Vodafone Manukau centre on market
Vodafone’s Auckland call centre property is for sale, offering a well-finished modern office asset with outstanding tenant covenant and a long-term lease.
Colliers International is marketing 15 Lambie Dr, Manukau, by deadline private treaty closing December 12, unless sold earlier.
Located in Manukau’s commercial centre, the 7068sq m freehold property comprises a 2511sq m two-level office building and 92 on-site car parks.
Colliers International broker Brad Johnston, who is marketing the property with colleagues Paul Jarvie, Matthew Barnes and Gareth Fraser, says it offers excellent investment fundamentals.
“With exceptional tenant covenant, a sought-after location and significant tenant investment, this offering should not to be overlooked by passive and add-value investors,” says Johnston.
“Sole tenant Vodafone New Zealand Limited is signed to a 12-year lease with more than six years remaining, followed by a 12-year right of renewal from February 2024.
“The lease is currently returning $737,767pa, with rental reviews fixed at 3 per cent per year. Investors will be attracted to the extremely strong tenant covenant and long lease term while recognising the future potential of the large strategic landholding in the heart of Manukau.”
Within Manukau’s commercial precinct, the property is well positioned on Lambie Drive — one of the area’s main arterial roads stretching from Puhinui Rd through to Wiri Station Rd.
“The area is well serviced with a number of amenities nearby, including the Manukau City Centre less than 2km away,” Johnston says. “The property offers easy access to the motorway network, with both the Southern Motorway (SH1) and the Southwestern Motorway (SH20) within close proximity.”
Jarvie says the property comprises a modern two-level office block with an A-grade seismic rating of 115 per cent IEP.
“The building is primarily used as a Vodafone call centre on the upper floor, with offices and equipment on the ground floor,” he says. “Vodafone has made significant improvements to the premises to suit its business needs, and the building presents attractively both inside and out.”
Jarvie says the ground floor features a main lobby, partitioned offices and meeting rooms, and a staff room. “It also houses specialist equipment and a loading dock.”
The first floor is predominantly an open plan call centre and office space with a staff room as well as amenities.
The building is at the centre of the site, with car parking and manoeuvring areas on the perimeter.