A modern multilevel office building for sale in a high-profile North Shore location offers a solid split-risk investment anchored by a government tenant.
Colliers International has been exclusively appointed to market 102 Rosedale Road in Albany, Auckland, for sale by deadline private treaty closing at 4pm on Thursday, 26 October, unless sold prior.
Built within the last decade, the standalone office building offers a net lettable area of 2,100sq m, currently split into four tenancies.
Colliers International North Shore Commercial Manager Janet Marshall says the property is superbly located on a prime 2,552sq m freehold site at the top of the popular Interplex commercial precinct.
“This split-risk commercial investment will suit the astute investor looking for a tenanted investment to be proud of,” she says.
“Built on an elevated site with huge road front exposure to one of the North Shore’s main arterial routes, the property offers views of the adjoining council reserve and excellent profile to Rosedale Road and the Northern Motorway.
“Anchored by a government tenant, the property currently returns a net rental income of $616,212 per annum plus GST.”
Marshall says it is a chance to acquire a high-quality, modern office building at a time when Colliers International research shows suburban office vacancies are at record lows.
“Positive demand and relatively little recent development have made offices in areas like Albany increasingly sought after,” she says.
“The wider area’s well-established mix of industrial, commercial and retail space enjoys strong demand from both investors and tenants.”
Marshall says the location benefits from its proximity to the Westfield Albany shopping centre, Sky City Theatre complex, North Harbour Stadium and Massey University.
“It is also well serviced with cafes, restaurants, bars, gyms and a diverse range of businesses.”
Colliers International North Shore General Manager Jimmy O’Brien says the property offers huge exposure to Rosedale Road – one of the North Shore’s main arterial routes, which links Albany to the East Coast Bays.
“The property is only 500m east of the Northern Motorway interchange, putting it within 15 minutes’ drive of Auckland CBD outside of peak times,” he says.
“As well as its convenient motorway access, the property benefits from proximity to good labour supply and ample supporting industry in the area.
“The surrounding area boasts a number of substantial publishing firms and warehouse operations, alongside a number of smaller operations in multi-tenancy complexes, similar to the property for sale.”
Developed by Northbridge in 2008, the three-level building comprises a secure basement car park, two adjacent office tenancies on the ground floor, and a single upper floor office tenancy.
Zoned General Business under the Auckland Unitary Plan, the property offers a total of 65 car parks.
O’Brien says the building’s attractively designed exterior boasts a number of angled concrete columns that provide a strong vertical focus.
Colliers International North Shore Broker Nick Recordon says the building is constructed of reinforced concrete foundations and floor slabs throughout.
“Structural framing includes a combination of steel and concrete columns and beams, with an internal service core of concrete panels and blocks,” he says.
“The roofing is low pitch long run steel laid over a steel structural frame.”
Internally, the building mostly comprises plasterboard walls and suspended tile ceilings.
“The main entrance foyer and amenities feature tiled floors, while the office areas have commercial-grade carpets,” Recordon says.
“Air conditioning is by way of fan coil units concealed within the ceiling cavity, linked to external heat exchanges.
“Lighting is provided by flush-mounted fluorescent light fittings in the offices, and recessed downlights in the amenity, central service and lobby areas.”
Recordon says the building’s anchor, a government agency, occupies two tenancies equating to over 60 per cent of the premises.
The larger of the two tenancies, with a net lettable area of 1,117.50sq m, has five years and two months remaining on its current term, with a four year right of renewal and a final expiry of 30 November 2026.
With a mix of gross and net leases, the property returns a current net income of $616,212 per annum plus GST.
“The multiple leases offer investors an excellent split-risk option during a period of record low office vacancy,” Recordon says.