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News Release

Auckland

Tenanted Grey Lynn commercial unit for sale

JLL marketing unit G4/29 Scanlan Street, Grey Lynn


 

 

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4  29 Scanlan St 15 small-min.jpgJLL agents Alex Wefers and Tom Dobier are marketing a tenanted, commercial unit in popular Grey Lynn.​

Built in 2004, this 42 sqm commercial unit fronts Scanlan Street and has two covered and secure carparks. The current tenant is Qi Acupuncture Ltd, who have operated their business from the premise for three years.

Zoned mixed use, the unit is located within a large mixed use development consisting of four commercial units and 28 residential units. 

The unit itself is currently partitioned into two treatment rooms and kitchen and bathroom facilities, which are accessed off the central hallway. Primary access is via a ranch slider to the western wall and a single door to the northern wall, which are both accessed off a shared, tiled terrace. 

In terms of location, the unit is well placed in a prime city fringe location. The popular Ponsonby Road shopping area is a short walk away and Grey Lynn Village is also within walking distance. State Highway 16 is also close by and there are great public transport links on Great North Road and Ponsonby Road. 

Commenting on the unit, Alex Wefers emphasises the location as a key factor: “Considering the spectacular growth in the past few years, residential and commercial space in this prime city fringe location is a scarce commodity. Our demographic research suggests further residential and business growth in this area, so this unit is a prime opportunity for an investor to capitalise on demand for well-placed commercial and residential facilities.” 

The current lease term is one year until October 2018 with a one year right of renewal and returns $21,600 plus GST outgoings. There is a fixed increase of 2% per annum with the next review date in October 2018. 

While the unit is being used for commercial purposes at the moment, it offers flexible future options. The unit can be leased out as a medical or office commercial unit and it also presents as an attractive proposition for owner occupiers to take the premise once the lease expires. There is also potential for the unit to be converted into a studio apartment to capitalise on Auckland’s expensive residential housing market. 

Tom Dobier explains that the zoning and location are the key benefits of the property. “Given that this property is mixed use, a range of options are available and the flexibility this offers makes the unit an attractive investment. This allows the investor to analyse the market and make a decision based on what they believe will give the biggest return, and due to the size of the property we are not talking a massive outlay to secure the property. We expect this unit to generate considerable interest due to this flexibility as well as the prime location.” 

The property is being sold by expressions of interest closing 4pm Thursday 9th November, 2017 (unless sold prior).