173 CAPTAIN SPRINGS ROAD, ONEHUNGA
This offer has closed. For further information on interests available to wholesale investors please enquire below.
Silverfin is offering investors an opportunity to acquire a proportionate share of a beneficial interest in the land and buildings at 173 and 164 Captain Springs and 62 Grotto Street, Onehunga Auckland.
There are 34 investment parcels of $250,000 each being offered. Applications are currently being accepted.
- 8% P.A projected pre-tax cash return forecasted to 31/3/19
- Anchored by Carter Holt Harvey on 8 year lease (commenced 17/08/16)
- Fixed annual rental growth
- Conservative LVR of 42.3%
- Primarily mixed use zoning of 6,594m2 in Onehunga, Auckland
This offer is limited to persons who are who wholesale investors for the purposes of the offer in terms of clause 3(2) or 3(3)(a) of Schedule 1 of the Financial Markets Conduct Act 2013.
The Property comprises of 3 sites totalling 6,594m2 of land in the Onehunga Mixed Use Zoning area. On the main site of 5,081m2 is located a 3 storey reinforced concrete office building. Including the two smaller sites, 166 carparks accompany the building. The building occupies a high profile position on Captain Springs Road – located between Church Street and Mount Smart Road in Onehunga. The Te Papapa train station sits immediately adjacent to the property providing tenants’ staff with ease of access to public transport. There are good links to the motorway networks with the State Highway 20 onramp within 3km and State Highway 1 less than 4km from the property.
The property at 173 Captain Springs Road is zoned as “Business – Mixed Use Zone” which allows for both residential and commercial activity. The site currently has the benefit of long term lease commitments, however due to its high density zoning, should these lease commitments expire then the Property could be developed into housing (subject to the necessary approvals). The building is a Grade A building with an IEP rating of 80% NBS. Both the ground and first floor are occupied by CHH. The second floor accommodates four tenants who enjoy a suspended ceiling, recessed lighting and ducted air conditioning. Tenancies 2 and 3 also enjoy the shared use of the 95.3m2 east facing deck. All tenants in the building benefit from a commercially operated café established by CHH for its staff which occupies 198.2m2 on the south eastern corner of the 2nd floor. In addition to CHH on the Ground and Level 1, the four tenancies on level 2 are:
- Traffic Management Academy Limited (tenancy 1)
- Barnardos New Zealand Incorporated (tenancies 4 & 5)
- Refugees as Survivors New Zealand Trust (tenancy 3)
- Captain Springs 2015 Limited (vendor lease with releasing obligations) (tenancy 2)
The two smaller sites at 164 Captain Springs Road and 62 Grotto Street comprise of 658m2 and 855m2 respectively. Both are vacant sealed sites currently used for carparking and are zoned Urban Housing Zone.
NB: All facts and figures are stated as at July 2017
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