Long-time law firm makes a top tenant
Law firm Daniel Overton & Goulding has operated from 33-35 Selwyn St, Onehunga, since the early 1970s.
An Onehunga property with longer term development potential, occupied by of one of Auckland’s longest established suburban legal practices, is up for sale.
The firm, Daniel Overton & Goulding, has been in practice at 33-35 Selwyn St since 1973 and signed a new six-year on the 562sq m building on August 1, with a six-year right of renewal.
Marketing agent Nigel McNeill, Bayleys Auckland, says the building is on a large, under-developed site comprising 1272sq m of land in two titles. McNeill and colleague Meredith Graham have the property up for auction on September 21, unless it is sold earlier by negotiation. It is part of Bayleys’ latest Total Property portfolio.
“This property is an exceptional investment opportunity generating net annual rental income of $170,000 — with the bonus of fixed annual rental increases of 2 per cent,” McNeill says. “It is a low-maintenance, solidly constructed single-level commercial building with a Grade A seismic assessment.
“Because it is a straightforward single-level structure, both operating expenses and the tenant’s total occupancy cost are low.
“The legal practice remains committed to Onehunga, which under the unitary plan is regarded as one of Auckland’s future growth hubs.
“However, investors looking for opportunities to add value longer-term will recognise the site is under-used, with significant future development potential.”
McNeill says this potential will be enhanced by the property’s Town Centre-Onehunga zoning under the Proposed Auckland Unitary Plan.
This provides for some buildings of between four-to-eight storeys to create increased office and particularly residential living opportunities on upper floors. This site’s height limit is 24.5m, or six storeys.
It would be well-suited to a mixed-use redevelopment in the medium to longer term, as it has three street frontages and is close to Onehunga Mall, the main bus terminal and the railway station, says McNeill.
Daniel Overton & Goulding was established by Maurice Daniel and Tom Overton in 1947, following their return from service in World War II. John Goulding became a partner in 1964.
Current partner Tim Goulding says the firm was once among a handful of suburban legal practices providing general legal services.
An interior view of the lawyers’ offices.
“It flourished along with the communities it served: the strong Onehunga/Penrose industrial area; South Auckland — particularly around the airport; — and nearby suburbs such as Mt Roskill and Hillsborough.”
The partners in the firm bought Daniel Overton & Goulding’s present site in the early 1970s.
The premises they built was designed by Hoadley Budge, and received an architectural commendation. The practice initially shared the building with accountancy firm Randerson & Randerson but as both businesses grew the latter moved on to its own premises.
The building is solid — with concrete footing foundations, concrete slab floors and predominantly concrete-block masonry on external and internal walls.
Aside from an additional small office area, Goulding says no substantial alterations have been made since initial construction. However, refurbishments have included new carpets, a new roof, internal refitting and repainting.
Daniel Overton & Goulding opened an office in Pukekohe five years ago but Goulding says the Onehunga office with 25 staff will remain its main base.
“The property and the firm have distinct ownership structures. With a couple of partners having a stake in the property now close to retiring, it was felt now is a good time to sell.” The practice has paid a market rent for the building for many years and will continue to do so under its new ownership.
“Daniel Overton & Goulding is committed to maintaining a strong long-term presence in Onehunga. The area is set for an exciting period of growth and the firm looks forward to being part of that.”
The property has 20 carparks for clients and staff directly in front of the main entrance to the building.
Graham says there is a council carpark to the rear of the site which provides additional short-term free parking.
“There is has easy access to the nearby south western motorway, which will shortly be linked to the north western motorway via the new Waterview tunnel,” she says.