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Modern Grey Lynn building offers split-risk investment appeal

NZ_AucklandCBD_Communications_Modern Grey Lynn building offers splitrisk investment appeal

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.

Jason Seymour, Director of Capital Markets at Colliers, says the property, which sits on the corner of Burns and Monmouth Streets, is magnificently presented.

“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.”


Related Experts

Jason Seymour

Director | Capital Markets

Auckland

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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Kris Ongley

Associate Director

Auckland

Kris is an Associate Director in Colliers' central Auckland Investment Sales & Syndication divisions.  He has worked professionally in the commercial property industry since 2005 first as a commercial property solicitor in Auckland and Wellington and since 2012 as a broker with Colliers International.

MARKET SPECIALISATION

Kris specialises in the sale of commercial assets and development sites Auckland city's central commercial areas. He is also part of Colliers’ Syndication division which acts on behlaf of syndication clients raising equity from private investors to acquire large investment and institutional-grade assets.  

 

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