ASB building for sale in Manukau

A three-level building with a renewed lease to long-term occupant ASB bank is for sale in Manukau’s commercial centre.

Located on a 4070sq m site at 17 Ronwood Ave, the 3438sq m building is currently generating net annual rental income of $1,186,887 plus GST. ASB has been in occupation since the building’s completion in 2008.

The bank took an initial 12-year lease, extended last year for a further five years to November 2025. ASB has one further five-year right of renewal through until November 2030. The lease has a mix of fixed rental growth and market rent reviews.

Featured in Bayleys’ latest Total Property portfolio, the property is for sale by tender, closing 4pm March 12, unless sold earlier. It is being marketed by Sunil Bhana and Mike Houlker of Bayleys’ Auckland Central office and Tony Chaudhary, Bayleys South Auckland.

“This building represents fundamentally good real estate,” says Bhana. “It is well located in a high profile road-front position within the largest commercial centre outside Auckland’s CBD.”

The building, which has a Grade A seismic assessment of 100 per cent of New Building Standard, has 304sq m of retail space on the ground floor housing an ASB branch together with an adjoining 232sq m canopy providing drive-through banking capability.

The first and second floors, of 1422sq m and 1321sq m respectively, provide largely open plan office space, interlinked by a central atrium and internal stairway.

A ground floor lobby has two lifts that access the upper levels.

There are lunchroom facilities and other amenities on both office levels which are largely open plan but also provide some partitioned offices and meeting rooms. Level two also has two balconies totalling close to 60sq m.

“It’s a very well presented building which clearly suits the tenant’s needs as evidenced by their early lease renewal,” says Bhana.

The property comes with 87 car parks along the eastern driveway together with secure covered and uncovered car parking at the rear of the building accessed via both Ronwood Ave and a service lane from Sharkey St.

Houlker says a substantial area of under-utilised land at the rear of the site, currently used for uncovered parking, has potential for future development. The property has a Metropolitan Centre zoning which permits a wide range of activities including commercial, leisure, high density residential, tourism, cultural, community and civic services. There is a height limit of 72.5m for the site.