Trio of three-level Newmarket office buildings
The big freehold commercial building for sale at 27-29 Great South Rd
A big freehold commercial property in Newmarket encompassing three three-level office buildings on 2644 sq m of land is for sale by tender.
Located at 27-29 Great South Rd, the property is generating annual rent of $367,789 from multiple tenancies with an opportunity to increase this through the leasing up of vacant ground floor space.
Featured in Bayleys’ latest Total Property portfolio, it is being marketed by Mike Adams, Laurie Bell and Sarah Liu who are selling it by tender closing on November 5 unless it sells earlier by negotiation.
Adams says the key attributes of the property include its excellent dual exposure to Great South Road and Ngaire Avenue, having fifty on site car parks and its Mixed Use zoning under the Proposed Auckland Unitary Plan which opens up a wide variety of potential redevelopment options longer term.
“In the shorter term, there are immediate add value opportunities for an investor while the offering could also suit a part owner occupier looking for a ground floor position on a major arterial road,” he says.
The property is in two titles, one encompassing 27 Great South Rd and 2 Ngaire Avenue with access off both streets to 1862 sq m of land and two interconnected buildings having a net lettable area of 1228 sq m. Spanish multinational infrastructure company Ferrovial, with 69,000 employees in 30 countries is the largest tenant in the complex occupying 624 sq m of first floor office space. An area of 209 sq m space on the ground floor is vacant.
The other title at 29 Great South Road comprises a 667 sq m standalone three-level building on a 728 sq m site which is accessed from Great South Road. The 217 sq m ground floor of this building is also vacant.
Adams says the property is strategically positioned between Ngaire Ave and Erin Street in the Great South Road commercial precinct and is also close to the Newmarket retail precinct.
“Great South Road has a large traffic flow providing huge exposure for this property. The area has been designated as a strategically managed growth precinct meaning that high density Mixed Use residential and commercial buildings are encouraged. The property is close to two main railway stations, Newmarket and Remuera, as well as within 500 metres of three major schools – Dilworth, Diocesan School for Girls and Epsom Girls Grammar. This increases the site’s appeal longer term for residential redevelopment
“It is also close to a number of affluent residential suburbs such as Epsom, Remuera, Parnell and Greenlane. Nearby businesses include a number of big name car sales brands, Spacio Casa and a variety of other corporate entities.”
The 1980s’ built office complex has recently undergone an Initial Evaluation Procedure (IEP) seismic assessment which was determined to be 80 per cent of New Building Standard, giving it an A-grade earthquake rating.
Mike Adams, of Bayleys.