"The property and business are therefore well known to locals and a familiar presence on State Highway 17. The dealership is well recognised as being one of the brand leaders for Toyota in New Zealand.
"It benefits from an iconic corner site with excellent visibility, and the tenant has invested considerable expense over the years to ensure the property exceeds Toyota's rigorous standards for the presentation of its dealerships," he says.
The property is leased to North Albany Motors until 2017, with the right to extend for two further terms of six years each.
Net annual rental income is $381,500 and the rent is reviewed every two years, giving the potential for future income growth.
The property houses four main buildings providing around 2100 sq m in total floor area and ample yard space.
The main showroom and office building was constructed in 1992 and is an irregular-shaped, single-level structure featuring extensive glazing.
"The showroom was extensively refurbished three years ago, resulting in a very well-presented and customer-friendly facility," says O'Brien.
Three other buildings are also on site.
Two workshops house modern seven-bay and five-bay vehicle servicing areas and behind the showroom is a 570 sq m warehouse for sales of parts and accessories.
Comfortable customer waiting lounges are also provided in the showroom and service areas.
"Dual street access points from Gills Rd and 'test-drive-friendly' roads surrounding the property further enhance the property's convenience for North Shore customers," O'Brien says.
"The property is located on an easily accessible corner of the intersection of State Highway 17 and Gills Rd, surrounded by other automotive industry occupiers.
"The immediate vicinity makes up an automotive hub, with eight car-dealerships within a stone's throw of each other, so it's well known to locals as a new and used car shopping destination."
