SUBSTANTIAL SITE WITH GENEROUS POT OF GOLD

847-849, East Coast Road, Albany, North Shore City

Tender

Proposed Usage
Retail
Floor Area
533.00 m²
Description:
Property ID
1c1znds

For the first time on the market in over 35 years, 847-849 East Coast Road presents an exceptional investment opportunity, leased to Z Energy Limited.

The elevated, fee simple site of 2,932m² offers considerable long-term upside with favourable zoning allowing mixed-use development in a thriving North Shore locality.

Currently leased to Z Energy Limited for 15 years plus a 5 year Right of Renewal from March 2015, the deed of lease provides the future Landlord with an exceptional financial instrument, permitting three rent reviews every 5 years.

A closer look at the underlying property reveals a long list of fundamental investment attributes including; immediate add-value opportunity and long-term development potential, favourable zoning, wide frontage and low site-coverage, all while being situated in a high profile and elevated position with views over the Hauraki Gulf.

The property is located at a key North Shore intersection, with significant traffic flows providing a clear advantage to the high performing service station.

Without a doubt. one of the most attractive properties to come to market on the North Shore in recent times.

KEY FEATURES:
• Elevated land holding of approximately 2,932m²
• Held in two adjoining Free Simple Titles
• Favourable zoning: Business - Local Centre zone permitting 4 storeys and mixed-use
• Lease to Z Energy Ltd for a further 12 years plus 1 ROR of 5 years
• Returning $359,169.66 plus OPEX and GST per annum
• Rent subject to CPI review March 2019 and Market Review March 2020

Please visit www.847-849eastcoastrd.co.nz for more information.

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Albany Area