Buyers Put together To Dive In As Award-Profitable Pool Firm’s Premises Go Up For Sale
A converted character warehouse that houses an award-winning swimming pool supplier and a major brand clothing retailer has been put up for sale.
24, McColl Street
The property at 24 McColl Street in Newmarket has been fully leased to Auckland-based pool specialist Executive Pools and fashion and sportswear company True Alliance for over a decade.
Located amid cafes, boutique business premises and residences in Newmarket’s vibrant Roxburgh Hub, the property consists of a two-story, self-contained commercial building with separate leases on each floor. It generates a total of $ 137,825 net rental income plus expenses and GST per year.
Executive Pool Shop Limited has occupied the 209 square meter ground floor with a showroom and offices since 2009. Founded in 1984, the company is considered the market leader in the concrete swimming pool industry. The special offer, including pool design, construction and renovation, and product deliveries, has received multiple awards from the New Zealand Pool Industry Association.
Earlier this year, the company expanded its valet and service arm by purchasing the Naked Pool Company, which has been a tenant on the ground floor of 24 McColl Street since 2009.
The Executive Pool Shop lease generates annual net rental income of USD 66,380 plus expenses and GST for a lease until 2023 with a further three year extension right. The lease includes two-year market rent reviews.
Around 260 square meters on the first floor serve as the office base for the large clothing retailer True Alliance (NZ) Limited, whose lease also dates back more than a decade.
True Alliance is one of the largest distributors of fashion clothing, sportswear and shoes in Australasia, trading with global brands such as Lacoste, Speedo, Teva, The North Face, UGG and Wrangler. Founded in 1982, the company is headquartered in Sydney and has offices, retail stores and showrooms in Melbourne, Brisbane, Adelaide and Auckland.
The company pays an annual rent of $ 71,446 plus expenses and GST for its 260 square feet of first floor space.
The property and building at 24 McColl Street, Newmarket are now open for sale by closing the tender on December 3rd (if not previously sold) via Bayley’s Auckland Central.
Sellers Cameron Melhuish and Ben Wallace said the roughly 469 square foot building was on roughly 322 square feet of flat land.
Originally built in the 1950s for industrial warehouse and office space, it was significantly converted into higher quality commercial space around 12 years ago. The two levels were divided into separate tenancies, while maintaining the character of the building.
The McColl Street building has an initial appraisal rating of 70 percent of the new building standard, Melhuish said.
“The ground floor, in which the executive pools are located, consists of an office / exhibition room with an open character. It has a meeting room off the main entrance on McColl Street with toilet and shower facilities in the back.
“The first floor is currently rented monthly. It is largely open plan with office and meeting areas as well as storage space and a deck at the rear. The amenities include a kitchen, two toilets and a shower. This room exudes character with polished concrete floors, exposed concrete pillars, beams and timber frame roofs and a tall stud, ”said Melhuish.
“This short-term lease on the upper floor offers opportunities for commercial owner-occupiers or potential residential use.”
The 24 McColl Street location is part of an area that is being expanded through the zoning of the Business Metropolitan Center under the Auckland Council ‘s unified plan. This enables intensive development opportunities up to a maximum height of 72.5 meters.
“Newmarket will be a major growth hub for the city. The Auckland Unitary Plan introduced more zoning for many properties and encouraged the development of substantial buildings with greater footprint and height, ”said Melhuish.
Mr Wallace said growth in the area will be further supported by Auckland University’s Newmarket campus project, located about 200 meters from McColl Street. This would mean that the 5.2 hectare former Lion Brewery site would develop into a mixed-use campus with student accommodation over the next 25 years.
“Newmarket is one of New Zealand’s premier retail and office districts. World-class shopping attractions include top local and international brands, and the region has received a huge boost from the major expansion of Westfield Mall on Broadway, ”said Wallace.
Wallace said Newmarket was also home to a growing list of large corporations including Fuji, Xerox, Mercury Energy, 2degrees, and Watercare.
“The McColl Street site has convenient transport links, as it is right on the busy Khyber Pass Road and a freeway entrance is only three minutes away by car. It’s a short walk from two train stations and the area is served by several bus routes.
“This property has the added charm of being in the coveted Double Grammar Zone for enrollment in Auckland Boys and Auckland Girls high schools, and close to other world-class secondary schools such as St. Cuthbert’s College and Diocesan School for Girls.” his, “said Mr. Wallace.
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