Investment opportunities arise at St Lazarus Village

St Lazarus Trust Village at 36-40 Pomaria Rd, Henderson, includes 11 one-bedroom units plus a studio unit. Photo / Supplied

St Lazarus Trust Village in Pomaria Rd, Henderson, comprising 11 low-maintenance brick and tile one-bedroom units and a studio unit, on a 3390sq m freehold site, is being marketed for sale by Steve and Diane Miles of Barfoot & Thompson Glen Eden.

"The village comprises four duplex buildings containing a total of eight units and a block of three units plus the studio which was originally permitted as a garage," Steve Miles says.

He says the sale represents an excellent opportunity for investors and trusts, who may want to keep it as an investment.

"But it could also appeal to property developers who may wish to explore the option of creating separate titles."

The village will be auctioned at 1pm on July 21 in Barfoot & Thompson's auction rooms on Level 4 of 50 Kitchener St, Auckland CBD.

Nine of the 11 units are tenanted with rents heavily subsidised by the St Lazarus Trust, which was set up in the early 1960s with the aim of providing accommodation and assistance to the elderly and the needy in the community. Land was gifted and two local businessmen, as trustees, mortgaged their properties to fund the village complex, which officially opened in 1977.

"There is potential to return $145,000 per annum from this property," Steve Miles says. "The median rent paid in West Auckland for a one-bedroom property let during May 2010 was $235 per week.

"The capital valuation in 2007 was $1.62 million and the trust, which has owned them since new, says the village and its units must be sold."

The property has a level contour and is situated in a residential area in Pomaria Rd, off Lincoln Rd. It is close to access and egress points to the the Northwestern Motorway, an industrial estate on The Concourse, and to the Central Park Industrial Estate.

"Lincoln Rd is served by a number of businesses, retail outlets, restaurants and fast-food outlets," Steve Miles says.

"It's also a hub for dental and medical practices and the new Waitakere Hospital.

"The property is about 18km from the centre of Auckland, which takes about 20 minutes to reach in off-peak traffic and is 3km from the Henderson Central Business District.

"The area is well served by schools - primary, intermediate and high schools - which are all within walking distance.

Sports, service club and cultural associations are all close by."

Diane Miles says each one-bedroom unit has a floor area of about 45sq m and the studio is around 50sq m.

"The complex has been maintained to the highest standard and all the units have been refurbished over the past five years," Diane Miles says.

The picturesque grounds have been meticulously maintained and the boundary is fully fenced with an electric-gated entrance.

Diane Miles says the emphasis of the St Lazarus Trust is to continue to help and fund the community and its residents and it is for this reason the village and its units are being sold so the funds realised can be used for other charitable means.