A medical centre anchored by an NZX-listed healthcare provider is up for sale with big future mixed-use redevelopment potential on a landmark North Shore site.
The modern purpose-built complex serves an affluent catchment from a standout nearly 2,400-square-metre corner site on arterial Lake Road, at Takapuna’s southern fringe.
The facility houses a blue-chip roster of five established tenants.
These are headed by Medplus General Practice, a subsidiary of listed primary healthcare provider Green Cross Health.
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Other tenants offer complementary services including physiotherapy, radiology, psychology, and a MedPlus pharmacy.
The leases will earn new owners a diversified total net rental return of $468,315 plus outgoings and GST (if any) per annum, with growth locked in via CPI rent reviews.
The largest tenancy of some 278 square metres is occupied by Medplus General Practice.
Medplus’s parent company Green Cross Health delivers services nationwide through GP, accident and medical centres.
It has 65 medical centres with more than 400,000 enrolled patients. The company also represents more than 300 Unichem and Life Pharmacy outlets and holds equity interests in 84 of these.
The fully leased freehold property at 327 Lake Road, Hauraki, Auckland, is being marketed for sale by Michael Nees, Ranjan Unka and Layne Harwood of Bayleys Real Estate.
It will be sold by deadline private treaty closing on Thursday 16 April, unless sold prior.
The approximately 678 square metres of buildings sit on a freehold landholding of some 2,395 square metres.
Nees said the complex was refurbished in the early 2000s to modern commercial quality.
“The well-presented building has a configuration tailored to the needs of established healthcare operators, with efficient layouts, good accessibility, and onsite parking for 36 vehicles.
“This is a proven medical centre with genuine profile, scale and convenience for both tenants and customers. The investment proposition is underpinned by a diversified offering of services which are all supported by resilient, non-discretionary healthcare demand,” said Nees.
Unka said that, beyond the income, the real differentiator was the underlying landholding.
“This substantial, prominent corner site, so close to Takapuna’s beloved beach and town centre amenities, presents compelling potential for future commercial or mixed-use redevelopment and intensification, subject to consents.
“Given the exceptional location and outlook, and proximity to quality schools and public transport, there’s particular scope to reimagine the property into a premium residential offering – emulating similar successful projects in the affluent Takapuna area,” Unka said.
Business – Local Centre zoning under the Auckland Unitary Plan provides for local convenience needs, including retail, commercial services, offices, food and beverage and appropriately scaled supermarkets.
Nees said this typically allowed buildings of up to four storeys, enabling residential accommodation on upper levels.
“Planning considerations specific to the Lake Road site mean there could be scope for a new owner to explore the potential for a greater height allowance via a consent or private plan change.
“Any future development here will benefit from an enviable and highly convenient North Shore location well served by public transport, and around 15 minutes’ drive from Auckland’s city centre,” Nees said.
- Supplied by Bayleys
