372 Rosedale Rd… occupied by Bayleys since 2004.
1 Greenwich Way… in expanding Unsworth Heights .
Opportunities for smaller investors Two Albany investment units up for auction on September 13 are each likely to sell for around the average residential house price on the North Shore – offering affordable access to the commercial property market for smaller investors and family trusts. One is a 186.7m2 commercial unit that has housed Bayleys’ Albany residential office since 2004. Located on the upper level of 372 Rosedale Road, at the busy roundabout intersection with William Pickering Drive in the Albany Estate, the property’s current lease runs until the end of September 2018 with two further rights of renewal of 18 months each. The lease is generating net annual rental income of $58,209 plus GST, with CPI adjustments every two years and reviews to market every time a renewal is exercised. Matt Mimmack, who is marketing the property with Eddie Zhong, says it is part of a 28-unit commercial development in two blocks with ample parking at the rear. “The complex’s wide span and its corner position makes it easily recognisable and means it stands out from the other surrounding buildings.” He says the unit’s good quality and functional fitout includes a central reception and waiting area, four large offices, two meeting rooms including a boardroom, plus a kitchenette. “Part of it has recently been refurbished to the tenant’s exacting specifications and there is ducted air-conditioning through the office areas. “The extensively glazed unit has a high level of natural daylight as well as a pleasant outlook. The property’s elevated aspect facing two arterial roads and the roundabout also provides huge signage exposure which Bayleys has maximised to profile its brand and services.” Eddie Zhong says the property’s six open car parks at the rear of the building is a generous provision for a unit of this size. There is vehicle access off both Rosedale Road and William Pickering Drive with extensive, established landscaping around the complex.
He says the location provides great access to public transport as well as motorways north, south and west (SH1 and 18). A variety of shops, restaurants, cafés, bars and medical centres are nearby and the property is approximately five minutes’ drive from the Westfield Albany Mall and Albany Mega Centre. A similar sized Albany investment unit is also up for auction in a retail convenience centre in Unsworth Heights. The 186m2 Shop 7 at 1 Greenwich Way with five designated carparks has a three-year lease from April 1, 2017 to Bookprint Ltd which is generating net annual rental income of $51,520 plus GST. Bookprint specialises in producing short run books and booklets – ranging from 25 to 1000 copies – for a wide range of clients from companies and educational organisations to private authors. “The tenant has undertaken a significant and attractive character fitout, creating an excellent working environment,” says Dean Gilbert-Smith, who is marketing the offering with Adam Curtis. “The lease provides built-in rental growth with further rights of renewal.” The premises is part of an eight-unit strip retail complex developed to service the growing community of Unsworth Heights. Its tenant mix also includes a café, superette, liquor store, Chinese and Indian takeaways and hobby shop. The complex is next door to Metlifecare’s substantial Greenwich Gardens retirement village which is under development and is also surrounded by high density housing developed to accommodate Auckland’s expanding population. “Being at the intersection of Greenwich Way and Unsworth Drive, the complex enjoys dual exposure on a prominent corner site with easy access to ample car parking in front of the units,” says Adam Curtis. “It’s also very close to Upper Harbour Highway (SH18) and the northern motorway (SH1).” Bayleys’ final two Total Property commercial and industrial portfolios for 2017 close off on September 8 and October 20. Owners wanting to sell this year and ensure maximum exposure and competition for their properties should contact Bayleys North Shore Commercial.
BAYLEYS NORTH SHORE COMMERCIAL Devereux Howe-Smith Realty Limited, Bayleys, Licensed under the REA Act 2008 D +64 9 489 0999| F +64 9 489 0990 29 Northcroft Street, Takapuna, Auckland 0622
www.channelmag.co.nz Issue 80 - September 2017
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