Units for sale at the top of Symonds St

5:00 AM Saturday August 5, 2017 True Commercial

Unit G15 comprising about 876sq m, is leased to JZ Fitness Ltd, operator of Auckland CBD franchise of Flex Fitness. Photo / Supplied

Ray White is marketing two Auckland CBD units, both tenanted and offered for joint sale on the ground floor of the recently redeveloped “Summit on Symonds St” building.

Ray White licensee salesperson Jasmine Yao says the freehold units — Unit G14 and Unit G15 — will go to auction on August 30, unless sold earlier.

Unit G14, which has space of about 40sq m (plus accessory storage lockers), is leased to the building’s body corporate.

Unit G15, has space of about 876sq m and is leased to the fitness centre.

The two units earn total rent of $203,500 net per annum.

Yao points out that their address, 103-105 Symonds St, neighbours the Langham Hotel and is quite near the intersection of Symonds St and Karangahape Rd. It provides an ideal inner-city location.

“From the units, it is an easy walk to the city centre, they’re also directly on a major city public transport route and the Southern Motorway on-ramp is virtually at the doorstep.”

“Unit G14, has space of about 40sq m is tenanted by the body corporate, which is is only nine months into a strong 21-year lease,” she says.

“Property owner levies that are due to a body corporate in effect rank ahead of mortgages, so the eventual new owner can feel secure that rent will be paid, on time and in full,” Yao adds.

Unit G15, comprising about 876sq m, is leased to JZ Fitness Ltd, operator the Auckland CBD franchise of Flex Fitness.

“Flex Fitness has about 9000 plus members across its sites, having undertaken a high-quality fit-out of the space. It has invested in new, quality equipment for its members,” Yao says.

This lease has fixed year-on-year growth of 2 per cent and is personally guaranteed.

It also contains market rent review mechanisms with a rare “hard ratchet clause”.

“That means that at review, the rent will never be able to fall even, if the market falls,” says Yao.

“The opportunity offered to take advantage of a healthy rental income as well as fixed growth. The size of the space provided here is very hard to come by in a location of this calibre and unlikely to be repeated.”