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Pride of place on Mount Eden Road

NZ_AucklandCBD_Communications_Pride of place on Mount Eden Road

A multi-level office building in the sought-after Auckland city fringe suburb of Mount Eden offers buyers of all kinds the opportunity to purchase a high-profile asset with a steady rental stream and significant long-term upside.

264 Mount Eden Road, Mount Eden has approximately 2,138sq m of total net lettable area on a 2,173sq m freehold site that is zoned Business – Mixed Use Zone and Residential – Mixed Housing Suburban Zone under the Auckland Unitary Plan.

The property has two existing corporate tenants and the combined total annual rental income from the property is $717,716 plus GST.

The building offers 70m of frontage to Mount Eden Road and more than 17,000 vehicles pass by this prominent site every day. There are also 52 dedicated car parks providing convenience for occupants.

With Mount Eden’s popular village only minutes away, the property will hold strong appeal for buyers. The Mount Eden station for the City Rail Link, which is due for completion in 2024, will be in walking distance.

Colliers Directors Jonathan Lynch and Josh Coburn have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 17 August, unless sold prior.

Originally constructed in 1987, the property underwent a major addition two years later and serves as a highly functional office environment for the current tenants. The building has also been refurbished in recent years to meet modern demands.

Cubic Defence New Zealand Ltd leases 280sq m of ground floor entry space and office area, and the 929sq m first floor.

Their six-year lease, which began in 2019, provides $388,185 plus GST in net annual rental income and has one further right of renewal for three years, leading to a final expiry of September 2028. A market rental review is scheduled for October 2025.

Apex Insurance leases the 929sq m second floor and their six-year lease began in August 2019 and provides one further right of renewal for three years, leading to a final expiry of July 2028. The lease provides $329,531 plus GST in net annual rental income.

Lynch, Director of Investment Sales at Colliers, says this property shapes as a highly desirable purchasing opportunity.

“This is a high-profile property that is strategically located in the sought-after Double Grammar Zone and enjoys excellent road exposure on one of the main arterial routes in Auckland,” Lynch says.

“It is well-served by a range of local amenities, while it is also close to major roading networks and there will be further convenience for occupants when the City Rail Link is opened in the near future.

“The new owner will be able to enjoy a steady rental stream from the established tenants in this prime split-risk investment.”

Coburn, Director of Site Sales at Colliers, says the dual zoning of the property means there’s a range of potential future options that could be explored given the prominence of the location.

“The Business – Mixed Use Zone 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,” Coburn says.

“The Residential – Mixed Housing Suburban Zone is the most widespread residential zone covering many established suburbs and some greenfield areas.

“Much of the existing development in the zone is characterised by one or two storey, mainly stand-alone buildings. The zone enables intensification, while retaining a suburban-built character.

“With these zonings in place, the property could be repositioned in the future, or the usage of the site could be intensified, which adds further appeal to what is an outstanding opportunity, and we encourage all interested parties to contact us immediately.”

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Related Experts

Jonathan Lynch

Director

Auckland CBD

Senior expertise in Commercial Property Sales and Leasing in central and city fringe Auckland. Completed over $500 million+ sales transactions over the previous 9 years since joining in early 2010 with a focus on investment properties, mixed-use developments, redevelopment sites comprising under-utilised improvements, land sales and office, retail and warehouse leasing.

BBS Degree (Massey University) majoring in Real Estate; 10 years of business development experience in the FMCG sector and previous role as a property manager at Jonmer Projects providing a comprehensive understanding of key drivers in both general business and the property market, together with the added benefit of an appreciation of client liaison & needs.

Client feedback example:

"I'm delighted to be able to offer the sincerest thanks from the owners of 36 Rossmay Terrace and 52 St Lukes Road. Your diligence and professionalism throughout every aspect of these campaigns for the sale of both properties was a strong factor in the extraordinary results achieved for the vendors in each case.

I would be readily recommend you as a 'dream team' within the superb Colliers group." - Parnell Services Limited (for Jonathan Lynch & Hamish Paterson)

Please contact me on 021 900 611 for all or any commercial property advice

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Josh Coburn

Director | Site Sales

Auckland West

Tenacious, personable and driven, Josh Coburn draws on 16 years' experience in New Zealand's property sector in his role as Director of Site Sales at Colliers International. His key focus and passion are delivering quality development opportunities to the market and acting as a partner in the development process to see projects come to fruition.

Futhermore, Josh is the General Manager of Collier's West Auckland Business, overseeing 5 brokers in a rapidly emerging Metropolitan market.

Josh re-joined Colliers International in 2015 after four years working as the Development Manager for Haydn & Rollett Construction - a role in which he focused on development of commercial and industrial properties joint ventures, and commercial-scale residential opportunities.

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