A 178 sq m first floor office unit in the Rosedale Plaza in Albany is up for sale with vacant possession offering an affordable opportunity for owner occupiers or add value investors.
Featured in Bayleys’ first Total Property portfolio for the year, Unit 11, 215 Rosedale Rd in the North Harbour Industrial Estate offers entry level access to one of the North Shore’s most tightly held and sought after property locations, says Adam Curtis.
He is marketing the property in conjunction with Bayleys North Shore Commercial colleagues Adam Watton and Jane McKee. It is for sale by deadline private treaty closing at 4pm, 7th March 2019 (unless sold prior).
Curtis says the unit is well located in a high profile position at one of two entranceways to the Rosedale Plaza which contains a mix of retail and office premises.
“Its corner positon at the front of the L shaped complex means it offers good natural light and outlooks and it will provide the next occupant with substantial signage exposure to traffic moving in and out of the plaza.”
He says the air conditioned premises comprises eight generous sized, lockable partitioned offices, a kitchenette, male and female toilets, alarm systems and key card
“There is also the additional bonus of five external car parks which is a higher than normal number for a unit of this size and adds significant value to the offering.”
Watton says vacancy rates in the area are at historical lows. Bayleys Research’s latest Albany accommodation survey shows the North Harbour Industrial Estate has a vacancy rate of just two per cent.
“Tenant demand in North Harbour has stimulated significant rental growth, for smaller units particularly, which is yet to be fully recognised in terms of their pricing,” says Watton. “Continuing occupier demand, lack of greenfield development sites on which to build new premises and the increasing cost of construction all add up to an affordable opportunity that you will struggle to replace in the future.
“It represents an excellent proposition for a business looking to buy good value, well presented office premises with an extensive existing fit out. Alternatively, it could easily be reconfigured to suit the specific requirements of the next occupant.
“The offering should also appeal to entrepreneurial investors with an eye for an angle. If bought and leased up, the premises are likely to offer a higher income yield than if they were acquired already tenanted.”
Watton says some or all of the unit’s existing office furniture could also be acquired as part of the purchase. It includes
desks, desk and visitor chairs, a boardroom table plus chairs,
free standing cupboards, office cabinets and shelving units plus
Rosedale Plaza was completed in 2003 and comprises 13 units ranging in size from 130-450m² with a diverse mix of tenants which include a longstanding Korean restaurant and Fat Boys BBQ restaurant and bar as well as speciality retailers and small to medium sized businesses occupying upper level office premises.
The plaza is situated on the corner of Rosedale Rd and Henry Rose Place. “It has a substantial central car parking area and was designed to provide good exposure and prominence for all units within the complex, particularly to Rosedale Rd,” says Jane McKee. “This is one of Albany’s principal thoroughfares linking the East Coast Bays and the Tawa Drive motorway interchange through to the North Harbour Industrial Estate.”
McKee says excellent access to the northern motorway complex is available via the nearby Tawa Drive/Greville Road interchange or alternatively Upper Harbour Drive to the south.
Surrounding properties include a multi-unit facility with various office, showroom and warehouse units and the Tawa Trade Centre which is a bulk retaii type facility. A heliport is located on the opposite side of Rosedale Rd.
“This is a well- established location which benefits from close proximity to central Albany and the Wairau Valley and is popular with both investors and tenants,” says McKee.
Late last year, Bayleys North Commercial was involved in the sale of nearby Unit 8, 215 Rosedale Rd, a 208 sqm unit with four car parks which was purchased for $850,000. Comprising a mix of retail, mezzanine office and warehouse/storage space, it sold at a 5.29% yield on a five-year lease from September 2016 to West Shell, a specialist fishing equipment and apparel retailer.
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