Three’s company in this Ellerslie sale
Street level view of 49 Main Highway, Ellerslie depicting three building complex for sale.
The sale of three interlocking buildings with a total net lettable area of 5131 square metres on an Auckland arterial route in Ellerslie is expected to attract family, institutional and overseas investors, or perhaps a syndicator.
Known as the Trends Centre, the complex was originally developed to accommodate Trends Publishing, the property magazine company.
“This property is held in two unit titles,” says John Binning of JLL who, with colleague Ian Hall, is marketing 49 Main Highway for sale via expressions of interest closing on September 6.
“It is a strata-titled development made up predominately of office space, with a cafe at ground level,” says Binning.
The three interlinked buildings occupy a 3209sqm site fronting onto Main Highway while tenants at the rear of the property have a pleasant outlook over the playing fields of Ellerslie Primary School.
Unit A is a 3308sqm building at the western end of the site, which was constructed in the early 2000s. It has two levels of secured basement car parking for 127 vehicles, with two levels of office space. There are apartments on the top floor, but these are on a separate title and not included in the sale.
“The Unit A building features large office floorplates, a modern design and plenty of natural light,” JLL agent John Binning says. “It has a modern lobby and impressive feature atrium entrance with two lifts.”
Unit I is an 1824sq m building at the eastern end of the site comprising the original structure and provides character office space that was extensively refurbished in the 1990s.
Sitting alongside is ‘the annex’ – a four-level structure built in the early 2000s and having ground floor retail space and office accommodation with another three floors of office space above.
Aerial view of three interlocking buildings for sale at 49 Main Highway, Ellerslie.
Eight outdoor carparks are in front of the café and annex, giving space for 135 vehicles in total.
Hall says the Trends Centre is home to a range of design, technology and professional service tenants. “These include businesses such as Yellowfox, a highly respected interior design company; and Soltius, a New Zealand-owned IT consulting firm providing SAP solutions. Another tenant is Beko, an international home appliance and electronics brand which is the second largest brand in whitegoods in Europe,” Hall says.
“PRGX New Zealand is also a tenant here - providing recovery audit and results-based transaction assurance services to leading corporations in New Zealand.
“Another very popular tenant is Café Trends which has occupied the ground floor for many years, catering to the building’s office workers and to local Ellerslie residents.”
Hall says the building is in a strategic and high profile location. “It is on the main road route between Newmarket and Ellerslie, and the Ellerslie train station is just 400 metres or a five-minute walk away. Regular bus services stop right outside the property’s front door.
“Next door is the Millenium Centre, home to Mighty River Power, Bridgestone and Toyota Finance. The adjoining Millenium Centre Phase 2 business park is home to American Express International and Spotless Services. Stanway Business Park and Central Park are also just minutes away,” Hall says.
“Being next door to the Millenium Centre means there is a childcare operator, gymnasium and several food and beverage operators on the doorstep. The specialty shops and cafes of Ellerslie village are also just a five minute walk over the bridge.”
Under the Proposed Auckland Unitary Plan, notified in 2013, the site was zoned for Light Industry. However in the recently released recommendations by the Independent Hearings Panel, it is zoned Mixed Use.
“The property will appeal to family, institutional and overseas investors or perhaps a syndicator,” Binning says. “There is opportunity here with some leases due to expire in the next couple of years, to reconfigure leases and fill vacant space.”
John Binning (left) and Ian Hall (right), of JLL