A large retail site that is home to a collection of high-profile tenants who are signed to long-term leases in a prominent location on the North Shore is being presented to the market in what shapes as one of this year’s most impressive purchasing opportunities.
The offering at 15-29 Link Drive in Wairau Valley includes a large share of two freehold titles that are spread across 2.9ha of land and provides 13,107sq m of total floor area across multiple buildings. The property also has ample car parking.
The site is fully tenanted with nine tenants, including well-known brands in the retail and entertainment sectors such as Target Furniture and Hoyts Cinema. The property returns approximately $2.8 million in net annual rental income.
The majority of the property is zoned Business – Mixed Use Zone under the Auckland Unitary Plan. Mixed use zoning is a flexible designation that provides for business activities from light industrial to limited office, large format retail, and trade suppliers, to a multi-storey residential development, subject to subdivision. A small portion of the site, which is used for car parking, is zoned Business – General Business Zone.
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There are multiple accessways to the site and excellent road frontage to Link Drive and the nearby State Highway 1, providing this sizeable landholding with unrivalled exposure to passing traffic.
Colliers Directors Shoneet Chand, Matt Prentice, and Ryan de Zwart have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 27 April, unless sold prior.
Hoyts, Freedom Furniture, Early Settler, Jory Henley, Spotlight, and Target Furniture are the entertainment and retail tenants and most have lengthy lease agreements in place with further rights of renewal.
Wow Restaurant, Laserforce, the Hospice Shop, and a digital billboard make up the remainder of the tenancy schedule. There are frequent CPI reviews in place across a strong majority of the tenancies, which are set to take place annually or every two years.
Chand, Director of Investment Sales at Colliers, says there is outstanding rental upside with this property given the length and strength of the lease agreements in place, which are spread across three sizeable buildings.
“It’s not overstating the potential of this property to say this is a once-in-a-lifetime purchasing opportunity given the strong tenant covenant on offer from this exquisite offering, the likes of which are rarely seen on the open market,” Chand says.
“Target Furniture have a final expiry on their lease of January 2041, while Hoyts have a long-term lease with a final expiry of October 2036, which exemplifies the commitment of the high-profile tenants that are located in this premier building.
“Properties of this scale and prominence are seldom available to purchase and this looms as an incredibly exciting opportunity that will draw significant interest among a range of buyers. There is also future growth potential on offer with this substantial property.”
Prentice, Director of Sales and Leasing at Colliers, says the property is strategically located, nestled among a range of blue-chip businesses in a busy shopping precinct.
“The site is easily accessed off Tristram Avenue opposite the entry and exit from the Northern Motorway, which makes this commercial area a 10-minute drive from the CBD, via the Auckland Harbour Bridge,” Prentice says.
“It is also within a five-minute drive of the Takapuna commercial centre and is handy to a considerable area of built-up residential development in Glenfield and other popular North Shore suburbs that continue to experience impressive rates of growth.
“The surrounding area has a number of top-quality bulk retail premises, including Harvey Norman, Noel Leeming, Warehouse Stationery, Danske Mobler, and Briscoes.”
De Zwart, Associate Director of Sales and Leasing at Colliers, says the combination of a strong selection of notable tenants on a highly visible site in an accessible location makes this a supremely enticing property for prospective purchasers.
“This is a premier offering in one of the North Shore’s busiest retail precincts and we expect there will be significant interest in this property,” de Zwart says.
- Article supplied by Colliers
