A prominently positioned commercial property in Albany on Auckland’s North Shore is being presented to the market for sale and offers buyers the opportunity to acquire an exceptional retail investment with long-term upside.
Located at 198-200 Dairy Flat Highway, Albany, the 774sq m building has full drive-around access and is divided into five tenancies with a loading dock and four lower-level storage units. The property sits on a total landholding that spans 4,548sq m.
The retail tenants include a House of Travel outlet, bakery, pilates studio, Nova Games, and the Gao Asian Fusion restaurant and all have final expiries on their leases in 2034. The lease agreements predominantly offer 3 per cent fixed annual increases or yearly CPI increases.
The loading dock and storage units are leased on shorter terms providing flexibility for the new owner.
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Across all of the tenancies, the total net annual rental income from the property is $378,817 plus GST and operating expenses.
The property sits on a corner site at the intersection of Dairy Flat Highway and Oteha Valley Road in Albany. Both are key arterial routes with high traffic volumes, offering vast levels of visibility.
State Highway 1 is readily accessible, while public transport is available via the Northern Busway. Auckland CBD is approximately 18km away.
The freehold property is zoned Business – Town Centre Zone under the Auckland Unitary Plan. This designation provides for a wide range of activities including commercial, leisure, residential, tourist, cultural, community, and civic services. Most centres are identified for growth and intensification.
Colliers Directors Shoneet Chand, Matt Prentice, and Jack Tuson have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 18 June, unless sold prior.
Gao Asian Fusion occupies the largest tenancy, which includes two units at the property and spans 325sq m. The other retail tenancies range in size from 62sq m to 150sq m.
Chand, Director of Investment Sales at Colliers, says this property benefits from its broad tenancy mix, steady rental stream, and lease terms that will provide built-in rental growth for the new owner.
“There is a mixture of annual increases and market reviews on renewal for the retail tenants and buyers are drawn to opportunities that include growing income streams,” Chand says.
“The property has also recently been refurbished, adding to its functionality for the existing tenants.”
The property is located only 1km from Westfield Albany, meaning there is a broad array of amenities in the surrounding area.
Prentice, Director of Sales and Leasing at Colliers, says Albany is a rapidly growing part of the North Shore with multiple new residential and commercial projects taking shape.
“The surrounding precinct near the subject property includes a mix of small format retail, eateries, pharmacies, and medical clinics, along with mixed-use and light industrial developments,” Prentice says.
“North Harbour Stadium sits over the road, while Massey University and Albany Senior High School are also close by.”
Tuson, Associate Director of Industrial at Colliers, says the lease terms of the existing tenants provides buyers with a range of options for the future.
“Given the nature of the zoning, there is a development angle that could be explored down the line and provides another dimension of appeal for prospective purchasers who may wish to intensify the usage of the site,” Tuson says.
- Supplied by Colliers
