Bookish Northcote property
A Northcote office-warehouse, whose tenants include several book publishers, is for sale.
NAI Harcourt’s Isaac Tankard and Nick Young are selling the property, at
37 Woodside Ave, which they say has provided stable rental income over the last 10 years. It goes to auction at
6.30pm, on April 4, unless sold prior. The 1229sq m freehold site is located on the corner of Woodside Ave and Kawana St, with a total building area of 1740sq m.
The premises comprise a 613sq m ground floor warehouse, plus a total of 1127sqm office space on first and second floors.
Tankard sees an outstanding opportunity to secure this freehold corner site investment property just minutes from the northern motorway. He says the property’s six long-term tenants produce a manageable net rental income of about $235, 619 plus GST and outgoings.”
● The ground floor tenant is Publisher Distribution Ltd, which occupies 580sq m of warehouse at an annual rent of $48,093 plus GST (annual rent reviews and final expiry Jan 2025).
● First floor tenants include Book Reps NZ Ltd, which occupies 132sq m at an annual rent of $36,484 plus GST, (market rent review Jul 2021 and final expiry Jul 2025); Glenorie International Ltd, which occupies 80sq m of office space at annual rent of $17,200 plus GST (annual rent reviews and final expiry Jul 2025) and New Holland Publishers Ltd who occupy 92sq m of office space at an annual rent of $ 20,437 plus GST (annual rent reviews and final expiry Jun 2020).
● Second Floor tenants include Edify Ltd which occupies 145sq m of office space at an annual rent of $40,905 plus GST, (annual rent reviews and final expiry Aug 2025); ECP limited pay an annual rent of $53,000 plus GST, (market rent review Mar 2022 and final expiry Jan 2028).
Young says as well as 22 carparking spaces, a four-minute drive to the northern motorway on-ramp and a seismic rating equal to 75 per cent of New Building Standards, the property has excellent road-front corner exposure.