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Investors embrace opportunity as orthodontists’ premises go up for sale - Bayleys

Contributor:
Fuseworks Media
Fuseworks Media

The freehold land and buildings housing one of Auckland’s leading orthodontic practices have been placed on the market for sale.

The property at 116 Remuera Road, Remuera, lies within an area dubbed the "medical mile" due to its concentration of healthcare-related facilities. It is fully leased to Lumino Dental Limited, trading as Lumino Orthodontists Max & Beresford.

Lumino is New Zealand’s largest dental provider with some 120 practices nationwide. The Max & Beresford practice has been based in Remuera for over 40 years and treats patients from all over Auckland.

The practice serves patients with leading-edge technology such as cone-beam scanning equipment to create three-dimensional scans of teeth and jaws, and the wire-and-bracket-free Invisalign teeth-straightening treatment. It says it is increasingly treating adults as well as children. More than a quarter of its patients are aged over 18, with the oldest being over 70.

Lumino Dental Limited pays net annual rent of $186,310 plus outgoings and GST for the Remuera Road premises. The current lease will ensure its continued occupancy, and Lumino has indicated a willingness to talk to potential buyers about a further lease extension.

The freehold land and buildings at 116 Remuera Road are now being marketed for sale by way of a tender closing on 10 December (if not sold prior), through Bayleys Auckland Central.

Salespeople Mike Adams and Jean-Paul Smit say the property comprises of a building of approximately 289 square metres on some 832 square metres of land incorporating 14 car parks.

Mr Adams said the single-level building was constructed in the 1970s, with further additions made in the mid 1980s.

"The interior is modern, with layout favouring its medical-related use - with a large reception and waiting area to the front, administration areas, an X-ray room and associated storage in the middle, and a clinic room to the rear," said Mr Adams.

"The near-rectangular shaped site rises gradually in contour to the rear. It includes nine open and five part-covered car parks and offers nearly 18 metres of frontage to busy Remuera Road."

Mr Adams said the presence of an established and well-respected medical tenant would make the property an attractive proposition for investors. However, the site also had significant potential for future development in an area targeted for growth.

The Remuera Road property is zoned Business - Mixed Use under Auckland Council’s unitary plan.

"This zoning generally applies to areas around metropolitan centres with good public transport which can support the highest levels of intensification," Mr Adams said.

"With a maximum allowable building height of seven storeys, the zone provides largely for high-density residential living. However, other activities that provide for the social, cultural and economic wellbeing of the community may also be permitted."

Mr Adams said a number of recent projects illustrated the area’s development possibilities.

"A recent residential example is the St Marks luxury apartment complex which launched in 2016 a few hundred meters from the Remuera Road property. The penthouse sold for over $6 million and paved the way for a second stage of the development which is now underway."

Mr Smit said the area was highly sought-after by residents, heightened by its being in zone for Auckland Grammar School and Epsom Girls Grammar School and near elite private schools such as St Cuthbert’s College and Diocesan School for Girls.

The "medical mile" precinct remained popular with healthcare businesses, and had seen the development of a number of medical and healthcare-related facilities, he said.

Those in the immediate vicinity include OneHealth Accident and Medical Care, Remuera Rest Home and Hospital, Dilworth Hearing, Eastwood Orthopaedic Clinic, and Auckland Family Medical Centre.

Mr Smit said the location of the property for sale on the north side of Remuera Road, near the intersection with Beatrice Road, offered exposure to around 8,000 passing cars on an average weekday.

"The site is highly accessible, with buses passing twice an hour. It is a short walk from Newmarket Train Station and just a few minutes’ drive from the Southern Motorway.

"It is also close to Newmarket’s busy retail and office precinct, including the newly-opened Westfield Mall which has an estimated retail catchment of more than half a million people," Mr Smit said.

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