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Ground floor site on the market for sale in Auckland CBD
Ground floor site occupied by 24-hour fitness chain on the market for sale in Auckland CBD
The 906m2 space next to the Langham Hotel is occupied by 24-hour fitness chain Flex Fitness.
A large ground floor site occupied by a national gym franchise and facing the main entrance of one of Auckland busiest luxury hotels has been placed on the market for sale.
The 906m2 premises, with freehold stratum title, is occupied by 24-hour health and fitness club Flex Fitness, on a newly signed 10-year lease, and generates a net rental income of $188,500 a year.
The space at 15/103-105 Symonds Street, central Auckland, is being marketed for sale by private treaty by Bayleys sales agent Millie Liang.
“The site's proximity to a high-profile international hotel provides prospective buyers a great opportunity to leverage off New Zealand’s tourism boom,” Ms Liang says.
"The 10-storey, 411-room Langham Hotel has an occupancy rate of about 84 percent, and this will only improve as demand for five-star accommodation in central Auckland increases."
Ms Liang says recent trends within the hotel industry to target business travellers who want to maintain their exercise and healthy-living regime while away from home will only add value to the site.
Flex Fitness is the largest New Zealand-owned 24-hour fitness club, and operates in 13 locations across the country.
Bayleys research shows that most 24-hour fitness chains want to occupy ground-floor spaces in a central hub, and will pay a premium for being on a busy street corner or shopping mall, or similar hub that attracts high-foot traffic.
In addition, gym operators' set-up costs aren't onerous, roughly matching that of retailers in many cases.
Ms Liang says: "15/103-105 Symonds Street is not only next door to a busy hotel but is close to Auckland's university precinct and main hospital."
She says annual
rent increases are built into the terms of the lease as are
market rent
reviews.
Bayleys Real Estate
New Zealand
Bayleys is New Zealand's largest full-service real estate company. We offer expertise in the marketing and sale of a wide range of property, including residential real estate, farms and lifestyle blocks, and commercial and industrial property. This includes tourism and business sales such as hotels and motels. We also cover the real estate markets in Fiji and other Pacific Islands.
Bayleys also provides a complete property and facilities service including property management and valuations teams focused on achieving both Owner and Tenant satisfaction.
No other real estate company can match our breadth of coverage across all market sectors throughout New Zealand.
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