A newly-refurbished, contemporary office building in the vibrant and rapidly-growing Auckland city fringe suburb of Grafton has come to market, offering a number of add-value options.
The three-level building - with a net lettable area of 675sqm - on a 429 sqm freehold site at 27 Nugent Street, Grafton is being exclusively marketed by John Davies and Kris Ongley of Colliers International and is for sale by deadline private treaty closing 4pm Thursday, 17 March, unless sold prior.
Offers are to be lodged at Colliers’ offices, level 27, 151 Queen Street, Auckland.
Davies says the property is likely to appeal to private and add-value investors with a “penchant for trophy investments”.
“The property has been comprehensively refurbished - with the addition of a striking, white external façade constructed of solid concrete and installation of a glass-fronted stairwell and Schindler lift - as well as general improvements to the building services, including air conditioning, CCTV and other security services.
“A significant feature is also the potential to add a residential level above the existing top floor, concept plans for which can be provided on request.”
The total renovation involved major structural upgrades resulting in an A-grade seismic rating, Davies says.
“The vendors have spared no expense with the overhaul, bringing the building to the highest standard, while also maintaining its strong aesthetic appeal and contemporary design.”
Current tenants and owners - New Zealand-owned family business Aspect Furniture - worked with Jasmax Architects in creating the design, Davies says.
“The vendor has drawn on his extensive experience in construction and as a furniture designer in this design, incorporating shear walls adjoining concrete blocks, honed limestone tile floors, a large feature staircase and stunning granite feature fireplace.
“The pattern on the outer façade is known as a Voronoi tessellation, which uses a mathematical equation to determine its layout. It is also specifically designed to generate light into the building.”
Aspect Furniture is an established business that designs, manufactures and installs commercial interiors and furniture to clients throughout Australasia, including KPMG, Fairfax Media, Rabobank and Zero, Davies says.
“The company employs staff across New Zealand and Australia - though their 27 Nugent St office serves as their flagship office and showroom. The office, which spans the 336 sqm first floor of the building, generates an annual income of $156,000, which an initial lease term of six years, with two rights of renewal at two years.”
The building is constructed of reinforced concrete foundation, concrete slab flooring on the lower level, entry foyer and office space, pre-stressed floor slabs above, precast concrete feature panels and a long-run ColorSteel roof.
“The first floor is occupied by Aspect Furniture and has been fitted out to a very high level, including a large gas fireplace, high specification kitchen and a recessed balcony with in-built gourmet barbeque.”
The second floor is vacant and ready for fit-out, while the rooftop would be best utilised by developing it into a residential space, Ongley says.
The site, which sits on the western side of Nugent Street, also comes with secure ground-floor parking for 12 cars, which have internal access via staircase or lift.
“With a combination of the guaranteed income from the current tenant and the opportunity to increase income by way of leasing out the second floor and developing the rooftop, this property represents the complete investment package that all buyers seeking a quality commercial property must investigate.”
The property is located moments from the Khyber Pass southern motorway on and off-ramps, two minutes from the north western motorway via Newton Road and two minutes to the northern motorway via Grafton Road, Ongley says.
“Grafton is an ideally-located city fringe position, surrounded by a variety of commercial amenities including cafes, gyms, commercial offices, showroom retail outlets, and with easy access to the CBD.
“Ongoing development in the surrounding area illustrates what a great location Grafton is, with several commercial builds and new apartment developments currently under construction,” he says.
“The lack of high-quality office investment opportunities on the market in central Auckland means properties such as these are likely to be keenly sought-after among investors and owner occupiers.”