Strategic Northcote property with upside potential

5:00 AM Saturday August 1, 2015 Colin Taylor

The standalone office and warehouse for sale at 33 Woodside Avenue, Northcote.

A standalone road frontage office and warehouse building in Northcote on Auckland’s North Shore with significant rental upside and flexible lease options is for sale as part of Barfoot & Thompson newly released Insite portfolio.

“This is a superbly located three level property built around 1963 and comprising a mixture of warehouse, showroom and office uses,” says Tim Bibby of Barfoot & Thompson North Shore Commercial who, with colleagues Gary Seekup and Bruce Jiao, is marketing the property for sale by auction at 10.30 am on Thursday, August 20, at the agency’s Shortland St offices.

Bibby says the freehold property is on one title and has a total building area of 546 sq m on an 830 sq m site. It is zoned Business 9 under the Auckland Council’s Operative North Shore District Plan which permits a wide range of moderate to low intensity employment-generating business activities.

Bibby says the property earns total holding income of $31,855 per annum plus GST and outgoings.

“The ground floor potential retail area of 248.8 sq m is vacant. Manzana Ltd leases the first floor office area of 52 sq m and also the 245.2 sq m lower ground area for a total $25,000 net per annum. The firm has a one year lease commencing February 15, 2014 with two one-year rights of renewal and annual rent reviews.

Vodafone leases the roof for aerials at $6855 net per annum commencing from August 5, 1996 for a five year term. The lease provides for three five-year rights of renewal and rent reviews five yearly.

Seekup says the property is on the eastern side of Woodside Avenue. “It has a prominent road front position with Woodside Ave able to be accessed from either Onewa Rd or Kanawa St which runs off Lake Rd in Northcote. This location allows easy access to and from the Northern State Highway One motorway or south across the Harbour Bridge to the Auckland CBD. and also to nearby Takapuna and the greater North Shore - including the Birkenhead shopping centre and the Wairau Valley industrial area.”

The site is rectangular parcel with a frontage to Woodside Avenue of 18.25 metres and an average depth of 45.5 metres. It slopes below the road front gently initially and then more moderately to the rear allowing for the extra level of warehouse under the ground floor level.

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An office within the commercial building for sale at 33 Woodside Avenue.

Jiao says an initial evaluation procedure (IEP) has recently been conducted on the building which resulted in an assessment at 65 per cent of new building standard (NBS).

“The ground level is a flexible mix of showroom, reception area, office and storage warehousing with medium stud height,” he says. “The reception entrance is carpeted and has a standard height ceiling in place. Two offices are on the sunny north facing side of the building accessed off the main timber floored showroom, storage, warehouse area which has a garage styled roller door access to the car park, toilet and shower and an area partitioned off with kitchen amenities. Upstairs are two well presented offices which have good natural light.”

Jiao says the lower level of the building has separate toilet and kitchen amenities. It is essentially low stud storage and workshop space but has an area that has been carpeted and converted to a presentation or board room and lounge area.

A tarmac-sealed car park is accessed from a tar-sealed lane on the southern side of the property providing entry to the lower ground loading dock and up to another six stacked car parks. Another 10 informal car parks are on the northern side of the property.

General construction is of concrete foundations, concrete and timber floors, concrete block, timber and Shadowline Fibrelite walls, timber and gib-board walls; timber and aluminium joinery and Super 6 and Longrun roofing.

“This Northcote location has grown in popularity with many businesses which include Navman New Zealand and Filtercorp International,” Jiao says. The property is also close to the Onepoto Domain and Little Shoal Bay and Reserve.

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From left to right: Tim Bibby, Gary Seekup and Bruce Jiao of Barfoot & Thompson.