Fully leased Manukau office building with significant nearby amenity

22 Amersham Way  hero

A fully leased office building anchored by a long-term government tenant is for sale in the Auckland growth hub of Manukau.

Situated in the heart of Manukau’s office precinct, 22 Amersham Way is a four-level commercial building that is prominently positioned on a freehold corner site.

The building is occupied by five tenants with an average weighted lease term of 4.3 years, returning a net passing income of $708,636 plus GST per annum.

Colliers International’s Capital Markets and Investment Sales teams have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 15 July, unless sold prior.

Jason Seymour, Capital Markets Director at Colliers, says it is a chance to invest in an outstanding location.

“Manukau is one of the fastest-growing areas of Auckland with significant residential, commercial and infrastructure development in the pipeline.

“The property for sale is superbly located at the centre of Manukau’s commercial precinct, a short 250m walk from the Manukau Train Station.

“This is a major advantage to the property, with regular train services operating between Manukau and Auckland’s CBD via many popular eastern and central suburbs.

“The property is also a short walk from the recently upgraded Manukau Bus Station, which is the heart of South Auckland’s transport network, hosting most of the buses connecting surrounding suburbs.

“This proximity to the bus and train stations – as well as to the nearby State Highway 1 and 20 motorway interchanges – makes the property highly accessible and convenient for tenants.”

Matthew Barnes, Director of Colliers’ South Auckland Investment Sales team, says the property comprises a multi-level commercial building with a net lettable area of 2,874sq m.

It is situated on an 854sq m freehold site with Business - Metropolitan Centre zoning, allowing for mixed-use development of up to 72.5m in height.

There are seven covered on-site car parks, as well as 24 car parks leased from Auckland Council.

Barnes says the property returns a solid split-risk income stream from a diverse tenant mix.

“The property is anchored by the Ministry of Justice, providing the security of a long lease to a government tenant.

“The remaining tenants include two tertiary education providers, NZSAF and Workforce Development, as well as market expansion services provider DKSH, and business consultancy company Duco.”

The Ministry of Justice occupies 949sq m on the ground floor and part of the first floor; Duco occupies 393sq m on the first floor; Workforce Development and DKSH occupy 430sq m and 332sq m respectively on the second floor; and the New Zealand School of Art and Fashion (NZSAF) occupies 770sq m on the third floor, as well as holding signage rights.

The leases have a mix of fixed, CPI and market rental reviews, with final expiry dates between December 2022 and December 2037.

Blair Peterken, Director of Colliers’ Capital Markets team, says the property has an attractive street frontage with a bold corner profile.

“Built in 1986, it is constructed of concrete with aluminium joinery and is serviced by a single 13-person Kone passenger lift.

“The property is accessed via a raised pedestrian entry on the corner of Amersham Way and Davies Avenue, with vehicular entry via a laneway.

“All four levels are air conditioned and have similar fit outs with carpeted floors, glass partitioned offices and meeting rooms, and kitchenettes.

“Each tenancy is swipe card access controlled and has shared use of common area facilities, including recently upgraded bathrooms on each level.”

Ronal Prasad, of Colliers’ South Auckland Investment Sales team, says the property stands to benefit greatly from Manukau’s increased accessibility and exposure.

“Manukau’s growth is evident from the substantial amount of residential development underway in the area.

“New developments in the area include the 17-level Lakewood Plaza apartment building and a new neighbourhood of up to 400 homes on Barrowcliffe Place.”

Prasad says Manukau is Auckland’s second largest metropolitan centre, outside of the CBD, with a strong civic, administrative, educational and retail focus.

“The Transform Manukau programme, led by Auckland Council development agency Panuku, aims to build a strong, permanent residential population of 10,000 people in central Manukau.

“Panuku is also working closely with central government to achieve coordinated investment in housing, education, health, transport, and public and community facilities in Manukau.” 

Related Experts

Jason Seymour

Director | Capital Markets

Auckland CBD

Jason has 29 years international experience in commercial sales, tenant representation, lease negotiation, corporate real estate strategy development, property management and building services design.

Jason joined Colliers International in 1991 to establish the engineering division in the Wellington office, and took on a national engineering role in 1993, incorporating the Wellington Property Management division in 1994. Jason transferred as a Director to the Colliers International Bangkok office in 1996, and in 1998 returned to Auckland to take up a role in commercial leasing brokerage, where he was consistently one of the top four leasing brokers in the market. In late 2005, Jason transferred to the Corporate and Institutional Sales team, specialising in sale and leaseback strategies, land development and large corporate sales.

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Matthew Barnes

Director | Investment Sales

Auckland South

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Blair Peterken

Director | Capital Markets

Auckland CBD

After more than a decade in Australia’s highly competitive commercial property sector, Blair joined Colliers International NZ as Director in the Capital Markets team in April 2017.

Specialising in the sale of larger commercial assets and mixed-use sites around New Zealand, Blair brings a high level of energy and diligence to the industry. His extensive knowledge and educational background ensures he is well-equipped in progressing and developing the Capital Markets team.

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Previous Experience

From 2014 – 2017, Blair was Director and Head of JLL’s South Sydney office where under his leadership, the company  grew from third to first in the South Sydney market in both leasing and sales. In 2015 he was the company’s highest fee earner across the Australian industrial business. Blair specialised in the sale and leasing of larger industrial and commercial assets including mixed-use development sites within the South Sydney market.

Prior to this he was Head of Industrial, South Sydney at CBRE. While at CBRE, Blair won the prestigious Circle of Excellence Award twice for his performances and was highest fee writer in the South Sydney office in 2012 and 2013.

Peterken’s top transaction while in Sydney  was the 2014 sale of a 4.9ha business park in Rosebery, South Sydney to Meriton Group  for A$190,000,000

His two biggest leases were the single largest leasing transactions in South Sydney in their respective years. In 2011, he leased a Goodman-developed, 12,400sq m warehouse and office in Mascot to logistics company Toll, and last year, he leased a Meriton-owned 22,000sq m site in Pagewood to WSI Logistics.

 

A selection of notable sale transactions:

  • Sale of St Kentigern Girls School, Remuera - $40,000,000 +
  • The General  Buildings, 29-33 Shortland Street, Auckland - $42,000,000
  • 110 Symonds Street, Auckland - $38,500,000
  • 1-55 Rothschild Ave, Rosebery - $190,000,000
  • Central Park Business Park,  Greenlane - $209,000,000
  • Bunnings Hamilton South - $25,100,000
  • The Warehouse, Blenheim - $16,380,000
  • NZI Centre, Auckland - $63,000,000
  • Royal Heights Shopping Centre, Auckland - $17,000,000
  • 75 Karangahape Road, Auckland - $23,300,000
  • 5 Nelson Street, Auckland - $9,000,000
  • 66-80 Broadway, Newmarket - $65,000,000

 

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Ronal Prasad

Broker | Investment Sales & Leasing

Auckland South

Highly motivated in a high-performance property industry. The entire skill set is devoted to crafting and delivery solutions to meet client property needs at Colliers. Our philosophy– think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of our clients.

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