New Ellerslie building with high exposure

5:00 AM Wednesday March 30, 2016 Colin Taylor

An artist’s impression of the completed three-level office building at 45 Wilkinson Rd, Ellerslie.

A three-level high-profile Ellerslie office building that will be have exposure to over 200,000 vehicles passing daily on State Highway One and along the Ellerslie-Panmure Highway is under construction and is now being marketed for sale.

Designed by Team Avery Architects and developed by RHS Development, earthworks have commenced on the property at 45 Wilkinson Rd, Ellerslie, with construction expected to be completed mid-2017.

“This sale presents an opportunity for both owner-occupiers and investors,” says Charlie Oscroft, investment sales director for Colliers International who, with colleagues Gareth Fraser and Kris Ongley, is marketing the property for sale by deadline private treaty closing on April 28 unless it sells earlier by negotiation.

The commercial building, being constructed on a 938sq m freehold site, will have 1039sq m of office space over two levels of just over 500sq m each along with 34 carparks on the ground level.

Fraser says the building will features high-end specifications and finishings. “It will have a minimum three metre stud height, private north and west-facing balconies and floor-to-ceiling glass on three sides.

“It also includes seamless lift access from secure ground floor car parks to offices, as well as beautifully-landscaped gardens.

“The building will be sold with vacant possession and has an assessed market rental value of about $488,000 per annum net plus GST,” Fraser says.

“It sits on the same site as the prominent Ellerslie Junction development due for completion next year but has its own fee simple title.”

Ellerslie Junction comprises a 28-suite office development with commercial strata units ranging in size from 108sq m to 400sq m. The project is Stage One of the redevelopment of the wider site on Wilkinson Rd.

“The response from the market has been strong for Ellerslie Junction given a current shortage of high quality units of the size available to lease or buy,” Fraser says.

“Ellerslie Junction is being built to the highest commercial construction standards with security, privacy, quietness, thermal and acoustic efficiencies to all units along with excellent indoor-outdoor flow between private commercial areas and external terraces.

“Materials have been selected for long term durability and aesthetics as well as low maintenance.”

Both properties are situated on a privately-owned section of Wilkinson Rd, a pohutukawa-lined cul-de-sac adjacent to the Ellerslie on-ramp of the southern motorway section of SH1.

“Wilkinson Rd has good access to the Ellerslie-Panmure Highway, the northern and southern motorways, as well as to Great South Road and the Southern Corridor,” says Fraser.

Oscroft says the sale of 45 Wilkinson Rd represents an excellent chance for a purchaser to secure a new commercial property asset in an established area of Auckland where significant development is underway.

“The site’s strategic positioning also offers huge branding opportunities,” Oscroft says.

“Given the current low interest rate environment, there is a strong case for businesses to consider buying over leasing,” he says.

“Office stock in Auckland’s city fringe is extremely limited, which is placing upward pressure on rents across the board. This is a good example of a property well suited to either owner-operators or investors who might have a tenant already lined up.

“The scope for business uses for the property is wide including professional services companies such as law firms and accountancy practices, car showrooms and other businesses seeking significant brand exposure.”

Ongley says the location has excellent transport links to Auckland’s industrial precincts, Ports of Auckland and Auckland International Airport.

“It also appeals to those owners or staff living in the surrounding residential areas including Ellerslie, Remuera, Epsom, and Eastern Bays.”

Nearby amenities and attractions include Ellerslie Village, Ellerslie railway station and the Ellerslie Racing and Events Centre.

“Ellerslie Village is an extremely tightly held retail area that services a large surrounding residential catchment. It is a highly sought after location for both businesses and for residences,” Ongley says.

Charlie, Gareth, Kris.jpg

(From left to right) Charlie Oscroft, Gareth Fraser, and Kris Ongley of Colliers International