Unit is a gem of an investment
The Surrey Crescent Laundry is in the end unit, closest to the bank. Photo / Supplied
JLL agents Alex Wefers and Jarred Hill are marketing a tenanted, mixed use unit - one of seven in a multi-unit office and warehouse complex at 60A Surrey Crescent, Grey Lynn.
It is tenanted by Surrey Crescent Laundry, which has been there since 2007, and is being sold by expressions of interest closing on August 30, unless sold earlier. Wefers describes the unit as, “a gem of an investment, considering the tenant is already in place”.
Other businesses in the complex include live/work tenants and a mix of small businesses. “It’s a busy complex with good synergy, in a great location, close to fringe centres and motorway links,” says Wefers. “The property is a substantial 147sq m and comes with four carparks, so it is ideal for a small business like the laundry that currently occupies the property.”
The Surrey Crescent Laundry, which services the commercial market, invested up to $800,000 to fit out the property. This required resource consent and approval from Watercare.
The present lease term is three years, with 18 months remaining. Following this, there is to be four rights of renewal of three years each, with final expiry of 2031. “The current rental is $37,000 per annum net and there are two-year rent reviews in place.”
Hill says the tenant has invested a significant amount in this location, and when considering the Consumer Price Index the current lease terms could see a new owner receive an extra 5-6 per cent every two years.
“The property is on the southern side of Surrey Crescent, a short distance to Grey Lynn village and the West Lynn shops,” says Hill. “It is accessed from Surrey Crescent and Great North Rd and is close to St Lukes Shopping Centre and the off-ramp to SH16.”