Dancing all the way to the bank in Glen Innes
A Glen Innes investment property on a new lease to a leading Auckland dance studio is for sale with generous Town Centre zoning and unbeatable proximity to key transport hubs.
The recently refurbished two-level commercial building at 250-252 Taniwha Street is located at the heart of Glen Innes town centre – one of the fastest-changing areas of Auckland.
The property is directly next to the Glen Innes bus exchange and only 20m from the pedestrian crossing to the Glen Innes train station.
Its location places it right next to the high-profile intersection with Apirana Avenue, which is the main arterial route linking Glen Innes to Mt Wellington, Panmure, St Johns and Glendowie.
Long-term tenant Raw Dance is on a three-year lease returning $82,700 plus GST in net annual rent, providing a rental yield for investors and holding income for developers with a long-term view.
The tenant has re-signed to a three-year lease from January 2019. One right of renewal of three years extends the final lease expiry date to 2025.
The site’s Business Town Centre zoning allows for intensive development of up to 32.5m in height, with a wide range of permitted uses including commercial, residential and retail.
Colliers International has been exclusively appointed to market 250-252 Taniwha Street for sale by auction at 11am on Wednesday 19 June, unless it sells earlier.
Investment Sales Broker Simon Child says it is a chance to secure a key landholding in an up-and-coming area.
“This property’s outstanding investment fundamentals will have you dancing all the way to the bank.
“It offers an established tenant, superb proximity to public transport, and flexible high-density zoning in a rapidly developing location.”
Child says Glen Innes and the surrounding suburbs have experienced significant growth and gentrification in recent years.
“Glen Innes is quickly becoming a major retail destination for neighbouring residents, with businesses in the area including Pak’N Save, Countdown, McDonald’s, Animates, Chemist Warehouse and Citta Design.
“It is also a hub of residential growth, with good access to schooling including Sacred Heart, Tāmaki and Glendowie colleges.
“New Zealand’s largest urban transformation project, the Tāmaki Regeneration Programme, has delivered hundreds of new homes in the area, with plans for some 7,500 in total.”
Gareth Fraser, Auckland Director of Investment Sales at Colliers, says Glen Innes was recently recognised as a key town centre under the Auckland Unitary Plan.
“This town centre status, and the higher-density zoning that comes with it, will provide impetus for further intensification and commercial development.
“A proposed extension of the AMETI Eastern Busway, which links through to Botany, is set to further strengthen the area’s transport links and drive development.”
Shoneet Chand, Investment Sales Director at Colliers says the 395sq m building recently underwent an interior upgrade.
“Constructed in 1963, the property boasts an A-grade seismic rating of 100 per cent NBS.
“It is divided into three dance studios plus an attractively remodelled entrance and reception area that features polished concrete floors.
“Studio One has a raised polished wooden floor, Studio Two has a wooden floor, and Studio Three has a specialist Tarkett vinyl dance floor. Building services include an HRV system and heat humps.”
The building covers most of a 258sq m freehold site across two titles. The site is slightly sloping in contour and provides 12.2m of frontage to Taniwha Street.
The property has been used as a dance studio since 2006 and the current tenant, Raw Dance, has occupied the building since 2014.
Raw Dance offers classes for pre-schoolers through to adults in a range of styles including jazz, hip hop, contemporary, ballet, stretch, and strength and conditioning.
Get the latest commercial real estate insights and property news.