The space next to the Langham Hotel - identified by a red border - is occupied by Flex Fitness. Photo / Supplied
The space next to the Langham Hotel - identified by a red border - is occupied by Flex Fitness. Photo / Supplied
A large ground floor site occupied by a national gym franchise and facing the main entrance of one of Auckland busiest luxury hotels has been placed on the market for sale.
The 906sq m premises, with freehold stratum title, is occupied by 24-hour health and fitness club Flex Fitness, ona newly signed 10-year lease, and generates a net rental income of $188,500 a year.
The space at 15/103-105 Symonds Street, central Auckland, is being marketed for sale via private treaty by Bayleys' sales agent Millie Liang.
"The site's closeness to a high-profile international hotel provides prospective buyers a great opportunity to leverage off New Zealand's tourism boom," Liang says.
"The 10-storey, 411-room Langham Hotel has an occupancy rate of about 84 per cent, and this will only improve as demand for five-star accommodation in central Auckland increases."
Liang says recent trends within the hotel industry to target business travelers, who want to maintain their exercise and healthy-living regime while away from home, will add value to the site.
Flex Fitness is the largest New Zealand-owned 24-hour fitness club, and operates in 13 locations across the country.
Bayleys' research shows that most 24-hour fitness chains want to occupy ground-floor spaces in a central hub, and will pay a premium for being on a busy street corner or shopping mall, or similar location that attracts high-foot traffic.
