Many income streams from mix of tenants

5:00 AM Saturday April 4, 2015 Colin Taylor

The retail and office complex at 91-93 Central Park Drive, Henderson.

A near new Henderson investment property that is earning annual rent of $569,290 net from a mix of retail and commercial tenancies is for sale as part of Bayleys’ latest Total Property portfolio.

The one year old, 2729 sq m building on a large 5433 sq m site at 91-93 Central Park Drive is one of the bigger properties that will go under the hammer at the agency’s Total Property auction on April 15 unless it sells beforehand by negotiation.

The property is being marketed by Laurie Bell, Mike Adams and Grant Miller of Bayleys’ West Auckland division on behalf of Canam Corporate Holdings which has developed the bare land site.

The fully leased building, designed by award winning VRLA Architects and built by Q Construction, was completed just over 12 months ago, with a code of compliance certificate issued on April 9, 2014.

Bell says the property sits at the intersection of Central Park Drive and Universal Drive, giving excellent exposure to the high volume of traffic flowing along the arterial road.

“It is situated in the heart of an expanding business and light commercial precinct and is surrounded by a mix of quality, modern buildings with further new developments underway..

“The property has multiple income streams with the investment risk spread across eight tenancies,” Bell says.

Occupying all of the 854 sq m of upper level office accommodation in the two-level  building is the New Zealand head office of Debtworks which has a long term lease running for eight years,  with three four-year rights of renewal.

Debtworks has five offices from Dunedin to Auckland offering a full range of debt collection, credit management, loan portfolio management and litigation support services for public and private sector organisations. The company has developed a series of training seminars covering a wide range of credit management and related legal topics. Bell says Debtworks has fitted out its premises to a very high standard as part of its long term commitment to the property.

91-93 Central Park Drive, Henderson - Chipmunks playcentre & cafe.jpg

The Chipmunks Super play centre for children and adjoining cafe. 

Below Debtworks on the ground floor are four 100 sq m tenancies occupied by national industrial employment specialist Trade Staff, Little Sisters Cafe which was listed among Metro Magazine’s Top 20 cafes, Blue Butterfly Arts and Renoarts bathroom products shop.

A 59 sq m hairdressing salon adjoins a 349 sq m tenancy occupied by The Home Essentials store which specialises in kitchen and table ware.

One side of the L-shaped building has a 1067 sq m Chipmunks Super play centre for children aged up to 11 years which includes covered car parking beneath and adjacent yard parking for 50 vehicles. Chipmunks Henderson features a super sized playground, a funny plane, a mega inflatable slide, a smaller area for under five year-olds and a full service cafe. It is also hired out for private functions including birthday parties, sports break ups and school functions with full in house catering.

Chipmunks has 15 venues throughout New Zealand from Whangarei to Invercargill and  has a 12 year lease with two five-year  rights of renewal and two-yearly rent reviews to the Consumer Price Index plus 2 per cent.

Bell says the large, landscaped site has excellent access with three entrances and a further 54 on site car parks..

Adams says the property is well positioned in the Central Park and Universal Drive commercial precinct near Waitakere Trusts Stadium and is strategically located close to the main Lincoln Rd motorway link to the north and south western motorway systems.

He says a number of larger sites in this area have been redeveloped in recent years making the area a sought after location for retail and commercial tenants.

Other businesses in the nearby vicinity include Pak’nSave, Countdown, Mitre 10 Mega, the Tile Warehouse, Lincoln North Shopping Centre and numerous popular brand car dealers, with three more major dealers planning to open in the area.