Commercial investment opportunities in Manukau trophy asset

8 Lakewood Court  hero

Perfectly positioned in the heart of South Auckland’s growth hub, three brand-new commercial units are available to purchase within Manukau’s Lakewood Plaza.

The emerging commercial precinct is at the base of the new 15-level mixed-use apartment tower at 8 Lakewood Court.

The stunning new building, which is clearly visible on Manukau’s skyline, has been bought to life by Du Val Group, one of New Zealand’s leading property developers.

Set to complete in the first half of 2020, the complex will comprise 151 apartments and three individual commercial units on the podium floor.

Colliers’ South Auckland Investment Sales Director, Matthew Barnes, is marketing the three commercial properties along with Investment Sales specialist Ryan Gibb and Strategic Advisory Director Alan McMahon.

The units, which are on three separate titles, are for sale by deadline private treaty closing at 4pm on Wednesday 1 April, unless sold prior.  

Barnes says this is an opportunity that’s not to be missed, with options for passive investors or a food and beverage occupier to own their own space.

“Manukau is one of New Zealand’s fastest-growing centres, which is set to continue with significant investment by Auckland Council.

“Manukau has been chosen as one of three centres outside of the CBD that will be prioritised for growth through to 2050.

“Transform Manukau, a project by council’s development arm Panuku is already underway to transform over 600ha of land in central Manukau and Wiri to create a thriving hub for living, employment, education and leisure.

“Lakewood Plaza’s location is unsurpassed, benefiting from huge exposure to the local area as well as visibility from the southern motorway.

“The precinct is within walking distance of all the key amenity including Westfield Manukau, the transport hub, Puhinui Road and Hayman Park.”

Gibb says that location, high-quality construction as well as attractive lease terms provide all the fundamentals of an excellent investment.

“The 922sq m unit is a purpose-built health club that’s positioned to become South Auckland’s leading health and wellness centre.

“With a fully equipped gym, exercise studios, premium changing rooms, as well as a pool, steam room, sauna, plunge pool and physiotherapy room, the developer is committed to creating a premium offer.

“Du Val Health will operate the space in a joint venture with an experienced gym operator on a new nine-year lease returning $359,100 net per annum plus GST with two-yearly rental reviews.

“The club will be accessible via the central atrium or private driveway from Redoubt Road and has 26 assigned car parks.

“Its location within a residential complex guarantees patronage, further bolstered by all 151 apartment unit owners receiving a membership as part of their body corporate.”

The 456sq m office unit is also on a new nine-year lease to Du Val Management and is returning $183,000 net per annum plus GST with two-yearly rental reviews.

Set to be the headquarters of Du Val Group, the developers will fit-out the unit to an impeccable standard and intend to continue investing in the space to ensure it accommodates their growth aspirations.

The open plan workspace will comprise a showroom to feature Du Val’s new developments, a recording studio, boardroom and individual meeting rooms.

The office tenancy benefits from a private courtyard as well as access to a shared courtyard/break out space and 18 assigned car parks.

The final offering is a 166sq m hospitality space with a vendor under-write of $77,000 net per annum plus GST.

Gibb says the property provides a unique opportunity for an operator to own their own restaurant or café.

“Superbly positioned at the base of South Auckland’s leading new apartment development, the property benefits from huge exposure to the immediate residential catchment, Manukau’s nearby business district and the wider community.

“The north facing property has an extensive outdoor seating area as well as 10 assigned car parks.”

Du Val Group are one of New Zealand’s largest suburban apartment developers and are particularly active in the Auckland market.

Other residential developments include Avenue Apartments in Mangere and Verge in Mount Wellington.

Related Experts

Matthew Barnes

Director | Investment Sales

Auckland South

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Ryan Gibb

Broker | Investment Sales & Leasing

Auckland South

I am a member of the Investment Sales team at Colliers International, focusing on the sub $20 million investment bracket in the South Auckland market and further afield.

I also focus on the South Auckland leasing market with an emphasis on Manukau.


My responsibilities include:

- Facilitating acquisition and divestment transactions

- Provide economic and market advice to tenants, landlords, buyers and sellers

- Evaluating income reports, rent rolls and conducting cash flow analysis and comparative market analysis to determine the market value, cap rate and internal rate of return of income producing properties

- Identifying problems, monitoring processes and achieving timely and effective closed transactions, consistent with client goals.

 

Recent Sale Transcations

15 Lambie Drive, Manukau - Sold - $12,095,000

550 Te Irirangi Drive, East Tamaki - Sold - $14,200,000

53 & 65 St George Street, Papatoetoe - Sold - $6,100,000

 

Recent Leasing Transcations

6 Osterley Way, Manukau - 1,800 m²  - University of Auckland

19 Lambie Drive , Manukau - 1,200 m² - New Zealand Police

22 Amersham Way, Manukau - 1,161 m²  - Education Provider

13 Ronwood Avenue, Manukau - 1,000 m² - Community Organisation

743 Great South Road, Papatoetoe - 1,200 m²

View expert

Alan McMahon

National Director | Strategic Advisory

Auckland CBD

Alan has overall responsibility for Strategic Advisory for Colliers International in New Zealand. 

He advises a wide range of public and private sector organizations. Clients include Auckland Council,, Massey University, Kiwi Property, Ngai Tahu Property, Ngati Whatua Orakei, Ngati Whatua o Kaipara, NZ Super, and various departments of the New Zealand government including Police, MBIE, Ministry of Justice, and Kainga Ora.

 

 

 

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