The biggest commercial property in Snells Beach, owned by The Warehouse Group, has been placed on the market for sale.
The building itself suits the other retail spaces of The Warehouse Group, with a large open plan and 4,695 square metres of floor space covering the whole area.
Located on Mahurangi East Road, just north of Auckland, the property sits on 10,137 square metres of land which is zoned ‘business – local centre’.
The property was constructed in the early 2000’s and sites within the town centre.
Those associated with the sale of the property are expecting to see impressive growth around the area with the expansion of State Highway One.
The Warehouse Group has had a lot of moving and shakings as it prepares itself for 2018. Planning expansion and innovation in most of its brick and mortar stores.
The Warehouse Group sold its Newmarket location earlier this year for $65 million as the gear up to move premises to a larger mixed use space.
The Warehouse Ltd is currently on a 10-year lease at the property running through until 2022 – generating a net rental return of $563,269 plus GST, and with three further five-year rights of renewal taking the final expiry date at this stage out to 2037.
Rental review dates are scheduled for 2019, 2022, 2027 and 2032.