A commercial premises in Wairau Valley on Auckland’s North Shore that is tenanted by a nationally recognised gym chain is being presented to the market for sale, offering buyers the opportunity to purchase a high-quality passive investment.
Units 12 and 16 at 170 Wairau Road offer 1,530sq m of net lettable area, which is leased to CityFitness on an agreement that runs until 2032 and includes further rights of renewal to 2046.
The total net annual rental income from the property is $455,146 plus GST and operating expenses. Built-in annual CPI rental growth and future market reviews provide further appeal for buyers.
Sitting prominently in the Wairau Junction Retail Centre, the stratum in freehold property benefits from considerable visibility and street presence and is exposed to over 30,000 vehicles daily.
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Neighbouring tenants include Coffee Club, Nando’s, and Mayfield Sportshouse and there are approximately 150 car parks within the broader development, as well as multiple access points, offering convenience for customers.
The property is zoned Business – Light Industry 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 Wednesday 30 October, unless sold prior.
Chand, Director of Investment Sales at Colliers, says this is a long-term bottom-drawer investment opportunity that warrants serious consideration from discerning buyers.
“With a lengthy lease in place to a well-established tenant, this is an investment that will catch the attention of purchasers who are seeking a quality asset underpinned by a strong tenant covenant,” Chand says.
“There are attractive lease terms on offer, including yearly CPI increases and market rent reviews that take place every six years with the next one due in 2028.
“CityFitness Group Limited operates more than 60 centres across New Zealand and has a presence in all major markets around the country, catering to the exercise requirements of a diverse range of the population.”
Wairau Valley is one of the North Shore’s most popular retail hubs and is home to a collection of high-profile brands such as Rebel Sport, Noel Leeming, and Harvey Norman, among others.
There are also important amenities such as supermarkets and service stations near the subject property.
Prentice, Director of Sales and Leasing at Colliers, says the Wairau Valley commercial precinct is a dynamic area that is surrounded by growing residential catchments and is easily accessible from the Northern Motorway.
“The Tristram Avenue interchange provides excellent access to Wairau Valley and the broad mix of retail and commercial businesses in the area makes it a popular location for shopping. There’s also a wide array of food and hospitality options,” Prentice says.
“Given the motorway network is nearby, Auckland CBD and other locations on the North Shore can be easily reached.
“Properties like this one are becoming more sought-after by investors who are seeking stable investment opportunities with strong fundamentals and this offering will provide the new owner with a steady rental stream from a well-known business with a nationwide presence.”
- Supplied by Colliers
