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Investors prepare to get teeth into dental and healthcare premises on the market for sale

The land and buildings housing three well-established dental, medical and health and beauty tenants in one of New Zealand’s busiest urban town centres have been placed on the market for sale.

The two-storey freehold property at 14 Delta Avenue, in the heart of Auckland’s bustling New Lynn town centre, is occupied by three long-term tenants comprising a dentist/orthodontist, a chiropractor and a hair and beauty salon.

Located within a block of busy Lynn Mall shopping centre and the major transport hub at New Lynn train station, the premises are leased by New Lynn Dental Care, New Lynn Chiropractic and Seraphic Beauty – generating a combined net annual rental income of $91,032 plus outgoings and GST per annum.

Lease terms for the three tenants include:

• New Lynn Dental Care is part of Auckland Family Dental – a group of dental practices that provide quality dental services across the city. This dental practice is the property’s largest tenant, occupying some 151 square metres of floor space, paying total annual rent of $44,423 plus outgoings and GST. Its current eight-year lease runs to May 2025, with one further four-year right of renewal.

• New Lynn Chiropractic occupies a floor area of 50 square metres, generating annual rental income of $24,840 plus GST. Its existing six-year lease extends until January 2023, with two further five-year rights of renewal potentially extending the lease out to 2033.

• Seraphic Beauty occupies approximately 60 square metres, generating rental income of $23,741 plus GST per annum. The tenancy is approaching the midpoint of an eight-year lease which runs to October 2024. The lease is subject to three further four-year rights of renewal which if taken up would extend the term to 2036.

All three tenancies include built-in rental reviews every two years – to market or Consumer Price Index, whichever is higher. The property at 14 Delta Avenue is now being jointly marketed for sale by Bayleys Auckland Central and Bayleys Manukau.

Salespeople Tony Chaudhary, Janak Darji and Cameron Melhuish said the property comprised a two-storey building of approximately 277 square metres located on a freehold landholding of some 202 square metres.

“The property was constructed in 1961 with concrete-filled masonry walls, galvanised-iron roofing on timber framing and timber foundations,” said Mr Chaudhary.

The three tenancies were split across two floors, he said

“Most of the ground floor is occupied by New Lynn Chiropractic, whose floor space incorporates three consulting rooms and a reception area,” he said.

“To the rear of the ground floor is the salon occupied by Seraphic Beauty, as well as access to the first floor which is occupied by New Lynn Dental Care with specialised consulting rooms for dentistry and an orthodontist.”

Mr Chaudhary said the property included three allocated car parks at the rear of the building, supplemented by further Auckland Council car parking

Mr Darji said the building had an Initial Evaluation Procedure rating of 70 percent of new building standard and was zoned Business - Metropolitan Centre under the Auckland Council unitary plan.

This zoning applied to urban centres which were secondary only to the city centre, and were identified for further growth and intensification. It provided for wide-ranging activities including commercial, leisure, high-density residential, tourism and civic services.

Mr Darji said that, given its busy town-centre location amid a high concentration of retail businesses and amenities, the commercial block at Delta Avenue was supported year-round by high levels of retail foot traffic and passing commuters.

“Further underpinning foot traffic in the area is the presence of high-profile neighbouring businesses including McDonald’s, ANZ, Domino’s and Sal’s Pizza.”

Mr Melhuish said this dynamic was intensified by the presence of nearby Lynn Mall.

“Located a short distance away, the Lynn Mall shopping centre, one of Auckland’s top retail destinations with some 130 retailers, serves to draw customer demand to the area from populated suburban catchments across west Auckland and further afield.

“This demand is well serviced by New Lynn’s ease of access to and from Auckland’s CBD and western suburbs via the Northwestern Motorway and Great North Road. It is also facilitated by ready access from the south via State Highway 20, which provides a direct connection to Auckland Airport, Manukau and areas further south,” said Mr Melhuish.

“Further supporting the site’s long-term fundamentals, the Delta Avenue property is set to be underpinned by higher-density residential developments being earmarked for the area – with Auckland Council projecting that New Lynn will attract and maintain a significantly boosted population of 20,000 residents and 14,000 workers by 2030.”

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