Solid Investment with Guaranteed Annual Growth

Property ID 1714355
Upcoming event
Save this date to My Google Calendar Other Calendar App 30 Aug 2017, 01.00pm
2 Lorne Street, CBD (unless sold prior)

A solid investment of 2 prized properties for joint sale in sought-after Grafton returns a combined $203,500 net pa + GST.

New long-term leases on both properties with unit 14 tenanted by the Body Corporate and unit 15 by Flex Fitness with fixed rent increases every year and a rare clause that ensures rent will never be able to drop.

Over 900m2 of freehold central commercial space leased to quality tenants, this will be hard to find again.
Perfect for family trusts, investors, syndicates and those looking for a low-maintenance investment with growth.

Tenants pay outgoings

* 40m2 (approx) leased to Body Corporate 490569.
* Long-term lease of 21 years and right of renewal
* Market rent reviews
* Property owner levies that are due to a body corporate in effect rank ahead of mortgages so you can feel secure that rent will be paid, on time and in full.

* 876m2 (approx) leased to JZ Fitness Limited (Flex Fitness AKL CBD)
* Strong covenants and personally guaranteed
* 10 year term with right of renewal
* Annual 2% fixed rent increases
* Market rent reviews are by way of a rare hard ratchet clause, which means that at review, the rent will never be able to fall even if the market falls!
* Currently being occupied as a gymnasium, the tenant has put a massive investment into fitout of the space and equipment.

Please contact Jasmine Yao for an information pack, or to book an inspection.
Jasmine Yao
+64 21 0639 849

For Sale by Auction (unless sold prior) Wednesday 30 August at 1:00pm at Ray White, Lorne Street Office, 2 Lorne Street, Auckland CBD.

G14and15,103-105 Symonds Street Grafton ACKLND 1010 NZ
-36.858094 174.763487