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Government tenanted medical centre on Hibiscus Coast

Government tenanted medical centre on Hibiscus Coast

An opportunity to secure a high-profile medical centre on a freehold 4,322 sqm site with a six-year lease to Waitemata District Health Board has become available on the burgeoning Hibiscus Coast.

The fully tenanted medical facility of 1,319 sqm is located at 136 Whangaparaoa Road, which places it near the beginning of the main arterial highway serving the Whangaparaoa Peninsula, and about 1km from the Hibiscus Highway, between Silverdale and Orewa.

The Waitemata District Health Board (DHB) has leased the freehold property since it was custom built for it in 2001, just after the time when New Zealand’s DHBs came into force as a result of the New Zealand Public Health and Disability (NZPHD) Act 2000.

Colliers has been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on the 26th of May, unless it sells earlier.

Shoneet Chand, Investment Sales Director at Colliers who is marketing the property alongside colleagues Gareth Fraser and Jimmy O’Brien, says this is a well-presented asset in the increasingly popular health sector that generates steady and secure income from a government-related tenant.

“The 1,319 sqm premises will generate annual income of $415,847 plus GST and outgoings on settlement with a six-year lease that commenced in June 2019 and a final expiry in June 2025.

“There is also fixed annual rental growth with a market review upon renewal,” says Chand.

Gareth Fraser, Auckland Director of Investment Sales at Colliers, notes the well-maintained property presents well and proves highly functional.

“The two-storey purpose-built health care centre comprises a modern reinforced concrete block building with aluminium joinery and steel roofing.

“The ground floor provides a specialised layout to suit clinical requirements with the first floor primarily used for administration space, with a timber deck extending from the staff lounge and kitchen.

“The first floor is accessed via stairwells at either end of the ground floor as well as being serviced by a central lift.

“A canopy at the front of the premises provides covered access and extends out to the driveway with open parking for 90 cars, making this a highly desirable land and building package,” says Fraser. Jimmy O’Brien, General Manager and Director at Colliers North Shore notes that the investment proposition based on its current features is compelling, but it is also the growth potential that is highly attractive.

“With just 30 per cent site coverage, the property is underdeveloped, affording the owner an opportunity to expand the centre in the future as the population in the area grows.

“Enabling this is the fact that the property is zoned Special Purpose - Healthcare Facility and Hospital under the Auckland Unitary Plan.

“The zoning is typically applied to large, land-extensive facilities with highly visible buildings and substantial parking areas. This enables a range of healthcare related and supporting activities to cater for the diverse requirements of the users, employees and visitors to the hospitals and healthcare facilities.

“There is obviously plenty of scope for the new owner to investigate and evaluate potential future growth plans in this population growth hotspot,” says O’Brien.

Hibiscus and Bays is one of Auckland's most populous local board areas with a population of 104,010 that is forecast to increase to 144,800 by 2038, according to Statistics New Zealand.

The Waitemata DHB provides a range of community services from the medical facility. Serving more than 630,000 people across the communities of Rodney, North Shore and Waitakere, it is the largest DHB by population in the country.

Chand concludes by saying: “given the income stream with fixed growth, the well-constructed and presented premises with low site coverage and future growth potential, this is a highly desirable asset for discerning purchasers to pursue.”


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Shoneet Chand

Director

Auckland North

Shoneet has been involved in selling investment property for over 12 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

  • Farro Fresh/ASB Constellation Dr - $25,500,000

  • Hamilton Bulk Retail Investment - $23,750,000

  • LEP  Childcare Portfolio - $20,775,000

  • Noel Leeming, Wairau Park - $19,000,000

  • 5 The Warehouse Way, Northcote - $19,000,000

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

  • 16 Dinning Road, Riverhead - $16,500,000

  • 151 Lincoln Road, Henderson - $15,250,000

  • 51 Corinthian Drive, Albany - $15,150,000

  • 50 Centreway Road, Orewa - $15,100,000

  • 7-21 Kawana Street, Northcote - $14,998,100

  • 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

  • 3 Monahan Road, Mt Wellington - $12,680,000

  • 155 Wairau Road - $11,500,000

  • Rapid Labels HQ, Albany - $11,400,000

  • 119 & 121 Onewa Rd, Northcote - $10,250,000

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Gareth Fraser

Auckland Director - Investment Sales

Auckland CBD

Gareth leads Colliers International's Investment Sales team. The team operates across the entire Auckland market from four strategic locations; CBD (including city fringe), South Auckland (based in Highbrook), West Auckland (based in North West Shopping Centre) and North Shore (based in Takapuna).

This is a large team of brokers and support staff focussed on providing solutions to owners, investors, developers, owner-occupiers and tenants. It features a specialised site sales team focussed on residential land and development opportunites. Investment Sales also includes the syndication division, offerring proportionate ownership opportunities to investors on behalf of clients.

Gareth is also on the Executive Team for Colliers in New Zealand.

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Jimmy O'Brien

General Manager | Director

Auckland North

Jimmy heads the Colliers North Shore team with a "lead from the front" approach. He specialises in both sales and leasing of commercial and Industrial Property, Now in his thirteenth year with  Colliers International he is constantly in the top 10 % of Colliers brokers.

A North Shore resident for over 40 years his local network and knowledge is extensive. Having come from a successful background of sales, marketing and manufacturing and a director of his own business for 20 years, Jimmy has built up a vast network of property developers, investors, architects, designers and corporate businesses both retail and commercial. With a broad knowledge as both a tenant and investor in the commercial property market his wide range of skills and extensive network will be an asset to any future clients.

Positions Held at Colliers:

March 2006: Industrial Broker

April 2008: Industrial Manager

July 2012: General Manager

February 2014: General Manager -Associate Director

June 2014: General Manager – Director

Through specialisation and a commitment to true team work, Jimmy and his team have sold property in excess of $1Billion and negotiated innumerable leases.

With a strong focus on finding property solutions for his clients, Jimmy has successfully represented AA Insurance, EasiYo Products, Sealegs, Johnson Controls, Electronic Navigation and Maxwell Marine to name a few.

Jimmy is consistently in the top 10% of Colliers brokers.

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