A fully leased commercial complex in Sunnynook on Auckland’s North Shore is available for purchase, giving buyers the opportunity to secure an asset with a steady rental stream and long-term upside.
140-146 Sunnynook Road features two modern buildings that were completed in late 2011 by the respected Kea Property Group and sit on a flat, freehold 3,240sq m site. The total net lettable area across both buildings spans approximately 995sq m.
The road-front building enjoys excellent exposure to Sunnynook Road with five established retail tenancies, including a Cheesecake Shop, pharmacy, restaurant, roast shop, and cafe, while the rear building houses a longstanding childcare provider.
The total net annual rental income from the property is $471,350 plus GST. The majority of the tenancies run into the 2030s and include built-in rental growth.
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The asset has 45 on-site car parks and is located next to the Sunnynook Shopping Centre, while being only minutes from a nearby bus station. Sunnynook Road is a key arterial route and sees a steady flow of passing traffic.
Wairau Valley, home to some of New Zealand’s most well-known retail brands such as Noel Leeming, Harvey Norman, and Rebel Sport is less than 1km away, while quick access to State Highway 1 provides links to Takapuna, Albany, and the wider North Shore area.
The property is zoned Business – Town Centre Zone under the Auckland Unitary Plan.
Colliers Directors Shoneet Chand and Matt Prentice have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Tuesday 14 April, unless sold prior.
The retail building’s tenancies all measure approximately 105sq m and four of the five tenants have lease agreements that will take them through to the next decade if all rights of renewal are exercised.
The early childhood education facility spans 475sq m and is tenanted by locally owned and operated provider Little People that has three centres across the North Shore.
Little People’s current six-year lease runs until November 2029. There are two further rights of renewal of six years each leading to a final expiry in November 2041.
Chand, Director of Investment Sales at Colliers, says this is a purchasing opportunity that will pique the interest of discerning investors.
“The property has a complementary arrangement of popular businesses and offers split-risk income underpinned by the childcare centre that is signed to a long-term lease,” Chand says.
“The tenancy agreements have a mix of annual increases and CPI adjustments providing buyers with additional rental growth.”
Prentice, Director of Sales and Leasing at Colliers, says the property has long-term upside given its favourable zoning.
“The Business – Town Centre zoning offers an 18m height limit for this property and provides scope for prospective purchasers to consider future development options that could include intensifying the usage of the site,” Prentice says.
“With its combination of solid construction, established tenants, and easy parking all centred in a dynamic location, this property shapes as a must-see investment.”
- Supplied by Colliers
