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Diversified Albany village investment

Diversified Albany village investment  hero

A fully tenanted, split-risk commercial investment property is for sale in the heart of the North Shore’s tightly held Albany village.

Well located in a growth area with easy motorway access, the property at 235 Dairy Flat Highway, Albany, Auckland, comprises a standalone 428sq m building on an 809sq m freehold site.

The diversified asset provides four income streams underpinned by two longstanding anchor tenants, returning $138,377 plus GST in net annual rent.

Business Local Centre zoning allows for future redevelopment of up to 18m in height, providing a new owner with long-term options to maximise the value of the underlying land.

Colliers International has been exclusively appointed to market the property for sale by way of deadline private treaty closing at 4pm on Wednesday 26 August, unless sold prior.

Shoneet Chand, Director of Colliers North Shore, says investment properties in Albany village rarely come to the market for sale.

“After well over a decade of positive ownership, the vendor has decided to pass the baton to new owner. This presents an exceptional opportunity for an astute investor to acquire a fully tenanted asset located on the edge of the fast-growing Albany commercial and residential basin.

“The investment is anchored by a popular restaurant and bar, alongside an established laundromat business, with two other commercial tenants providing a diversified income stream.

“Built in the 1980s, the property comprises a two-level commercial building that has been well cared for and recently repainted.

“The property has easy access from both the front and rear, with 16 on-site car parks. A retail presence to both frontages provides good exposure to passing traffic, while the central location provides easy access to both the Northern Motorway and Albany Expressway.

“The location, zoning and split-risk income make this a superb long-term investment for an owner seeking passive income now, and future redevelopment potential in the future.”

Anchor tenant Toucan Bar pays $63,231.48 in net annual rent on a 12-year lease with rental reviews every two years. A six-year right of renewal extends the final expiry date to May 2033.

Albany Laundry pays $47,614 in net annual rent on a nine-year lease expiring in October 2026, with rental reviews every two years.

Two travel businesses occupy the remaining two tenancies, paying a combined $27,531.52 in net annual rent.

The property is located only 19km from Auckland’s CBD and within easy walking distance to New Zealand’s fourth largest shopping centre and major new residential developments.

Matt Prentice, Director at Colliers North Shore, says Albany has been identified by Auckland Council as one of three key growth nodes outside of the city centre.

“Albany will be a focal point for future employment, commercial and social activity as Auckland continues to grow and develop.

“It already benefits from excellent access to the transport network including the Northern Motorway and the Northern Busway and its associated park and ride facility.

“These connections will be improved greatly as work continues on the $700 million Northern Corridor project, which involves widening State Highway 1 in both directions, a new connection to SH18 to link the motorway with the Western Ring Route and airport, and safe new routes for bus users, pedestrians and cyclists.

“This connectivity will continue to attract further mixed-use and commercial developments in the Albany area.”

Albany is home to New Zealand’s fourth largest shopping centre – Westfield Albany, just 1 km away – and Massey University, which is one of Auckland’s largest tertiary education providers.

Local businesses in the area include The Warehouse, Pak’NSave, Albany Toyota, PlaceMakers and a Quest Hotel, among others.

“These businesses are all supported by a strong local residential catchment and local aged care centres, and provide a main centre for the wealthy nearby community of Coatesville,” says Prentice.

“Further developments in the area include the recently completed National Support Centre for Mitre 10 as well as the new 200-unit Rose Garden apartments, plus numerous retail, office and commercial developments.

“The property for sale offers a superb chance to invest in this high-growth location.”


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
View expert

Matt Prentice

Director

Auckland North

Matt joined Colliers International in 2006 with a focus on mid to upper end industrial & investment transactions.  Specializing 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 $600 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.

In 2017 Matt finished in the top 5 brokers in New Zealand, and completed over 70 transactions.

In 2018 he finished in the top 10 brokers in New Zealand and completed over 120 transactions. Matt was awarded the MVP of brokerage for Colliers International New Zealand.

In 2019 Matt finished in the top 5 brokers in New Zealand and achieved the “Golden Gavel” as the highest performing “Auction Broker”. Again, he completed over 100 transactions.

2020 was a record year, selling over $250 million of stock, with 99 deals in total for the year. Matt finished as the 4th highest performing broker in NZ.

Recent Transactions include:

  • 13 William Pickering Drive, North Harbour - $17,300,000

  • 7-19 Croftfield Lane, Wairau Valley - $17,280,000

  • 6 Canaveral Drive, Albany - $13,000,000

  • 44 Arrenway Drive, Albany - $15,300,000

  • 2c William Pickering Drive. North Harbour - confidential

  • 180-184 Target Road, Wairau Valley - $13,000,000

  • 71 Apollo Drive, Albany - $17,550,000

  • 124 Bush Road, North Harbour - $14,950,000

  • 229 Dairy Flat Highway, Albany - $33,000,000

  • 34-41 Poland Road, Wairau Valley - $15m circa

  • 1-11 Parkway Drive, Albany - $21,000,000

  • 44 Arrenway Drive, Albany - $15,300,000

  • 30 Apollo Drive, Albany - $12,942,000

  • 155 Wairau Road, Wairau Valley - $11,500,000

  • 53 Paul Matthews Road, North Harbour - $5,610,000

  • 7 Armstrong Road, North Harbour - $7,400,000

View expert