Attractive commercial unit in Grey Lynn
The unit in Scanlan St, identified by a red border, is leased by an acupuncturist. Photo / Supplied
A commercial unit tenanted by an acupuncturist at 29 Scanlan St, Grey Lynn, and partitioned into two treatment rooms, kitchen and bathroom facilities, is for sale.
“The tenant, Qi Acupuncture Ltd, has operated a business from the premise for three years,” says JLL agent Alex Wefers who, with colleague Tom Dobier, is marketing the property by expressions of interest, closing November 9.
Built in 2004, the 42sq m unit has two covered and secure carparks, says Wefers.
It is within a large Mixed Use zoned development comprising four commercial and 28 residential units.
The present one-year lease, which runs till October 2018 has a one-year right of renewal and earns annual rent of $21,600. There is a fixed increase of 2 per cent per annum with the next review date in October 2018.
Wefers says the unit can be leased out as a medical or office commercial unit and presents as an option for owner-occupiers to take over once the lease expires.
There is also potential for it to be converted into a studio apartment to capitalise on the city’s residential housing market.
“This unit is well placed in a prime city fringe location, with Ponsonby Rd shops and Grey Lynn village within walking distance. Residential and commercial space in this city fringe location is a scarce,” says Wefers.
“Our demographic research suggests further residential and business growth in this area, so this unit is a prime opportunity for an investor to capitalise on demand for well-placed commercial and residential facilities.”
Dobier says zoning and location are the key factors. “Given that the zone is Mixed Use, a range of options are available and the flexibility makes the unit an attractive investment.”