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News Release

Auckland

​Tenanted, unit title investment opportunity in Grey Lynn

​JLL marketing 60A Surrey Crescent, Grey Lynn


 

 

Grey Lynn office unit decked out for summer/new-zealand/en-gb/news/864/grey-lynn-office-unit-decked-out-for-summerAucklandGrey Lynn office unit decked out for summer
East Tamaki gem with new five-year lease/new-zealand/en-gb/news/863/east-tamaki-gem-with-new-five-year-leaseAucklandEast Tamaki gem with new five-year lease

60A Surrey Cres 01 small-min.jpgJLL agents Alex Wefers and Jarred Hill are marketing a tenanted unit in popular Grey Lynn.​

The unit is part of a multi-unit office and warehouse complex zoned mixed-use, of which there are 11 units, on busy Surrey Crescent. It is currently tenanted by Surrey Crescent Laundry, who have been located there since 2007.

JLL agent Alex Wefers says, “This is a gem of an investment with an existing tenant already in place. Other businesses in the complex include live/work tenants and a mix of small businesses, so it is a busy complex with good synergy. It is in a great location, close to fringe centres and motorway links. The property is a substantial 147sqm and comes with four carparks, so it is ideal for a small business like the laundry that currently occupies the property.”

The Surrey Crescent Laundry, who services the commercial market, invested up to $800,000 to fitout the property, which required resource consent and approval from Watercare to enable the laundry to operate on the premises. Says Wefers, “This is a time consuming process and difficult to achieve and should provide a purchaser with confidence that this is a long term and secure investment.” 

The current lease term is three years, with 18 months remaining. Following this, there are four rights of renewal of three years each, with final expiry being 2031.  

The current rental is $37,000pa + GST and there are two year rent reviews in place. 

Says Hill, “The existing tenant has invested a significant amount in this location, and when considering the CPI, the current lease terms could see a new owner return an extra 5-6% every two years.”

The property is located on the southern side of Surrey Crescent and is a short distance to Grey Lynn village and the West Lynn shops. It is accessed from both Surrey Crescent and Great North Road and is close to St Lukes Shopping Centre and the off ramp to SH16.

The property is being sold by expressions of interest closing 4pm Wednesday 30 August, 2017 (unless sold prior).