A prime commercial property opposite Auckland’s North Shore Hospital will appeal to investors, developers and owner-occupiers seeking a foothold in a sought-after medical precinct.
The 1,148sq m freehold site at 193 Shakespeare Road, Milford, will be auctioned by Colliers International on Wednesday 17 May, and will not be sold prior.
Colliers International Director Euan Stratton, who is marketing the property with colleague Deborah Dowling, says the property offers the chance to generate multiple income streams from two medical tenancies.
“This enviable commercial offering is ideally located opposite the busy public hospital on North Shore’s ‘Medical Mile’, giving it immense appeal to medical tenants,” he says.
“We’re expecting strong demand from owner-occupiers, developers, and investors looking for the opportunity to re-tenant the property.”
Stratton says the property’s generous ‘mixed use’ zoning also allows for many other non-medical uses, making the property an extremely attractive offering.
The site contains two buildings with a combined area of 348.1sq m, with previous rental income of approximately $118,000 per annum from the two tenancies.
Stratton says a single-level 215.6sq m building sits at the front of the property, offering good street front exposure on ‘Medical Mile’.
“A physiotherapy and sports rehabilitation clinic had operated out of the building for many years, but it is now being offered with vacant possession,” he says.
“The premises includes a reception and waiting room, offices, six consulting rooms, two larger open plan rooms and excellent amenities including toilets, shower and a separate laundry.”
Twelve parking spaces are available, including two in a car port in the front yard.
The rear premises is a two-storey building of approximately 132.5sq m currently occupied by the University of Auckland. It offers a holding income of $40,018 per annum with its lease due to expire on 31 August 2017.
“The building was once operated as a hearing clinic, with its fitout including multiple soundproof rooms, a reception and waiting room, offices and amenities, and an outdoor deck on the first floor.”
Four car parking spaces are available directly in front of the building.
Stratton says the original front building appears to have been constructed in the 1960s with subsequent refurbishments and extensions in the 1990s. The rear two level building was built in the 1990s. The main construction includes concrete foundations and floors with cement board cladding and plaster finish. Joinery is a mixture of wooden and aluminium and gable formed steel roofing.
Dowling, who heads Colliers International’s West Auckland office, says the property is smartly positioned in an affluent North Shore suburb with great amenities.
“It’s in a great location on ‘Medical Mile’, with a number of other small sites in the area having been converted to various medical uses,” she says.
“Major nearby developments include Metlifecare’s The Poynton retirement village, Oceania Healthcare’s Lady Allum lifestyle village, and the Smales Farm Business Park.
“Some of Auckland’s top schools are within walking distance of the property including Westlake Boys and Girls High Schools, Carmel College and Rosmini College.”
Dowling says the Northern Motorway on-ramp at Northcote Road is only two minutes’ drive away.
Auckland’s CBD being is less than 15 minutes’ drive in off-peak traffic, while Smales Farm offers park and ride facilities for the Northern Busway.
“All medical specialists or health-related business operators looking to benefit from neighbouring the North Shore Hospital should call the sole agents now as inspections are strictly by appointment only,” she says.