12 year lease to premium tenant
289, Great South Road, Greenlane, Auckland City
Price On Application
- Proposed Usage
- Floor Area
- 1775.00 m²
- Property ID
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This newly refurbished, high-profile Auckland corner office with a long-term multinational tenant is on the market for the first time in 14 years.
The Oji Fibre Solutions building features unrivalled fundamentals across all key investment criteria.
It is superbly located and a strategic land holding, with excellent long term add-value and development options.
The 12-year lease commenced on 1 December, 2015, with two six-year rights of renewal remaining. The freehold 1,395sq m property has a net lettable area of 1,774.9sq m, including 29 covered and 30 uncovered car parks.
It is currently returning a passing income $507,563.40 per annum plus GST.
The lease features bond-like characteristics, with fixed growth locked in at 3 per cent per annum. In addition, three-yearly market rent reviews feature minimum growth of 3 per cent and upside, to a cap of 10 per cent each market review.
Great South Road is a key arterial route that connects Auckland’s western and southern suburbs to the commercial precincts of Newmarket, Greenlane and Ellerslie. It offers multiple points of access to State Highway 1. Many main bus routes service the property, while the Ellerslie train station is a short walking distance.
The property is occupied completely by Oji Fibre Solutions (NZ) Limited. The Japanese Government is a key shareholder in the company.
The building has an A-grade seismic rating, meeting 84 per cent of the new building standard.
It was extensively refurbished in 2015, with $2 million invested plus a new tenant fit out.