Bayleys’ International Division and will go up for auction, unless sold prior, on April 13 along with 14 other commercial and industrial properties featured in Bayleys’ first Total Property portfolio auction for 2015.
The unit is centrally positioned in the Lincoln North Shopping Centre, next door to a Kiwibank/NZ Post outlet and close to two other major banks, Westpac and ANZ, meaning it benefits from a high level of foot traffic.
Aerial view of the Lincoln North Shopping Centre in Henderson.
“The centre comprises a good mix of over 20 national, international and local tenants with other big brand tenants including NZX listed Restaurant Brands (KFC and Pizza Hut), Animates, Lollipops, Avanti Cycles, Video Ezy TAB, Subway, Dunkin Donuts, Columbus Coffee and SuperCheap Autos,” says Kuang.
Completed in 2006, the shopping centre sits on a 1.67-hectare site which has wide frontage and substantial exposure to Lincoln Rd and Universal Drive, two of West Auckland’s busiest arterials.
Chan says over recent years, the heavy traffic flows (reportedly close to 50,000 cars a day) that Lincoln Rd carries, in conjunction with a sizeable and growing surrounding residential population, has prompted significant retail and commercial office development in this location which also includes a nearby large Countdown supermarket.
Lincoln Rd is a major arterial extending from Great North Rd in the south to the North Western Motorway system in the north. Universal Drive is a significant link road to West Auckland suburbs such as Massey, Ranui and Swanson as well as the Waitakere Ranges.
West Coast and Great North
The Mixed Use commercial complex for sale at 1-3 West Coast Rd, Glen Eden
Also up for auction in West Auckland on April 13 is a Mixed Use 800sq m commercial complex on a high profile 1490sq m corner site at 1-3 West Coast Road, Glen Eden being marketed by Millie Liang of Bayleys’ International Division in conjunction with Mustan Bagasra of Bayleys’ Orewa office.
“The property is at the corner of Great North Rd and West Coast Rd, among West Auckland’s busier intersections with huge exposure to high volumes of passing traffic,” says Bagasra. “The site is strategically positioned opposite the Kelston Shopping Centre, a Mobil service station and McDonald’s Restaurant and is also adjacent to Kelston Girls College.”
The property is currently generating annual rental income of $118,000 from five tenants on various lease expiries, with the opportunity to increase this income by leasing up one vacant tenancy. Built in the late 1970s, it currently consists of four ground-level, road frontage units and one rear warehouse unit plus upper level office space. Currently all are leased except the 140sq m of office space.
The ground floor commercial units range in size from 98sq m to 180sq m and are occupied by a bakery, a physiotherapy practice and laundromat on three-year leases and a restaurant, currently on a monthly tenancy. The rear 98sq m warehouse unit has a new three-year lease to a jewellery workshop.