A large retail complex previously tenanted to a traditional Korean sauna and spa, with heated and cold baths, has been placed on the market under a receivership sale with much of the business fit-out still intact.
Mike Adams, commercial and industrial agent for Bayleys Auckland, is marketing the building for
sale by auction on July 27 in conjunction with Bayleys North Shore salesperson Terry Kim.
Adams says the sale represents a good opportunity for purchasers looking to take on a building with an income from an existing tenant, plus upside from the current vacancy.
"The vacant portion still features much of the existing fit-out for a serious health and recreation facility which closed in May, including the necessary pumps, boilers and filtration equipment required for operation of the pools and sauna," Adams says. "There is also extra office and mixed-use space within this area of the building which has previously been sub-leased."
Adams says if the new owner does not wish to use the existing fit-out, there is scope to redevelop the space as the configuration of the building can allow for this easily.
"Alternative uses for the site could include a conversion to trade showroom, factory shops, automotive or marine sales, car-rental depot, shop or restaurant, leisure and health facility, religious and community uses or even for use as a commercial office with the appropriate consents being granted," he says.
The 1847sq m freehold site in Albany, on Auckland's North Shore, features a 560sq m single-level building comprising two separate tenancies, the larger of which is vacant. Sitting near the hub of North Shore's sporting zone, the complex is situated in close proximity to the Millennium Institute of Sport and Health, Rangitoto College and North Harbour Stadium.
Nearby are high-quality office, warehouse and showroom type properties with some retail and cafes interspersed throughout.
The complex benefits from extensive frontage on Arrenway Drive, a 90sq m veranda, with 26 on-site carparks and extensively landscaped lawns, trees and shrubs.
Nam Sam Restaurant, which serves Korean food, occupies the tenancy for the 103sq m front portion of the building. The restaurant has a five-year lease with one five-year right of renewal, taking the tenancy through to 2020, and generates an annual rental of $41,000. The second area, measuring 460sq m, is vacant with the previous tenancy held by North Shore Health Sauna on an annual rental of $160,000.
The now-vacant part of the building features existing well-being and health facilities including a dance studio, massage studio, reception area and separate men's and women's spa and changing-room facilities.
Included in the sale are an external pump house, featuring a heat-exchanger unit and hot-water cylinder, wall-mounted mirrors in the dance studio, four spa baths and one sauna unit.
Each changing room features timber lockers and vanity benches and mirrors, while the sauna area is timber lined.
"There are a number of known brands in the surrounding area including Turners Car Auctions, Rip Curl, Icebreaker and Federation Clothing, which may prove to be attractive to a prospective retail tenant."
Adams says Arrenway Drive has good links to Auckland's northern motorway and is only a 20-minute drive south to the Auckland CBD in off-peak traffic.
A view of the reception area. Photo / Supplied
A large retail complex previously tenanted to a traditional Korean sauna and spa, with heated and cold baths, has been placed on the market under a receivership sale with much of the business fit-out still intact.
Mike Adams, commercial and industrial agent for Bayleys Auckland, is marketing the building for
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