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Prominent Albany retail offering sure to catch the eye

NZ_AucklandCBD_Communications_Prominent Albany retail offering sure to catch the eye

A high-profile corner site in a fast-developing area of Albany presents add-value investors, owner-occupiers, or developers with the opportunity to secure a prominent asset in a highly sought-after location.

198-200 Dairy Flat Highway, Albany is an 803sq m stand-alone building split into five tenancies on a 4,548sq m freehold site with 55 dedicated on-site car parks. The property is zoned Business – Local Centre Zone under the Auckland Unitary Plan.

Situated on a busy corner of two main arterial routes, Oteha Valley Road and Dairy Flat Highway, the highly exposed site benefits from thousands of cars passing daily, while the Northern Motorway is readily accessible.

Two of the five retail sites are currently tenanted returning $187,410 plus GST and operating expenses in net annual rental income with fixed annual growth.

Colliers Brokers Matt Prentice, Shoneet Chand, and Jack Tuson have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 1 December, unless sold prior.

Of the tenanted properties, the 94sq m Shop 4 currently operates as a cafe and the lease provides $42,255 plus GST and operating expenses in net annual rental income.

Chef Group Limited, operating as Gao Asian Fusion restaurant, leases Shop 5, which is made up of two shops totalling 321sq m in floor space with a 77sq m patio.

They began an eight-year lease in October 2018 with two further rights of renewal for four years each. Their agreement provides $145,156 plus GST and operating expenses in net annual rental income.

Flexibility in leasing and upside opportunity in adding additional income is provided with Shops 1, 2 and 3 that are currently vacant. The premises range in size from 59sq m to 130sq m.

Prentice, Director of Sales and Leasing at Colliers, says this is a standout purchasing opportunity given the extensive growth that has taken place in the surrounding area.

“Developers will be eyeing this site with excitement in a market that is starved of property and highly desirable offerings such as this one,” Prentice says.

“On the other hand, occupiers and add-value investors will recognise the considerable potential in this property and could make their own mark given the existing vacancies.”

Chand, Director of Investment Sales at Colliers, says this property has been well-crafted and is highly functional that will serve a range of potential future uses.

“General construction comprises reinforced concrete foundations and floor slabs. The external walls are predominantly concrete panel to the side and rear with full height (three-metre) showroom and bifold type glazing to the frontage and deck areas,” Chand says.

“The canopy areas are lined and feature exposed steel structural work to the front wall fascia, which has a railing/balustrade type profile. The basement car park area has a concrete floor slab with a concrete panel retaining wall to three sides and concrete encased steel structural supports.”

Tuson, Investment Sales Broker at Colliers, says Albany benefits from excellent access to the transport network, including the Northern Motorway and the Northern Busway, and the associated park and ride facility.

“Albany has been identified by the Auckland Council as one of the three key nodes outside of the city centre,” Tuson says.

“As Auckland continues to grow and develop, the identified node areas will be responsible for supporting business and residential growth in the immediate and surrounding areas. Albany has been identified as a focal point for future employment, commercial, and social activity.”

The Business – Local Centre Zone applies to a large number of small centres throughout Auckland. The centres are generally located in areas of good public transport. The zone primarily provides for the local convenience needs of surrounding residential areas, including local retail, commercial services, offices, food and beverage, and appropriately scaled supermarkets.


Related Experts

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. 

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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

Jack Tuson

Broker

Auckland North

Jack specialises in the Auckland industrial market, servicing both the leasing and sales markets. Jack has a particular focus on the North Shore region where he has formed strong relationships with property owners, buyers and tenants.

He has experience in the divestment of both tenanted and vacant industrial buildings, and has handled numerous occupier requirements.

 

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