Westgate retail investment with medical tenants

Split-risk property for sale in growing northwest Auckland

Two retail units in the popular Westgate Shopping Centre are on the market, offering buyers a chance to acquire a split-risk investment in Auckland’s booming northwest.

Colliers International has been exclusively appointed to market 13F and 13G Maki Street, Westgate, for sale by deadline private treaty.

Offers close at 4pm on Wednesday 22 August, unless the units are sold earlier.

Sean Finnegan of Colliers International’s West Auckland office is marketing the freehold properties with colleague Craig Smith.

“This is a chance to acquire a fully tenanted, split-risk investment in one of Auckland’s fastest-growing locations,” says Finnegan.

“The units are occupied by Westgate Pharmacy and Mercy Radiology, which are key tenants of the medical precinct at the eastern end of the Westgate Shopping Centre.

“The precinct is anchored by the Westgate Medical Centre, which provides general and urgent medical care, alongside a physiotherapy clinic.

“The wider Westgate Shopping Centre comprises 88 tenancies offering a mix of large format, convenience and speciality retail in an open-air setting. 

“The centre is a hub for shopping, dining and entertainment including a cinema, tenpin bowling alley, mini-golf, restaurants and bars.”

Smith says Westgate is superbly located only 20 minutes from Auckland CBD and 20 minutes from Albany via the Western Ring Route motorways.

“Westgate is the new heart of the northwest and the gateway to this unique area, offering a central hub for the vast growth underway in surrounding areas,” he says.

“The Westgate Shopping Centre forms a key part of the much larger Westgate Town Centre development.

“With $1 billion of investment being pumped into the Westgate area, the town centre is already a bustling and thriving hub that will have plenty more to offer as developments continue to evolve.”

Smith says the units for sale are superbly positioned to capitalise on the area’s growth, returning a combined net rental income of $282,680.56 per annum plus GST.

Westgate Pharmacy occupies the 457.04sq m retail unit at 13F Maki Street.

Established in 1998, the pharmacy is open 364 days a year, and late nights every night until 8pm.

Qualified pharmacists are always on hand for health advice, while trained beauty therapists offer a variety of beauty services from an on-site clinic.

Westgate Pharmacy is signed to a five-year-and-10-month lease, returning $200,143.37 in net annual rent plus GST.

Two rights of renewal of six years each extend the total lease term until March 2036, with market rental reviews every two years.

Mercy Radiology occupies the 183sq m retail unit at 13G Maki Street and enjoys direct access through to the Westgate Medical Centre.

Founded more than 30 years ago at Mercy Hospital in Mount Eden, Mercy Radiology has since expanded to additional locations throughout the greater Auckland region.

The practice has pioneered the introduction of numerous radiology technologies, being the first in Auckland to offer MRI, 3T wide bore imaging and private mammography services.

Its Westgate clinic offers a range of services including X-ray, ultrasound, mammography and steroid-guided injections.

Mercy Radiology is signed to a three-year lease returning $82,537.19 in net annual rent plus GST.

The next market rental review is due in May next year, with final lease expiry in April 2020.

The freehold properties for sale are zoned Business Metropolitan Centre under the Auckland Unitary Plan, which offers long-term redevelopment potential.

Smith says Westgate will continue to benefit from the significant growth that the northwest has experienced within the last five years.

“Once development in Westgate is completed, the area is estimated to provide 10,000 new jobs and house a further 4,000 residents,” he says.

“The town centre is the closest major retail and commercial centre to Whenuapai and Hobsonville, which are experiencing phenomenal residential growth.

“Both the pharmacy and radiology clinic are well positioned to take full advantage of this local population growth.

“Being located directly next door to the Westgate Medical Centre, they also enjoy the advantages that this service provides them.”

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