Investors In Driver’s Seat As Dual Commercial Premises Go Up For Sale

Two freehold commercial buildings housing a well-known auto service centre and a leading charity shop have gone up for sale in an east Auckland growth hotspot.

The properties sit prominently on key arterial Apirana Avenue in the Glen Innes retail and commercial precinct.

Underpinned by a combined landholding of more than 800 square metres, the two warehouse-style buildings are fully leased to Eastern Bays Automotive and a Dove Hospice Shop. The tenancies generate a combined rental income of $71,029 plus GST per annum.

Established in 2002, Eastern Bays Automotive is a well-known business in Auckland's Eastern Suburbs. Equipped with the latest diagnostic tools and scanners, its qualified technicians provide comprehensive servicing and repairs on a wide range of vehicles.

Eastern Bays Automotive pays rent of $37,500 plus GST per annum for its approximately 282-square metre purpose-built workshop premises. Its current lease extends to 2026, with two further five-year rights of renewal. The lease agreement incorporates two-yearly market rent reviews.

Eastern Bays Hospice Trust, trading as Dove Hospice Shop, occupies the adjacent premises of some 191 square metres. It pays annual rent of $33,529 plus GST on a lease that runs through to 2024, with built-in two-yearly CPI rental increases.

The Glen Innes outlet is one of seven Dove Hospice shops across Auckland, whose proceeds fund the Dove Hospice to support and empower people with life-threatening illnesses

The property at 179 and 179A Apirana Avenue, Glen Innes, Auckland, is being marketed for sale by Damien Bullick and Alan Haydock of Bayleys Auckland Central.

Sale is by way of a tender closing on Tuesday 31st May, unless it is sold prior.

Bullick said the two buildings were underpinned by some 806-square metres of fee simple land held in two freehold unit titles.

“The warehouse-style Dove Hospice Shop premises at 179 Apirana Avenue have been converted primarily to retail use. The building benefits from roller door access and car parking at the front. These premises offer excellent exposure thanks to their road-front position.”

“Located at the rear of the site, the building occupied by Eastern Bays Automotive provides predominantly workshop-style accommodation with a small office. A roller door at the front is accessed via a vehicle ramp. This building also benefits from generous car parking immediately in front,” said Bullick.

Haydock said the Apirana Avenue property sat within an area identified for growth and intensification via its Business – Town Centre zoning under the Auckland Unitary Plan.

“Targeted at suburban centres, this zone seeks to provide a focus for growth and activities ranging from commercial and residential to leisure, tourism, cultural, community, and civic services.”

“A building height of up to 32.5-metres is permitted at the site for sale, subject to other council requirements. This gives the property considerable future development potential.”

Haydock said the property’s location on Apirana Avenue, a main arterial for Glen Innes, offered huge exposure to passing traffic and it was a short walk from Glen Innes train station, which provides a direct link to Britomart in Auckland’s CBD.

“The property is well-positioned within a busy retail and commercial precinct which is home to some 150 businesses. Neighbouring occupiers include a PAK'nSAVE supermarket directly opposite, plus other big names such as Harvey Norman, Chemist Warehouse, VTNZ, Z Energy, and McDonald’s.

“Surrounded by other highly sought-after and affluent suburbs such as St Heliers, Meadowbank and Stonefields, Glen Innes is a key strategic location both residentially and commercially. The suburb is poised for significant expansion, driven by public and private sector investment in its continued development.

“An enviable level of amenity makes the area popular with young professionals and families. This has been particularly evident since the implementation of the Auckland Unitary Plan, which has made Glen Innes a sought-after location for medium and high-density residential development,” said Haydock.

© Scoop Media