NOTHING BETTER AROUND - LAWYER + MULTINATIONAL
Royal Oak, Auckland City
- Proposed Usage
- Property ID
This is a solid, term investment property with a great future upside.
The present investment position is that the building contains two tenants, one a solicitor, Gandhi Lala, who has been a long term occupant of the site and the other is a publicly listed Australian business, Invocare, on a new 4 year lease term. Invocare operates funeral homes, cemeteries and crematoria around New Zealand, Australia and Singapore. At present they have an active growth strategy for further expansion in New Zealand.
The future position looks excellent. The new allowable development height limits under the Unitary Plan have been a game changer for many Auckland City properties. Nowhere has this effect been more pronounced than with the commercial property owners around the Royal Oak Round-about. The height limit for 725 Mt Albert Road now being increased to 27 metres. This potentially allowing for eight floor levels.
This is an extremely high profile property with very good northern and eastern aspect. It sits right on the Royal Oak round-about and has the real advantage of vehicle access off Symonds Street, which cannot access directly onto the roundabout.
• 569m² land, Business Town Centre zone, 27 metre height control
• Two tenants, net income $87,866 pa + GST
• Building lettable area approx 310m²
• 9 car parks
• Contact the agents for a full Information memorandum