Income from ground floor lease with a blank canvas upstairs
A city fringe office unit in one of Auckland’s liveliest hotspots of urban regeneration is being offered for sale or lease with a ground floor tenant and an appealing first floor office presented vacant.
Colliers International is marketing the freehold property at Unit 1, 19 Edwin Street, Mount Eden, by way of an expressions of interest campaign.
Offers close at 4pm on Thursday 13 September, unless the property is sold or leased earlier.
City fringe property specialists Jonathan Lynch and Neelam Singh say the opportunity will appeal to investors, owner-occupiers and tenants alike.
“The owner’s clear preference is to sell, however with flexibility to either own or lease, this is a chance to secure a solid investment property or a new office for your business with additional holding income making banks more amenable to finance,” Lynch says.
“The property comprises 656sq m of office space, excluding stairwells, with 11 on-site car parks.
“The ground floor of about 330sq m is leased by Top Shelf Productions, which has invested a substantial amount in fitting out the premises with editing suites and offices.
“The first floor of about 326sq m is vacant and ready to occupy. A business could either lease the space or purchase the property outright, allowing them to occupy the first floor while drawing on useful rental income from the ground floor tenancy.
“The property also appeals as a split-risk investment. A new owner will be able to draw on rental income straight away, with the ability to add value by repositioning and leasing the first floor.
“With so many different options, this property is sure to appeal to a broad range of occupiers and investors.”
Singh says the property is part of a courtyard development of similar units that was built in 1997.
“Unit 1 is the first of nine separately titled buildings within the complex, each with their own unique profile and allocation of car parks.
“The property benefits from excellent natural light from three sides. The well-presented first floor office is open plan, with a private kitchen and bathrooms. \
“An internal staircase between the floors allows flexibility for future occupiers who may take over the entire building.”
The ground floor is leased at $83,000 plus GST in annual rent, including five car parks. At current market rates, the top floor could return about $85,000 plus GST in annual rent, including six car parks.
Singh says the unit is well positioned within the city fringe suburb of Mount Eden, a short distance from Auckland CBD and the popular Newmarket and Ponsonby commercial precincts.
Major arterial routes and motorway interchanges are all within close proximity.
The property is less than five minutes’ walk from the Mount Eden train station, which is set to become a major inner-city transport hub once the City Rail Link is completed in 2024/2025.
It is also within easy walking distance of Auckland’s top public and private schools, including Auckland Grammar and Epsom Girls Grammar.
Lynch says site is in the centre of a growing pocket precinct that is home to numerous high-quality apartments, terraced houses, offices, cafes and bars.
“The area really is a great little pocket of urban regeneration.”
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