Purpose built medical investment in sought after Auckland location

Pt Chev medical property for sale with long lease

A purpose-built medical facility on a new 12-year lease to a government tenant is for sale in the fast-growing Auckland residential hub of Point Chevalier.

Colliers International has been exclusively appointed to market 50 Carrington Road for sale by deadline private treaty closing at 4pm on Wednesday 12 December, unless it sells earlier.

The 5,193sq m property is situated on a major arterial route near the Unitec campus and directly opposite the 29ha site where up to 4,000 new KiwiBuild homes are planned.

Gareth Fraser, Auckland Director of Investment Sales at Colliers, says it is a chance to acquire a solid passive investment with strong tenant covenant and a huge landholding for the long term.

“Purpose-built by the Ministry of Health in 1999, the property comprises a two-level medical facility with 76 on-site car parks and huge road frontage.

“It is tenanted by the Waitemata District Health Board on a new 12-year lease, returning $518,000 plus GST in net annual rent.

“Market rental reviews are due every three years, with a three-year right of renewal extending the final lease expiry to July 2033.”

Investment Sales Broker Gawan Bakshi of Colliers International says the property benefits from an easily accessible location.

“Situated only 9km from Auckland’s CBD, the property offers excellent transport links.

“Carrington Road itself is a major arterial route that links the popular Auckland suburbs of Mount Albert, Point Chevalier and Waterview.

“The Waterview motorway interchange is only 750m from the property, providing easy access to the CBD, Auckland International Airport and the city’s growing northwestern suburbs.

“The area also has good public transport, with regular bus services that are well utilised by residents, workers and Unitec students.”

Bakshi says Point Chevalier is among the most popular suburbs on Auckland’s western city fringe, bordering the exclusive residential areas of Westmere and Grey Lynn.

“With several parks, beaches, cafes, a community centre and a popular neighbourhood retail strip, the suburb offers numerous amenities and leisure opportunities.

“The adjacent suburb of Western Springs offers numerous lifestyle amenities including the popular park and lake, Auckland Zoo and Motat.”

Colliers International Site Sales Broker James Appleby says the property is on a large fee simple site fronting Carrington Road.

“The property has special-purpose Healthcare Facility and Hospital zoning, which is in keeping with its current use.

“Known as Pitman House, the medical facility provides a range of Waitemata DHB services including community alcohol and drug support, pregnancy and parental services, and Māori counselling.”

The building is of modern construction with two levels spread across three structures. It has a concrete and brick facade, tiled roof and aluminium joinery.

Inside, the building is partitioned into a series of consulting rooms, waiting rooms, day stay rooms, a reception, offices, toilets and staff amenities.

The property is ideally suited for long-term redevelopment. The 1,777sq m building covers just over a third of the substantial freehold site, providing flexible options for investors and developers.

The property is on a high-profile corner site, next to a private-use road and opposite the former Carrington Hospital and one of the main Unitec entrances.

The Government this year announced plans to build 3,000 to 4,000 KiwiBuild homes on much of the Unitec land across the road.

The development will include affordable housing for first homebuyers, public housing and market housing.

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