Morningside industrials for sale as one lot

4:55 AM Saturday May 28, 2016 Paul Charman

The exterior of the office and warehouse premises at 27-29 Leslie Ave, Morningside.

Two office-warehouse buildings in Morningside are for sale through a tender process, closing on June 22.

Located at 27 and 29 Leslie Ave, they have lettable areas of about 382sq m and 588sq m respectively. Each one is tenanted with its own short-term-lease and a free-hold title.

The building at 27 Leslie Avenue is leased at $44,846 per annum plus GST and expenses while

29 Leslie Avenue generates $65,908 in annual rent plus GST and expenses.

However, rather than being sold individually, Barfoot and Thompson commercial brokers Grant Magill and Murray Tomlinson are selling the two properties as one lot.

They say the land area is about 612sq m for each property, so the combined area is about 1224sq m.

Magill believes the offering represents an excellent package, “because there’s flexibility for either an owner-occupier or investment buyer”.

He says future commercial use is assured as the existing zone is Business 4 and under the Proposed Auckland Unitary Plan (PAUP) the buildings would be included in the Business-Light Industry Zone.

“Leslie Avenue is predominantly residential, having a particular charm which the savvy investor and owner occupier will quickly pick up on,” says Magill.

“A more commercial-style user may see the potential to move the property away from its traditional industrial background to something that is a little more people-focused, thereby really making the most of the residential environment.”

He says the property has live-and-work ability, aided by the presence of “a very comfortable flat with two bedrooms and living space on the first floor”.

TRUE COMM 27 29 Leslie Rd 08.jpg

The interior of the building at 27-29 Leslie Ave, Morningside. 

Leslie Ave runs east-west between Morningside Drive and Sandringham Rd. It is primarily a residential street connecting these two arterial roads, with the two properties for sale sitting adjacent to a residential house (25 Leslie Ave) and additional residential properties just across the road.

“The ever-increasing pressure from the inner fringe suburbs has caused a continual maturing and evolution in Morningside, from the historic light industry, to a more service, showroom and office-based user,” says Magill. “Morningside is the industrial and service pocket that sits midway between Mt Albert and the CBD. New North Rd immediately on the northern border provides the easiest access to the city, while St Lukes Rd to the south side provides east-west access to the greater isthmus.”

Magill says an obvious asset of the area is its excellent transport options, with City Rail passing right through the immediate northern sector of the Morningside industrial precinct. “The Leslie Ave properties would be an easy 10-minute walk to Morningside Station and another 10-minute-walk to the south on Morningside Drive is the Westfield St Lukes Centre, so the location is very sound.”

The buildings share a wall with the property to the rear (28-30 Ethel St). They are built of structural steel, with concrete floors, concrete block and long-run steel cladding and Supersix (asbestos) roofing.