250 Car Parks Leased to Wilsons Until 2029
2-4, York Street, Newmarket, Auckland City
- Proposed Usage
- Floor Area
- 3750.00 m²
- Property ID
- 250 freehold car parks on individual titles in central Newmarket
- Five blocks of 50 car parks are on offer - buy one or all
- Unique hands off investments underpinned by attractive long term leases
- Approximate cash flows of $165,000 + GST p.a. (net) per block
This offering will have appeal to medium sized investors and family trusts. All five blocks are leased to Wilson Parking until 2029 with annual net rental income from each of the blocks ranging from $163,549 to $178,889 plus GST, with annual increases of two percent per annum from 2020. Wilson Parking also holds the building management agreement for the common areas of the property, with management obligations including keeping the premises clean and secure and meeting health and safety requirements. They are the ultimate passive investment.
Two of the five blocks provide opportunities for purchasers to utilise up to 10 car parks for their own use. In addition, because all of the 250 car parks are on their own titles, there would also be flexibility to sell off one of more carparks individually at any stage in the future to release some capital.
The building was completed in 2000 and has a favourable seismic assessment of 90% of New Building Standard. It is one of Newmarket's most centrally located carparking facilities, positioned just off Broadway, and represents an exceptional opportunity to purchase a straight forward investment underpinned by a solid income stream in one of Auckland's most vibrant commercial and residential precincts. The facility is centred amongst many major office, retail and residential developments and the nearby Auckland University Campus on Khyber Pass. The growing resident and office worker population and expansive new retail and office developments will continue to drive the demand for parking in Newmarket. The new Auckland Unitary Plan seeks to reduce the development of off-street carparking. This, in combination with Newmarket's continued growth, are likely to put pressure on the existing supply of carparks.