Two leased units in Bayleys' first auction
Unit 111B Lincoln Rd, Henderson is leased to the Accident Compensation Corporation. Photo / Supplied
A West Auckland building leased by the Accident Compensation Corporation (ACC) and a retail outlet in a prime Auckland CBD location, are up for auction next month as part of Bayleys' first Total Property commercial and industrial portfolio for this year.
The 1113sq m unit at 111B Lincoln Rd, Henderson, has been fully occupied by the ACC since early 2000.
The corporation has exercised the first of two, three-year rights of renewal on its present lease, effective from March 1 which will generate gross annual income of $287,000.
The property is being marketed for sale by Nicolas Ching and James Chan of Bayleys' International Division and is among 14 offerings that will go under the hammer on March 8 unless sold earlier.
This will be the first commercial and industrial portfolio auction to be held in Bayleys' new central Auckland premises - Bayleys House at 30 Gaunt Street in the Wynyard Quarter. Constructed in the 1990s, Unit B, 111 Lincoln Rd is part of the Lincoln North retail centre in central Henderson.
“It's in a very high profile position at the entranceway to the well-established centre and adjoins The Warehouse bulk retail store which is the complex's anchor tenancy,” says Ching.
“It also benefits from excellent exposure to Lincoln Rd, one of West Auckland's busiest arterial routes, as well as easy access to public transport facilities and the north-western motorway.”
The unit is fully air conditioned and carpeted and comprises predominantly open-plan office space with breakout meeting rooms. Ching says it has excellent natural light because of its elevated position atop its concrete column foundations, with parking underneath.
“This means there is excellent parking available both onsite and in Lincoln North's substantial central carpark,” he says. “This is a popular, predominantly bulk retail shopping centre with a high pedestrian count.”
The unit at 239 Queen St has been occupied by Avachi Fried Chicken for over 10 years. Photo / Supplied
Other larger national and multinational tenants at Lincoln North include Warehouse Stationery, Noel Leeming, Harvey Norman, Spotlight, Valentine's and a Jetts 24-hour fitness centre. Chan says heavy traffic flows carried by Lincoln Rd are reported to be close to 50,000 cars per day on average.
Over recent years, in conjunction with a sizeable and growing surrounding residential population, this has been the catalyst for significant commercial and residential development in the area.
“It is a strong growth location which, in combination with having a long-term government tenant, makes this an opportunity for investors to purchase a property that will provide a very competitive return.”
Also for auction on March 8 is a 39sq m unit at 239 Queen St in Auckland's CBD. It has been occupied by Avachi Fried Chicken for over 10 years and the lease was renewed for a further 12 years in December 2016.
The property, being marketed by Quinn Ngo, Bayleys' International Division in conjunction with Chan, is producing current net annual rental income of $150,657. “It generates constant seven-days-a-week customer turnover,” says Ngo.
“This is a location that offers a high level of foot traffic and exposure, not only from its frontage to busy Queen Street but also because of its position opposite a pedestrian crossing,” says Ngo.
“It has clearly worked well for the current long-standing and well-known fast food tenant which has secured long term tenure over this prime retail spot.”
The property is near the main entrance of the Mid City retail complex which accommodates more than 30 shops over two levels.
“It is surrounded by commercial offices, hotel accommodation, apartments and other retail outlets including a supermarket,” says Ngo.
“The location also attracts a lot of students from nearby Auckland University and AUT.”
Nicolas Ching, James Chan and Quinn Ngo, Bayleys International Division.