A prominent refurbished office and warehouse building in the highly sought-after city fringe suburb of Grey Lynn presents prospective purchasers with a premier split-risk investment opportunity.
Colliers has been exclusively appointed to sell 7 Burns Street, Grey Lynn, a fully leased two-storey property on a 1,106sq m freehold site.
This corner property is highly visible and has a net lettable area of 1,155 sqm and 23 car parks in one of Auckland’s thriving commercial precincts that has extremely low vacancy rates combined with good future growth potential.
Four tenants provide a total combined rental income of $421,886 plus GST and operating expenses per annum.
The property is zoned Business – Mixed Use Zone under the Auckland Unitary Plan and this designation is typically located around centres and along corridors served by public transport. The zone provides for residential activity as well as predominantly smaller scale commercial activity that does not cumulatively affect the function, role, and amenity of centres.
The property is for sale by deadline private treaty closing at 4pm on Wednesday 1 December, unless sold prior.
“The property recently underwent an extensive refurbishment, including major building renovations internally and externally to a high specification. The project saw either replacement or upgrades to almost every part of the property, including partitioning, flooring, glazing, HVAC and security, as well as the resealing and repainting of the two separate car park areas,” Seymour says.
“The resulting finish is of a high standard both inside and out, with superior industrial-feel office space on the upper level and a mixture of industrial-feel office and warehouse on the lower level. The building has been finished with a striking modern exterior featuring cedar panelling and painted block walls.”
Grey Lynn is one of Auckland’s oldest inner-city suburbs and remains a highly desirable place to live and work given its easy access to the CBD and neighbouring suburbs Ponsonby and Herne Bay. It is also well-served by public transport links.
Kris Ongley, Associate Director of Investment Sales at Colliers, says the property is strategically located in a very popular part of the city that has experienced tremendous growth over a sustained period of time.
“Burns Street intersects with the busy urban arterial route Great North Road providing excellent connectivity for private and public transport options. In addition, the property is surrounded by a number of local amenities, including a Countdown supermarket, cafes and all that Ponsonby Road has to offer,” Ongley says.
“The property has a strong tenant covenant, and the split-risk nature of this investment that offers steady cashflow will appeal to a wide range of buyers.
“Commercially, the Grey Lynn area is well established and tightly held. The mixed-use zoning of Grey Lynn’s existing, predominantly low-rise, commercial areas offers enormous scope for creative and more intensive development in the future.
“We expect significant interest in this property and encourage all interested parties to do their due diligence and contact the sole agents immediately.”