A comprehensively refurbished trade retail building in Glen Eden that is home to a listed Australasian tenant is available for purchase and offers buyers the opportunity to secure a low-maintenance, A-grade asset with long-term income and fixed annual growth.
4026-4032 Great North Road, Glen Eden, has a building area of 895sq m on a 2,940sq m freehold corner site that benefits from large amounts of passing traffic.
Supercheap Auto, one of the leading trans-Tasman automotive retail brands, has occupied the location for 25 years and has just begun a new 10-year lease with two further rights of renewal for six years each.
With a final expiry of 31 October 2048 and significant capital expenditure in the building, the current tenant has made a firm commitment to this high-profile spot.
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The annual net rental income from the property is $358,000 plus GST with 3.5 per cent fixed yearly increases. The tenant is responsible for 100 per cent of the operating expenses.
The property, which has ample on-site car parking, is zoned Business-Mixed Use under the Auckland Unitary Plan.
Colliers Brokers Caroline Cornish, Matt Prentice, Benson Tarm, and Dhiru Patel have been exclusively appointed to market the property for sale by way of auction, to be held at 11am on Wednesday 2 December at Colliers West Auckland, Level 1, NorthWest Shopping Centre, Maki Street, Westgate, unless sold prior.
Cornish, Director of Industrial at Colliers, says this extensively refurbished property gives buyers the chance to acquire a commercial asset with a commanding street presence.
"The facility has been comprehensively worked on following substantial investment by the tenant and landlord, resulting in what is effectively a near-new commercial premises," Cornish says.
"The extensive works run throughout the entire property and include a new roof and recladding, new HVAC and fire protection systems, new offices and staff amenities, modernised customer-facing areas, new automatic entrance doors and roller doors, new lighting internally and externally, polished concrete floors, extensive racking, modern data and security infrastructure, and a complete renewal of the building's operational functionality."
Prentice, Director of Industrial Sales and Leasing at Colliers, says the refurbishment means the new owner will benefit from an existing rental stream from an established occupier, while retaining long-term flexibility.
"This is now a high-quality commercial premises with minimal foreseeable capital expenditure requirements that is ideally positioned to support the tenant's occupation," Prentice says.
"But there is also the added benefit of future development potential that could unlock further value in the asset."
Tarm, Investment Sales Broker at Colliers, says Supercheap Auto has more than 50 years of operational history in Australia and New Zealand and is part of the ASX-listed Bapcor Limited group.
"The company's long-term occupancy provides the property with a well-established retail tenant covenant backed by a widely recognised brand serving both trade professionals and general vehicle enthusiasts," Tarm says.
"On top of the annual rental increases, there are also market reviews on renewal, providing future rental uplift opportunities for the new owner."
Patel, Associate Director of Industrial at Colliers, says Glen Eden enjoys central positioning in Auckland's western corridor.
"Benefiting from its spot on one of West Auckland's major arterial routes, the property is a five-minute drive from the centre of Glen Eden, while New Lynn can be reached in under five minutes, providing access to LynnMall and a collection of other sought-after amenities," Patel says.
"The area provides excellent connectivity to surrounding commercial and residential catchments. State Highway 16 is also easily reached, opening up links to other parts of the city.
"This property gives buyers the chance to secure a stake in a growing suburb of Auckland that has considerable long-term upside."
- Supplied by Colliers
