Unit 1 at 2 Fencible Drive, Howick, is leased by Swimgym swimming school. Photo / Supplied
Unit 1 at 2 Fencible Drive, Howick, is leased by Swimgym swimming school. Photo / Supplied
Land and the building housing Howick's Swimgym swimming pool and offices on a long-term tenancy will go under the hammer next month.
"The sale of this property represents an excellent bottom-drawer investment opportunity," says Dave Stanley of Bayleys Manukau who, with colleague Geoff Wyatt, is marketing Unit 1 at 2Fencible Drive for sale by auction at 11am on Wednesday June 26.
Featured in Bayleys' latest Total Property portfolio magazine, the freehold unit is located within a terraced block of shops.
"The tenant has invested significant dollars in the swimming school's fit-out," Stanley says. "Swimgym is a well-established tenant and the property offers buyers a long-term passive income with built-in rental growth."
The property, with a 497sq m of floor area, encompasses a commercial indoor swimming pool and associated amenities that are used to teach the skills of swimming to beginners, through to those training for a spot on New Zealand's Olympic squad.
The building and pool are leased by Swimgym, the swimming school arm of the Howick Pakuranga Swim Club, on a long-term tenancy which has been renewed early and extended. The unit comes with four covered and secure carparks leased on casual terms.
Tenant Swimgym teaches swimming from beginners through to Olympic hopefuls. Photo / Supplied
A new eight-year lease to Swimgym starts on November 15 this year and raises current income of $130,989 plus GST a year, to $135,000 plus GST, when it kicks in. The new lease comes with two-yearly rent reviews set at the Consumer Price Index plus 1 per cent.
Occupying a single unit at ground level with apartments above, Swimgym is a service provider for the John Walker Find Your Field of Dreams programme, which gave at least seven free swimming lessons to 19,054 aquatic activity beginners in South Auckland last year.
Drawing on 108 swimming teachers, Swimgym is recognised by Swimming New Zealand and the Swim Coaches and Teachers Association as a 'gold-quality' swimming school and is highly respected for its innovation in teaching swimming and water safety lessons. All of Swimgym's profit goes back into the community.
It also links into the Olympic and World Championships with some of its elite swimmers set to go to July's World Championships in Budapest.
