Chemist Warehouse-anchored hub

A standout commercial hub with seven diverse tenants, anchored by Australasian pharmacy giant Chemist Warehouse, is up for sale in an East Auckland growth hotspot.

The high-profile corner site is made up of seven separately titled premises which offer a healthy dose of tenant diversity. These are now for sale individually, or together, through Bayleys.

Collectively known as Kentigern Plaza, in Pakuranga, these are fully leased to established tenants headed by Chemist Warehouse, Burger Fuel and Ray White Realty, along with Chinese, Thai and roast eateries, and an established barber shop.

The units, with a combined floor area of some 1,250 square metres, generate a total net rental return of approximately $504,550 plus outgoings and GST per annum.

Chemist Warehouse trades from the largest unit of some 698 square metres. The current lease runs through to 2030 with further rights of renewal, if exercised, extending to 2042.

Chemist Warehouse is New Zealand’s largest pharmacy retailer. Founded in Melbourne in 2000, the Chemist Warehouse Group has over 500 stores across Australia and New Zealand and 20,000-plus employees.

The other units for sale at the Pakuranga site offer floor areas ranging from approximately 64 to 124 square metres, with varying lease terms and final expiries between 2028 and 2040.

Tenants and customers benefit from an abundance of car parking shared between the seven units.

The site’s attractiveness is heightened by its position within a quality catchment, with prestigious Saint Kentigern College as a neighbour, in an area poised for growing commercial and residential activity driven by the Eastern Busway project.

Units G01-G07, 102 Pakuranga Road, Pakuranga, Auckland, are now being marketed for sale by Karen Yung, James Chan and Geoff Wyatt of Bayleys Real Estate.

They will be sold, individually, or as a seven-title portfolio, by deadline private treaty closing on Thursday 30 April, unless sold prior.

Yung said the property offered buyers a potent combination of strong income and cash flow plus unbeatable profile, which would provide stability amid ongoing geopolitical and market uncertainty.

“This prominent mixed-use asset offers a well-diversified blend of hospitality, retail and office tenancies. It delivers a balanced, split-risk investment profile which is supported by strong underlying fundamentals.

“Most importantly, the mix of individual units for sale offers various price points and genuine versatility to match buyers’ investment strategies and/or proposed use.

“For future owner-occupiers, there’s a chance to secure a future-proof location and position their business for long-term success in a thriving commercial precinct,” said Yung.

Business – Mixed Use zoning under Auckland’s unitary plan permits wide-ranging commercial and mixed-use activities.

Chan said the site’s outstanding profile and strategic location were vital selling points.

“Positioned prominently along Pakuranga Road, around 15 kilometres southeast of Auckland’s CBD, this site benefits from excellent exposure to a key arterial route. Pakuranga Road services a large and growing catchment within one of East Auckland’s most established commercial precincts.

“The plentiful shared car parking and dual street access maximise convenience for tenants and customers, supporting strong ongoing occupancy and trade.

“The surrounding area is home to a strong mix of retail, commercial and residential developments and local amenities, supporting consistent vehicle and foot traffic and business activity,” Chan said.

Key arterial roads including Pakuranga Road and Ti Rakau Drive support efficient connections with neighbouring suburbs and wider Auckland.

Wyatt said a key driver of future value was the site’s proximity to the Eastern Busway – one of Auckland’s most significant transport projects, with associated infrastructure upgrades.

“The area will reap significant benefits from this dedicated busway connecting Panmure, Pakuranga, Burswood and Botany – in the form of even better connectivity and accessibility, and greater foot traffic.

“The Pakuranga property is well positioned to capture long-term growth and tenant demand off the back of these council-backed developments,” Wyatt said.