Pt Chevalier purpose-built medical facility

3:48 PM Friday November 30, 2018 True Commercial

The medical facility at 50 Carrington Rd is approximately indicated by a blue border. Photo / Supplied

A purpose-built medical facility on a new 12-year lease to a government tenant is for sale in Pt Chevalier.

Colliers International is marketing 50 Carrington Rd, for sale via a deadline private treaty — closing 4pm on December 12 — unless it’s sold earlier.

The 5193sq m property, near the Unitec campus, sits on a major arterial route. It’s directly opposite the 29ha site where up to 4000 new KiwiBuild homes are planned.

Colliers’ Gareth Fraser describes a solid passive investment with strong tenant covenant and a huge landholding for the long term.

“Purpose-built by the Ministry of Health in 1999, the property comprises a two-level medical facility with 76 on-site car parks and huge road frontage,” he says.

“It is tenanted by the Waitemata District Health Board on a new 12-year lease, earning $518,000 plus GST in net annual rent.

“Market rent reviews are due every three years, with a three-year right of renewal extending the final lease expiry to July 2033.”

The agency’s Gawan Bakshi says the property benefits from an easily accessible location.

“Being only 9km from Auckland’s CBD, this property has excellent transport links. Carrington Rd is a major arterial route that links the Auckland suburbs of Mount Albert, Pt Chevalier and Waterview.

“The Waterview motorway interchange is only 750m from the property, providing easy access to the CBD, Auckland International Airport and the city’s growing northwestern suburbs. The area also has good public transport, with regular bus services.”

Bakshi says Pt Chevalier is among the most popular suburbs on Auckland’s western city fringe, bordering the exclusive residential areas of Westmere and Grey Lynn.

“With parks, beaches, cafes, a community centre and neighbourhood retail strip, the suburb offers amenities and leisure opportunities. The adjacent suburb of Western Springs includes the popular park and lake, Auckland Zoo and Motat.”

Broker James Appleby says the property is on a large fee simple site fronting Carrington Rd.

“The property has special-purpose Healthcare Facility and Hospital zoning, which is in keeping with its current use. Known as Pitman House, it provides a range of Waitemata DHB services including community alcohol and drug support, pregnancy and parental services, and Maori counselling.”

He says the building is of modern construction with two levels spread across three structures. It has a concrete and brick facade, tiled roof and aluminium joinery. Inside, it is partitioned into a series of consulting rooms, waiting rooms, day stay rooms, a reception, offices, toilets and staff amenities.

“The site is ideally suited for long-term redevelopment; the 1777sq m building covers just over a third of the substantial freehold site, allowing for flexible options.”