Albany ‘live and work’ unit combines home and workshop/office

A mixed-use Auckland office and warehouse unit, complete with a chic two-bedroom apartment offering the ultimate work-from-home lifestyle, has been placed on the market.

Commonly known as ‘live and work’ units, premises such as 5D Dallan Place, Albany, are essentially a combined apartment/workshop/ office where tenants and owneroccupiers can live on the first floor above their business – with no yard space and no commute.

Barfoot & Thompson Commercial North Shore salesperson Elaine Tutty says live and work units are a very specific and popular property type, offering excellent work from home opportunities for small businesses or high investment returns for investors.

“Live and work units such as those in Dallan Place can give a better return than residential rentals, as commercial tenants also pay outgoings. The properties maintain high rental rates even in tough economic times, and they sell quickly,” Tutty said.

“They provide investors a foot in both the commercial and residential markets, splitting the risk and maximising the returns. There is a shortage of this property type on the North Shore, and they are always in high demand. The property at 5D Dallan Place is an exceptional example as it offers an ideal location, a superb apartment, and much larger than usual commercial premises.”

The 175.3sq m, two-storey building on freehold is land classified General Business under the Auckland Council Unitary Plan.

The ground-level commercial component is the perfect size and configuration for small businesses with an excellent office and warehouse area.

The upper level comprises a modern, attractive residential apartment with two double bedrooms, private balcony and its own entrance.

The unit sits at the end of a block of four similar mixed-use units in a quiet cul de sac.

Comparable rental evidence for similar units in the Albany/Rosedale precinct indicates that if the tenancies were split, the upper floor could easily rent at $550 per week with the ground floor capable of a net return of $28,000 a year.

The freehold unit titled property is being marketed for sale by auction on July 22 through Barfoot & Thompson Commercial, North Shore.