Albany office building a feature in new portfolio
Frontage view of the office building for sale at 2A William Pickering Drive, Albany.
A fully leased, two-storey office building with high quality facilities and services on a corner site facing the Upper Harbour motorway in Albany is among 16 properties featured in Bayleys' latest Greater Auckland commercial and industrial portfolio scheduled to go under the hammer early next month.
Located at 2A William Pickering Drive, the 1040 sq m building will be auctioned on July 1, unless sold earlier by negotiation.
“This is an excellent opportunity to secure an exceptionally well-maintained and strategically located standalone investment property,” says Chris White of Bayleys North Shore Commercial who is marketing it with colleagues Tonia Robertson and Eddie Zhong.
The property is leased to DynaSpeak Limited, an English language school which is part of Government funded Te Wānanga o Aotearoa, one of New Zealand’s largest tertiary institutions. The current lease, which commenced in 2010, runs until April 2019 with three two-year rights of renewals and is producing net annual rental income of $223,548.
White says the property has delivered consistent rental growth for its owner and is currently producing $220 per sq m from its two levels of accommodation and $20 a week for each of 45 car parks. The DynaSpeak lease has two-yearly rent reviews to market, with the next reviews due in 2016 and 2018.
DynaSpeak operates English language courses from six locations in Auckland targeted predominantly at adult students including international students and recent immigrants to New Zealand. Founded in 1983, Te Wānanga o Aotearoa delivers a range of education programmes to more than 30,000 students a year, operating from over 80 sites across New Zealand.
The building was constructed approximately 16 years ago by North Shore development company Jonmer Group for the BNZ, with banking chambers on the ground floor and offices above. There is also a 50 sq m canopy along one side of the building designed to provide one of New Zealand’s first drive through banking facilities and which is now used for covered car parking.
There is another smaller canopy covering the entrance to the building which is provided through automatic doors. Both floors have a mix of open plan and partitioned offices and classrooms with a two-storey atrium at the front corner of the building enhancing its natural light.
Elevated view of building depicting setting on a corner site facing the Upper Harbour motorway.
“This is a very well presented, modern commercial building which has been developed and maintained to a high standard,” says White. “Close to $230,000 has been spent by the landlord and tenant collectively over the past five years on further upgrades to the building. These have included new air conditioning, exterior and interior painting and fit out alterations to provide special student rooms.”
Robertson says the property’s 45 car parks have a ratio of close to one vehicle space for every 23 sq m of building area leased. “This represents a very generous provision of car parks and is much better than what is being signalled for some proposed new office building developments in Albany. With parking coming under increasing pressure across the suburb, we believe that quality buildings such as this one that offer a good level of parking will have the edge when it comes to attracting tenants.”
In addition to paved parking areas around the building other site improvements include pebble gardens set within large garden boxes along the northernmost side of the property, garden lights, front pylon signage and fencing to one side and along the rear boundary.
Robertson says the property is strategically positioned on the western side of William Pickering Drive with substantial profile to the Upper Harbour Highway. This offers the possibility of substantial advertising and branding to an average of 30,000 vehicles a day passing along the motorway.
“William Pickering Drive is a major road through the North Harbour Industrial Estate, a relatively new but well established business precinct which has a central position in the rapidly expanding Albany area,” she says. “Neighbouring properties are predominantly above average to superior quality industrial and office buildings. Close by are a range of service businesses including cafes, restaurants, bars and shops.
“Public transport services are also nearby with bus stops only a few minutes away giving good access to the property for students attending DynaSpeak classes,” says Robertson. “The nearby southern motorway is also easily accessible via Upper Harbour Drive, or alternatively Tawa Drive, providing a direct link to the CBD and central Auckland while the Upper Harbour Highway connects to West Auckland.”
Zhong says the property lends itself to a range of potential future uses including corporate headquarters, showroom and light industrial purposes.
Tonia Robertson (left) & Chris White (right) of Bayleys.
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