The commercial building at unit 1 2 Fencible Drive is located in a terraced block of shops in Auckland's eastern suburb of Howick.
The premises encompass a commercial indoor swimming pool and associated amenities used to teach swimming for beginners right through to those training for a spot on New Zealand’s Olympic squad.
The building and pool is leased by Swimgym, the swim school arm of the Howick Pakuranga Swim Club, on a long-term tenancy which has been renewed early and extended. The property comprises 497 square metres of floor area.
A new eight-year lease to Swimgym starts on November 15, raising the existing income of $130,989 + GST a year to $135,000 + GST when the new lease kicks in. The new lease comes with two yearly rent reviews set at the Consumer Price Index plus one percent.
There unit comes with four covered and secure carparks leased on casual terms.
The freehold unit is now being marketed for sale by auction at 11am on June 26 by Bayleys Manukau. Salespeople Dave Stanley and Geoff Wyatt said the property was an excellent bottom draw investment opportunity.
“Swimgym is a well-established tenant and the property offers buyers a long-term passive income with built in rental growth” Mr Stanley said.
“The tenant has invested significant dollars in the swim school's fitout.”
Sitting in single unit at ground level with apartments above, Swimgym is a service provider for the John Walker Find Your Field of Dreams programme, which gave at least seven free swimming lessons to 19,054 aquatic activity beginners in South Auckland last year.
With access to 108 swimming teachers, Swimgym is recognised by Swimming New Zealand and the Swim Coaches and Teachers Association as a gold-quality swim school, and its programme is at the ‘pointy end’ of innovation for swimming and water safety lessons. All of Swimgym's profit goes back into the community.
It also links into the Olympic and World Championships with some of its elite swimmers set to go to July's World Championships in Budapest.