Albany units likely to be snapped up

12:00 PM Wednesday March 11, 2015 Colin Taylor

The entrance to 29 Apollo Drive, Albany in which units 202 and 203 are for sale by auction.

Two Albany office units with a long term tenant in the heart of an expanding commercial district on the North Shore will go under the hammer at the beginning of next month.

The stratum in freehold titles for units 202 and 203 within the Apollo Tri Centre at 29 Apollo Drive will be sold individually to the highest bidder, says Dave Lane of NAI Harcourts North Shore Commercial who is marketing both properties for sale by auction at 11 am on Wednesday April 1 at the agency’s auction room at 128 Hurstmere Rd, Takapuna.

Lane says that the units could be snapped up by a single buyer or may be sold separately.

“We expect to see a lot of interest in these properties because they will appeal to a range of different purchasers from first time property investors through to those with more substantial portfolios.”

He says the business in units 202 and 203 has just signed a five year lease commencing April 1.  

“Having a tenant committed to occupying the property, coupled with Auckland’s strong business outlook and the low interest rate environment, gives the purchaser or purchasers a degree of surety around this potential investment,” Lane says. 

“Modern office units are ideal for investors looking for a solid, long-term investment in an increasingly competitive commercial market and with intense competition being a feature of today’s commercial investment market, these properties present a rare opportunity for investors to start or expand their property portfolios.”

The units are located within a modern standalone three-level office building at 29 Apollo Drive which contains five units - two on Level One and three on Level Two. Units 202 and 203 are on the top floor.

“This impressive development built around 2006, includes lift services, air conditioning and features a landscaped outside entertainment and recreation area.” Lane says.

“The rear of building has a northerly aspect that provides good natural light that is tempered by curtain wall glazing.”

He says tenants and visitors to 29 Apollo Drive have the benefit of secure and mainly covered car parks and enter through executive foyers on both levels via elevator and stairwell.

Unit 202 has an area of about 281 sq m and is positioned to the eastern side of the top floor of the building. It has four internal offices with the balance of the space open plan.

Unit 203 of around 285 sq m is located on the southern side of the top floor of the building. It features a reception foyer, a series of perimeter offices and a central open plan area. The unit has a generous kitchen and staffroom that is shared with the occupants of unit 202.

“Both units include ownership of convenient ground level secure storage rooms which are a big advantage for tenants requiring a high grade office needing storing facilities for equipment and supplies.”

The net rent earned by Unit 202 is $77,919 plus GST per annum while Unit 203 generates annual income of $78,836.00 plus GST per annum. The tenant pays all outgoings.

“The property is in the Albany Heights Business Park within the Mairangi Bay and North Harbour region close to the Albany commercial centre, the Wairau Valley industrial area and the State Highway One motorway.”

Surrounding developments include good quality factories and warehouses along with office and retail developments on Apollo Drive, Arrenway Drive and Triton Drive.

The units currently sit within a Business 7B zoning but under the Proposed Auckland Unitary Plan, the land is zoned Light Industry for light industrial activities that do not generate objectionable odour, dust or noise emissions. This includes light manufacturing, production, logistics, storage, transport and distribution activities.

Lane says the area is a relatively new, but well-established business locality in the heart of an urban development that is undergoing rapid expansion.

“This area has seen increasing development over the past few years and with Auckland’s population continuing to grow at record levels, both commercial and residential expansion looks set to continue,” says Lane.

“Such ongoing growth will reassure investors about strong positive yields for the long term.”

 “These are very high-quality office units with a stable long-term tenant in a building that is set amid an area of expanding urban development.

“The North Shore is one of New Zealand’s premiere locations to live, and with a shortage of inventory in Auckland, development in the area looks set to take off over the coming years.

“Demand for commercial investment opportunities is strong right now and auctions are the best way to bring all the interested parties in a room together to determine the real market value of a property,” Lane says. 

What’s on offer?

The property: Two modern Albany office units.

Location: Units 202 & 203 at 29 Apollo Drive.

Agency: NAI Harcourts North Shore Commercial.

Sales method: Auction at 11 am, Wednesday, April 1.

Where:128 Hurstmere Rd, Takapuna.

Features:

  •          Within modern three-level complex.
  •          On stratum in freehold titles.
  •          For sale individually.
  •          Committed and established tenant.
  •          Ground level secure storage rooms. 

True Commercial - Dave Lane, NAI Harcourts North Shore.jpg

Dave Lane of NAI Harourts.