Office building a rarity in the Southern Corridor
Exterior elevated view of two level office building for sale at 590 Great South Rd, Ellerslie.
A centrally located two-level Ellerslie office building is for sale with a high profile to traffic on a major city fringe arterial route, just minutes from the State Highway One motorway and only six kilometres from Auckland’s CBD.
“This property at 590 Great South Road in the Southern Corridor has an excellent road frontage and good on-site parking,” says Ian Hall of JLL who is marketing it for sale by tender closing at 4 pm on Tuesday November 17.
The 1341 sq m building on a 2277 sq m freehold site, encompasses 653 sq m of ground floor office space and a 688 sq m area on the first floor; along with a 158 sq m warehouse and 44 car parks.
Hall says the two level complex has a mix of large open plan areas, smaller perimeter offices, good sized lunchrooms and a spacious boardroom.
The ground floor is vacant and is entered by a double exterior door leading to a common foyer with a staircase and lift to the first floor. Directly off the foyer are two sets of double doors leading to the ground floor tenancy comprising a large open plan area suitable for a showroom or office use with a small warehouse and storage area. The warehouse has a stud height of 4.2 metres, full height roller door access to the front, a concrete lined floor and painted concrete block walls.
“This floor would be ideal for an owner occupier,” says Hall.
Engineering consultancy Candor 3 leases the first floor and 22 car parking spaces on a three year lease paying annual rent of $173,544 with a right of renewal from April 2017. The remaining car parks are leased out separately on a month by month basis.
The first floor opens to a reception and main office area with partitioned offices, meeting rooms and open plan areas. The floor is serviced by ceiling-ducted air conditioning and has suspended ceiling tiles with recessed fluorescent lighting. Both the ground and first floors have individual lunchrooms and amenity areas including bathroom units for the disabled and separate women’s and men’s toilets.
Hall says standalone buildings available for purchase are very rare in the Southern Corridor so the sale presents an exceptional opportunity for investors or owner occupiers.
“Investor interest in this area is continuing to strengthen with properties in other submarkets becoming increasingly difficult to find. With space being upgraded and shrinking elsewhere, we expect owner occupiers and tenants to explore options like this in the Southern Corridor. JLL’s latest research shows a 3.1 per cent increase in rents in the Southern Corridor over the past quarter. Given market conditions and product scarcity we have no doubt that interest in this property will be high.”
Hall says the building was constructed in 1976 with upgrades during 1988 and further refurbishment in 2008. “The building’s ground level was renovated early this year to create a modern open plan office environment.”
The building occupies on a level rectangular lot with dual street entry leading to the front car parking spaces and a building entry canopy.
This site is zoned under Business 4 within Auckland City’s Operative District Plan which permits a wide range of activities.
Neighbouring tenants include the Millennium Commercial Office Development and large companies such as Restaurant Brands, Genesis, Fletcher Building and Fairfax Media. Nearby amenities in the Southern Corridor include cafes, gyms and childcare centres. A train station is close by and the drive to Auckland airport takes about 25 minutes.
Ian Hall, of JLL.