A commercial building on a busy arterial route in Northcote on Auckland’s North Shore is being offered to the market for sale, giving buyers the opportunity to purchase an asset with an established tenant and long-term upside.
Sitting at 160 Lake Road, Northcote, the property has about 863sqm of total net lettable area on a 2102sqm freehold site.
The building is tenanted by medical and wellness operator Flexa Clinic, which specialises in physiotherapy, rehabilitation, and allied health services. The business has made significant investments in the site, reflecting their commitment and operational stability. The total net annual rental income from the property is $337,718 plus GST.
Located in the heart of Northcote, the property has multiple access points and sits along a key arterial route linking Takapuna, Birkenhead, and the Northern Motorway. It’s just minutes from Northcote Town Centre, AUT’s North Campus, and key residential catchments including Hillcrest, Glenfield, and Milford.
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The property is zoned Residential – Terrace Housing and Apartment Buildings Zone under the Auckland Unitary Plan. This zoning is highly sought-after by developers meaning there is potential this property could be repositioned in the future to accommodate a high-density housing development, offering further upside for prospective purchasers.
Colliers directors Shoneet Chand and Matt Prentice have been exclusively appointed to market the property for sale via deadline private treaty closing October 15.
The mixed-age facility at the property has an A+ seismic rating and was extended about 14 years ago. There is also an on-site cafe.
Flexa Clinic’s current lease runs until January 2034 and there is one further right of renewal available for four years. The lease agreement includes annual 2% fixed increases and market reviews every four years with the next one due to be conducted in 2028.
Chand says this is an investment opportunity that will draw interest from a wide array of buyers.
“With an established operator and attractive lease terms, the property comes with a strong tenant covenant,” Chand says.
“The property sits on a generous landholding with excellent accessibility and car parking space that offers convenience for clients.”
Sitting in a strategic location in Northcote, the property has excellent road exposure and benefits from a large volume of passing traffic. Both Takapuna and Northcote centres are only a few minutes away, offering services, shopping, and dining options.
The wider North Shore area provides access to beaches, recreational amenities, and excellent local schools.
Prentice says this property is a prime investment opportunity given the future development potential.
“Buyers will have the chance to acquire a property with a steady rental stream and for those investors with a long-term view there is scope to intensify the usage of the site and unlock its true value,” Prentice says.
“The zoning makes this a highly appealing property and given its location and access to amenities, it would make a prime site for a future housing development.
“It’s rare to find properties that deliver immediate benefits but also present long-term opportunities so we encourage all interested parties to reach out to us to explore their options.”
Supplied by Colliers
