The property at 46 Lunn Ave, Mt Wellington, comprises four industrial units and a retail one. Photo / Supplied
The property at 46 Lunn Ave, Mt Wellington, comprises four industrial units and a retail one. Photo / Supplied
Five freehold units on individual titles on a 2529sq m site in one of Mt Wellington's most sought-after streets are up for sale as one parcel.
Located at 46 Lunn Ave, they comprise four industrial units ranging - from 237 to 549sq m - and one 50sq m retail unit,occupied by a sushi business.
Featured in Bayleys' latest Total Property portfolio, they are for sale as one lot by tender, closing September 14, unless sold earlier, through Sunil Bhana and James Hill of Bayleys' Central and West Auckland industrial division.
Bhana says the four industrial units are occupied by a furniture company which will continue to lease them until March next year, earning net holding income of $212,000 per annum (pa). The sushi shop lease pays an additional $21,650 pa net from a three-year lease from January 2017, with stepped annual rental increases up to $24,650 in 2019.
Bhana says the four larger units comprise a mix of warehouse space, with roller door access, plus office and showroom accommodation over two levels. The unit fronting Lunn Ave is used predominantly as a furniture showroom.
"The property is in average condition, creating an opportunity to add value through refurbishment in this tightly-held location," says Bhana.
"The opportunity to purchase an entire unit development provides the ultimate flexibility from leasing and holding, to occupying all or part of the property; and possibly selling the units individually in the future.
"The property has substantial exposure to over 22,000 vehicles per day and with the transformation of Lunn Avenue over recent years, it is now positioned among big brands like Mitre 10 Mega, New World and McDonalds with the Fine Wine Superstore located next door."
The property is on the western side of Lunn Ave, a road which has undergone significant retail redevelopment in recent times, says Hill.
"An area that traditionally had an industrial focus has now become largely retail with a wide range of small and large format retailers choosing to position themselves in this growth location.
"The area is set to grow further as the Stonefields residential subdivision on the former Mt Wellington quarry site continues to be developed by Todd Property Group. A total of 2500 new homes and associated amenities are being built on the site encompassing a mix of dwellings, including individual homes, terrace housing and apartments," Hill says.
The property is zoned General Business under the Unitary Plan. Bhana says it provides for wide range of business activities from light industrial to limited office, including large format retail and trade suppliers.
