Lincoln bank premises for sale
The ANZ branch is in Lincoln North Shopping Centre, corner of Lincoln Road and Universal Drive. Photo / Supplied
A large retail unit in the Lincoln North Shopping Centre in Henderson occupied by the ANZ Bank for over a decade is up for auction in Bayleys’ latest Total Property portfolio.
The ANZ has leased the 503sq m unit since the retail centre was developed in 2006. It exercised a six-year right of renewal in December 2015 and has three further three-year rights of renewal, which if exercised would take the final expiry of the lease to December 2030. The property is producing contract rental income of $165,770 per annum.
The unit is among 12 commercial and industrial properties that will go under the hammer in Bayleys’ central Auckland auction room on August 2, unless sold earlier. It is being marketed by Oscar Kuang and James Chan of Bayleys’ International Division.
“The ANZ unit is located in a central position in the heart of this modern retail convenience centre, surrounded by other banks and quality national and international brands,” says Kuang.
“This is a popular shopping centre with a food, banking and service focus which has a very high pedestrian count. It has been developed around a substantial central car park which rarely has many empty spaces and provides easy access to a wide range of retail options.”
Kuang says the Lincoln North Shopping Centre benefits from its high-profile location on one of Auckland’s busiest intersections. It has substantial frontage to two main West Auckland arterials, Lincoln Rd and Universal Drive, both of which provide access and exit points to and from the complex and the large common parking area for 236 cars.
The buildings wrap around the customer car parking in an ‘L’ shape with a separate drive-through KFC restaurant on the other side of the carparking area on the opposite corner of the site.
Other occupants include Westpac Bank, BNZ, NZ Post/Kiwibank, Pizza Hutt, Subway, Dunkin Donuts, Columbus Coffee, St Pierre’s Sushi, SuperCheap Auto, Snap Fitness, Animates and Lollipops.
“The 1.67ha site, on which the Lincoln North shopping centre is located was originally the home of a Pakn’Save supermarket which, in response to a need for a larger format store and desire to remain in this location, relocated across the road. It also houses one of New Zealand’s largest and busiest Mitre 10 Mega stores,” says Kuang.
Chan says heavy Lincoln Rd traffic flows of 50,000 cars a day on average, plus a burgeoning residential population has prompted much retail and commercial office development, including the large Countdown nearby.
Chan says Henderson’s rapidly growing commercial area is a sought-after investment location reflected in two recent Bayleys’ auction sales. Another Lincoln North Shopping Centre unit sold for $4m at a 5.3 per cent yield. The 755sq m unit occupied by Supercheap Auto since 2009 has a seven-year lease from July 2016.
Also selling under the hammer for $4m was a two-level building, plus basement car parking and storage, on a prominent 808sq m corner site at 373 Great North Rd, Henderson with a Business Metropolitan Centre zoning. It sold at a 5.48 per cent yield with a 12-year lease until December 2020 to long-standing tenant, the BNZ.