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Attractive mixed-use property in Milford

NZ_AucklandCBD_Communications_Attractive mixeduse property in Milford

A split-risk investment opportunity in Milford on Auckland’s North Shore, which includes a national-brand commercial tenant, will appeal to a range of prospective purchasers looking to acquire a premier asset that will provide long-term passive income.

31 Shakespeare Road in Milford is a fully consented and well-maintained building featuring a 774sq m vet clinic and a modern 106sq m three-bedroom apartment that also has two bathrooms on a freehold 1,146sq m site. The property includes nine dedicated car parks.

Animates Holdings Limited, New Zealand’s leading pet retail store, are the veterinary tenant, and the clinic has been in operation for nearly 25 years.

The property is only a three-minute walk to the Milford Shops and a short 15-minute stroll to Milford Beach, while Auckland’s CBD can be reached in approximately 12 minutes during off-peak traffic.

Colliers Directors Shoneet Chand and Matt Prentice have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 3 November, unless sold prior.

As an essential service provider, the vet clinic remains fully operational during all Covid-19 Alert Levels and Animates recently began a four-year lease that returns $108,680 net annual rent per annum plus GST and operating expenses.

The lease includes three further rights of renewal for three years each providing a final expiry of April 2034. Market rent reviews capped at 5 per cent will take place on the renewal dates and CPI rent reviews are scheduled for every two years. If a CPI review falls on the market review date, then the market review applies.

The apartment features 96sq m of floor area and a 10sq m deck and will be settled as vacant possession. An independent market appraisal in March estimated the rent to be $43,940 per annum, which is $845 per week.

Chand, Director of Investment Sales at Colliers, says this property shapes as a highly attractive purchasing opportunity given the strong tenant covenant as part of a multi-use building.

“Rarely are properties of this calibre offered to the market in Milford. This is a premier split-risk investment opportunity with a blue-chip tenant that is committed to a long-term lease with favourable terms,” Chand says.

“The building, which offers tremendous functionality for the veterinary clinic, is largely concrete in construction and a new roof was installed in 2018. Seven car parks are assigned to the vet clinic.

“The first-floor apartment was tastefully renovated in 2016 and features well-proportioned bedrooms and high-quality bathrooms. The apartment also includes two car parks, which offers another level of convenience for the future occupiers.”

Prentice, Director of Sales and Leasing at Colliers, says the property is strategically positioned with a range of nearby amenities.

“North Shore Hospital, Takapuna, and the Wairau Valley commercial precincts are readily accessible from Milford, while the property is zoned for a number of local schools, including Milford School, which is only 50m away,” Prentice says.

“There’s multiple supermarkets, eateries, pharmacies and The Warehouse, among a wide range of other shopping options that are all within walking distance.

“Shakespeare Road runs off East Coast Road, a major arterial route that links to the East Coast Bays area, while the property offers excellent proximity to State Highway 1. There’s also a number of bus stops nearby.”

The property is zoned as Business - Light Industry Zone under the Auckland Unitary Plan. This designation anticipates industrial activities that do not generate objectionable odour, dust, or noise. This includes manufacturing, production, logistics, storage, transport, and distribution activities.


Related Experts

Shoneet Chand

Director

Auckland North

Shoneet has been involved in selling investment property for over 13 years and since 2015 he has been a Director in the Investment Sales Team at Colliers International, specialising in Investment & Development Sales across the wider Auckland region.

Over the past 8 years he has been one of the most successful investment sales brokers in Auckland with a track record of significant sales second to none. He has had considerable experience in dealing with international purchasers and has recently completed several deals with investors out of Asia, Europe and the Middle East. He has been involved in a number of large land sales and portfolio sales, including divestments for well-known brands like Z Energy, The Warehouse & Bunnings.

Shoneet has been the top broker in his market for both 2014 and 2015 while also placing in the top 10 brokers nationwide again for Colliers in 2016. In 2017, Shoneet transacted over $260 million of property and was ranked 2nd in New Zealand.

He was the top broker at Colliers in the 2018 financial year and a finalist for the Commercial & Industrial Salesperson of the Year award, which is judged nationwide across all agencies. In both 2019 & 2020 he was again ranked in the top 5 brokers nationwide for Colliers and was involved in over $300 million & $325 million of sales in each calendar year. 

Over the past six years, he has transacted over $1.5 Billion dollars in sales.

Notable Transactions over $10m include;

  • 2-4 Fred Thomas Drive, Takapuna -   $60,850,000
  • 33 Corinthian Drive, Albany  -   $50,500,000
  • 229 Dairy Flat Highway, Albany -   $33,000,000
  • Todd Industrial Park – Wellington -   $33,000,000
  • 9-11 Corinthian Dr, Albany -  $27,340,000
  • 44 Taharoto Road, Takapuna -   $27,270,000
  • 279-301 Lincoln Rd, Henderson -   $27,000,000
  • 11 Coliseum Drive, Albany -  $26,700,000
  • The Warehouse, Albany -   $26,400,000
  • LEP Childcare Portfolio-   $20,775,000
  • Farro Fresh/ASB Constellation Dr -   $25,500,000
  • Kmart Te Rapa  - $23,750,000
  • 1-11 Parkway Drive -   $21,000,000
  • Noel Leeming, Wairau Park -   $19,000,000
  • 5 The Warehouse Way, Northcote -  $19,000,000
  • Rapid Labels – William Pickering Dr -  $17,300,000
  • 16 Dinning Road, Riverhead -  $16,500,000
  • 35-45 The Strand, Parnell -   $16,100,000
  • 44 Arrenway Drive, Albany -   $15,300,000
  • 151 Lincoln Road, Henderson -    $15,250,000
  • 51 Corinthian Drive, Albany -  $15,150,000
  • 7-21 Kawana Street, Northcote -  $14,998,100
  • 124 Bush Road, North Harbour -   $14,950,000
  • 550 Te Irirangi Drive, Botany -   $14,200,000
  • PlaceMakers, Albany -    $14,000,000
  • 24 Oteha Valley Rd Extn, Albany -    $13,300,000
  • 217-227 Archers Rd, Wairau Valley -   $13,250,000
  • 44 Arrenway Drive, Mairangi Bay -  $13,117,116
  • 6 Canaveral Drive, Mairangi Bay -   $13,000,000
  • 119-121 Onewa Road -   $12,750,000
  • 3 Monahan Road, Mt Wellington -  $12,680,000
  • 155 Wairau Road, Wairau Valley -   $11,500,000
  • 13 William Pickering Drive, Albany -  $11,400,000
  • 14-18 Lovell Court, Albany -  $10,500,000
  • WCDL Development on Onewa Rd -  $10,250,000
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Matt Prentice

Director

Auckland North

Matt joined Colliers International in 2006 with a focus on mid to upper end industrial & investment transactions.  Specialising in tenanted investments, occupier representation through to vacant land / building sales on the North Shore, Matt was promoted to a North Shore Director in 2015.

In 2011 and 2012 Matt was awarded the "Golden Gavel" for Colliers New Zealand as the most successful auction sales broker across Colliers New Zealand. Matt has been the number one North Shore sales and leasing broker, 2011, 2012 and 2013.  In 2012, was a top 20 performer across Colliers New Zealand and has over $550 million of sales since joining colliers International.

In 2013, Matt was in the top 10 Highest Performing Brokers Nationwide and in 2014, he had a record year completing more than 50 transactions, and  finished in the top 10% of brokers in New Zealand.

In 2015, Matt completed over 60 transactions, more than any broker North of the Bridge, again finishing in the Top 20 brokers in New Zealand.

In 2016, Matt had a record year finishing top 10 in the country and was the top broker on the North Shore. 

View expert