Premises on Milford’s ‘Medical Mile’

5:00 AM Saturday April 15, 2017 True Commercial

The 1148sq m freehold site at 193 Shakespeare Rd, Milford. Photo / Supplied

A prime commercial property opposite Auckland’s North Shore Hospital will appeal to investors, developers and owner-occupiers seeking a foothold in a sought-after medical precinct.

The 1148sq m freehold site at 193 Shakespeare Rd, Milford, will be auctioned by Colliers International on May 17 and will not be sold prior to the auction.

Colliers International Director, Euan Stratton, who is marketing the property with colleague Deborah Dowling, says the property offers the chance to generate multiple income streams from two medical tenancies.

“This commercial offering is located opposite the busy public hospital on the Shore’s ‘Medical Mile’ giving it immense appeal to tenants,” he says.

“We’re expecting strong demand from owner-occupiers, developers, and investors looking for the opportunity to re-tenant the property.”

Stratton says the generous Mixed Use zoning allows for many other non-medical uses.

The site contains two buildings having a combined area of 348.1sq m, with previous rental income of about $118,000 per annum from the two tenancies.

Stratton says a single-level 215.6sq m building sits at the front of the property, offering good street front exposure on ‘Medical Mile’.

“A physiotherapy and sports rehabilitation clinic operated out of the building for many years, but it is offered with vacant possession. The premises includes a reception and waiting room, offices, six consulting rooms, two larger open plan rooms and excellent amenities including toilets, shower and a separate laundry.”

Twelve parking spaces are available, including two in a car port in the front yard.

The rear premises is a two-storey building of about 132.5sq m occupied by the University of Auckland. It earns  holding income of $40,018 per annum with its lease due to expire on August 31.

“The building was once operated as a hearing clinic, with its fit-out including multiple soundproof rooms, a reception and waiting room, offices and amenities, and an outdoor deck on the first floor.”

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Milford’s so-called ‘Medical Mile’ which is close to Lake Pupuke. Photo / Supplied

Four car parking spaces are available directly in front of the building.

Stratton says the original front building appears to have been constructed in the 1960s with subsequent refurbishments and extensions in the 1990s. The rear two-level building was built in the 1990s. The main construction includes concrete foundations and floors with cement board cladding and plaster finish. Joinery is a mixture of wooden and aluminium and gable formed steel roofing.

Dowling, who heads Colliers International’s West Auckland office, says the property is smartly positioned in an affluent North Shore suburb with great amenities.

“It’s in a great location on ‘Medical Mile’, with other small sites in the area having been converted to various medical uses,” she says.

“Major nearby developments include Metlifecare’s The Poynton retirement village, Oceania Healthcare’s Lady Allum lifestyle village, and the Smales Farm Business Park.

“Some of Auckland’s top schools are within walking distance, including Westlake Boys and Girls High Schools, Carmel College and Rosmini College.”

Dowling says the Northern Motorway on-ramp at Northcote Road is only two minutes’ drive away.

Auckland’s CBD being is less than 15 minutes’ drive in off-peak traffic, while Smales Farm offers park and ride facilities for the Northern Busway. Inspections are by appointment only.