Hibiscus Coast property offers investors plenty of potential for growth
The Hibiscus Coast Community Health Centre, a modern, fully tenanted medical facility on Whangaparaoa Rd near the junction with Silverdale's State Highway One, south of Orewa, is for sale.
"The centre is generating annual income of $362,000 net on a new five-year lease with fixed rental growth," says Charlie Oscroft of Colliers International who, with colleagues Deborah Dowling and John Davies, is marketing it for sale by deadline private treaty closing June 18 unless it sells before then.
The Waitemata District Health Board (DHB) has leased the freehold 4322sq m property at 136 Whangaparaoa Rd since it was custom built for it in 2001.
"Investment properties of this quality don't come up for sale very often in the Hibiscus Coast," Oscroft says.
It is near the beginning of Whangaparaoa Rd, the main arterial highway serving the Whangaparaoa Peninsula, about 1km from the Hibiscus Highway, between Silverdale and Orewa.
The building was purpose-built in 2001 as a community health centre with a net lettable area of about 1430sq m over two levels and 90 car parks. It is next to the Northhaven Hospital and Peninsula golf course, which has been sold for residential redevelopment. A retirement complex is also nearby.
"The medical centre is well located to serve the Whangaparaoa, Silverdale and Orewa communities in one of Auckland's fastest growth areas," Oscroft says. "At present the site is underdeveloped with just 30 per cent coverage, offering a buyer the opportunity to expand the centre in the future as the population in the area grows."
Dowling says the two-storey property is well maintained and presented. "The building is a modern reinforced concrete block building with aluminium joinery and a very desirable earthquake rating of 100 per cent IEP [initial evaluation procedure]," she says.
The ground floor is partitioned into reception and waiting areas, various clinic and interview rooms, a treatment gym, equipment room and staff kitchen and lounge, which has a timber deck.
The first floor is accessed via stairwells at either end of the ground floor and a central lift.
The DHB provides a range of community services from the Hibiscus Coast Community Health Centre. Serving more than 560,000 people, it is the largest DHB population in the country and the second fastest growing.
Davies says the Silverdale and Whangaparaoa suburbs are popular with home owners. "Silverdale is attracting a boom in new residential and retail development, while Whangaparaoa, known for the beautiful beaches that line both sides of the 20km-long peninsula is an area projected for strong future growth.
"Businesses in the area are benefiting from a great deal of residential development in the district including Millwater in Silverdale and Kensington Park in Orewa. The growth will further support this passive investment with its high quality tenant."
What's on offer?
The property: Hibiscus Coast Community Health Centre
Where: 136 Whangaparaoa Rd, near Silverdale.
Agency: Colliers International
Sales method: deadline private treaty closing June 18
• Fully tenanted
• Custom built for district health board
• Earns $362,000 net
• Room for expansion with only 30 per cent site cover
• Largest DHB population in the country