A tenanted retail property in the heart of Glen Innes’ thriving town centre presents investors with a superb opportunity to acquire a hands-free, income-generating asset with long-term development potential, Bayleys brokers say.

Bayleys Auckland Metropolitan Markets associate director Damien Bullick is marketing the property at 154 Apirana Avenue for sale by tender, closing at 4:00 pm on Tuesday, 11th March 2025 (unless sold prior), alongside colleague Alan Haydock.

Bullick says the 1,196sqm (more or less) freehold property is fully leased to Animates New Zealand, a leading pet supplies retailer and veterinary clinic.

“After a decade in residence, Animates has reaffirmed its commitment to the location with a renewed five-year lease term commencing in April 2025, generating a net rental income of $210,000 plus GST per annum, with fixed annual rental increases of three percent providing steady income growth.”

The Animates tenancy is supported by a lease structure that offers long-term security, with two further renewal options extending to 2040.

“The strong tenant covenant gives the property a rare pedigree in this tightly held retail precinct, surrounded by high-profile national and international brands, including PAK’n’SAVE, Harvey Norman, and Chemist Warehouse.

“Its strategic positioning in a superb set to benefit from both residential and commercial growth adds further appeal for investors seeking a reliable income stream and potential future capital appreciation,” Bullick says.

The 662sqm (more or less) building features a well-maintained single-level retail showroom, with a two-level veterinary clinic at the front and on-site parking for 10 vehicles. A generous 24m frontage enhances visibility to passing vehicle traffic while boosting customer accessibility.

Bayleys Auckland Metropolitan Markets senior director Alan Haydock says that beyond its immediate investment appeal, the landholding is zoned Business – Town Centre, allowing for future development up to 32.5m (subject to council requirements).

“As Glen Innes continues to evolve into a higher-density mixed-use suburb, properties with scale, strategic positioning, and growth potential have become increasingly desirable.

“The subject property presents an exceptional opportunity to acquire an asset with strong existing fundamentals while also benefitting from significant long-term development potential to leverage the demand for housing and services in Auckland’s accessible city-adjacent areas.”

Haydock says that Glen Innes has emerged as a key strategic hub in Auckland’s east, with ongoing public and private sector investment driving sustained residential and commercial growth.

Located just nine kilometres from the CBD, the suburb has experienced significant transformation since Auckland Council enacted its Unitary Plan, unlocking intensified land use and medium-to-high-density residential development in accessible suburbs.

“Glen Innes has long been recognised for its connectivity and access to amenities, with the town centre serving as a vital retail and service destination,” Haydock says. “The property benefits from high visibility on Apirana Avenue – the suburb’s main arterial route, with excellent exposure to passing traffic and easy access to public transport links, including the Glen Innes train station.”

“With demand for well-located tenanted investments remaining resilient, this offering presents an outstanding chance for investors to secure a foothold in one of Auckland’s most dynamic city-fringe precincts.

“In a market where investors are carefully weighing opportunities, well-leased assets with strong tenancy fundamentals stand out. With a national brand tenant, built-in rental growth, and future development upside, this property represents the kind of investment that provides both stability and upside – key ingredients for a future-proofed portfolio.”