Dual income investment in the popular Grey Lynn / Ponsonby area
An immaculately presented, bite-sized commercial offering with live-work potential is for sale in the sought-after Auckland city fringe suburb of Grey Lynn.
Colliers International has been exclusively appointed to market 37 Scanlan Street for sale by auction at 11am on Wednesday 20 February, unless it sells earlier.
Hamish Paterson of Colliers’ Investment Sales team says the property is occupied by two businesses, returning $92,443 plus GST in split-risk annual rental income.
“This beautifully converted warehouse offers huge character and abundant natural light, all within a clean, minimal and modern space.
“The stunning fit out includes industrial details such as polished concrete floors, high ceilings, exposed trusses, concrete block walls and iron roofing.
“The premises are perfectly suited to the tenants – art rental and sales company Art Associates, and medical and health law firm Medico Law.”
Paterson says the property is one of only five strata titled units under a body corporate managed by the five owners of the separate units.
“The 305sq m commercial unit that is for sale is part of a former 1960-era factory and has been converted into attractive commercial space. It sits on an elevated 353sq m site with southwest views fronting Scanlan Street.
“The commercial unit retains a right to be converted into two residential tenancies. The property includes four car parks, two of which are covered and the other two open.
“With its Business Mixed Use zoning, the property has real potential to be subdivided or reconfigured as one or two live/work premises.”
Art Associates occupies a single-level showroom of 193sq m, while Medico Law occupies a double-level office space of 112sq m.
Both businesses have two-year leases, with CPI rental reviews due this April and final expiry in April 2020.
The gallery’s lease returns $52,192 plus GST in net annual rent, while the law firm’s lease returns $40,251 plus GST.
Jonathan Lynch, a CBD and city fringe specialist at Colliers International, says the property is a short walk to Ponsonby Road and about 2km to Auckland CBD.
“Scanlan Street is located in the high-density commercial pocket of Grey Lynn, on its border with popular Ponsonby.
“This well-known area is highly attractive to tenants thanks to its central location, fast-developing commercial and residential activity, access to retail and hospitality amenity, and diverse business community.
“The surrounding activity is a mix of office, showroom retail, light industrial, hospitality and residential apartment development.
“Properties in this popular area are tightly held, which will ensure this auction is one to watch.”
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