Large-format Investment - Bunnings New Lynn
2-12 Titirangi Road, New Lynn, Auckland, Auckland, 0600, NZ
11,218 sm
Asset description
Woolworths Metro Herne Bay is exclusively for sale via JLL via Deadline Private Treaty, closing 4pm, Wednesday 3rd July 2024 (unless sold prior).
Herne Bay is arguably New Zealand's most affluent suburb and located on the western side of the Waitemata Harbour in Auckland. The property is situated on the high-profile corner of Kelmarna Avenue and Jervois Road, between the well-established suburbs of Ponsonby and Westmere.
The property was purpose built in 2022 for Woolworths and fully leased to their New Zealand entity, General Distributors Limited (trading as Woolworths). Under the lease, General Distributors have signed a 12-year initial lease term from 23 June 2022 with further rights of renewal up to 2074. The total net passing income is $1.563 million plus GST (as at 23 June 2024) per annum with the lease offering enticing prospects for growth.
For sale via Deadline Private Treaty, closing 4pm,Wednesday 3rd July 2024 (unless sold prior). Contact the exclusive listing brokers for further information on this opportunity.
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Attributes
Building area net
1,640 sm
NOI
₱56,199,000
Occupancy
100%
Year built
2022
Land area gross
2,342 sm
Parking spaces
52
Zoning
Business - Local Centre Zone
Media
Investment highlights
- Attractive modern development with corner profile.
- Tenanted by ASX-listed Woolworths subsidiary, General Distributors Limited.
- Secure income of $1,563,585 plus GST net p.a.
- 12-year lease from June 2022, ROR's to June 2074.
- Enticing growth prospects in the lease.
Contact brokers
Woolworths Metro Herne Bay (0 Properties)
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Last updated
May 31, 2024
