Maths on striking Grafton building add up
The newly refurbished contemporary office building for sale at 27 Nugent St, Grafton.
A three level Auckland city fringe office building with a striking white external facade has come onto market and is likely to attract an owner occupier or investor looking for a standout property.
“It’s the type of property that will appeal to private and add value investors with a penchant for trophy investments,” says John Davies of Colliers International who, with colleague Kris Ongley is exclusively marketing 27 Nugent St, Grafton, for sale by deadline private treaty closing at 4 pm on Thursday, March 17, unless it sells earlier by negotiation.
The newly refurbished building with a net lettable area of 675 sq m on a 429 sq m freehold site has been comprehensively refurbished..
Davies says the renovation included the addition of a striking, white external facade constructed of solid concrete; the installation of a glass fronted stairwell and a Schindler lift.
“Additional general improvements were made to the building services including the air conditioning, closed circuit TV and other security services. Major structural upgrades also resulted in an A-grade seismic rating,” Davies says.
“The vendors have spared no expense with the overhaul, bringing the building to the highest standard, while also maintaining its strong aesthetic appeal and contemporary design.”
Current tenants and owners, New Zealand owned family business Aspect Furniture, worked with Jasmax Architects to create the new design.
“The vendor has drawn on his extensive experience in construction and as a furniture designer in this design, incorporating shear walls adjoining concrete blocks, honed limestone tile floors, a large feature staircase and stunning granite feature fireplace.
“The pattern on the outer facade is known as a Voronoi tessellation, which uses a mathematical equation to determine its layout. It is also specifically designed to generate light into the building.”
Aspect Furniture is an established business that designs, manufactures and installs commercial interiors and furniture to clients throughout Australasia, including KPMG, Fairfax Media, Rabobank and Zero, Davies says.
“The company employs staff across New Zealand and Australia and the 27 Nugent St office serves as its flagship office and showroom. Their office on the 336 sq m first floor of the building, generates an annual income of $156,000, with an initial lease term of six years and two two-year rights of renewal.”
Davies says the property has a number of add value possibilities. “Significantly a residential level could be added above the top floor and concept plans for this can be provided on request.”
The building is constructed of reinforced concrete foundation, concrete slab flooring on the lower level, entry foyer and office space, pre-stressed floor slabs above, precast concrete feature panels and a long-run Colorsteel roof.
“The first floor is occupied by Aspect Furniture and has been fitted out to a very high standard, including a large gas fireplace, high specification kitchen and a recessed balcony with a built in gourmet barbeque.”
Ongley says the second floor is vacant and ready for fit out.
The site, which sits on the western side of Nugent St, also comes with secure ground floor parking for 12 cars, which have internal access via staircase or lift.
The property is located moments from the Khyber Pass State Highway One southern motorway on and off ramps, two minutes from the northwestern State Highway 16 motorway via Newton Road and two minutes to the north-south State Highway One motorway via Grafton Rd.
“With a combination of the guaranteed income from the current tenant and the opportunity to increase income by way of leasing out the second floor and developing the rooftop, this property represents a complete investment package,” Ongley says.
John Davies (left) and Kris Ongley (right), of Colliers International