Three-level office building in Auckland city fringe has development potential
Barfoot & Thompson continues to showcase its final Insite portfolio for
2022, with commercial manager John Urlich commenting that now is the time for investors to be active.
“Counter-cyclical movements improve opportunities,” he says, “but only the opportunistic will capitalise.”
On that note, one of the featured properties in the company’s latest portfolio is an exceptional three-level office building, located in one of Auckland’s most popular inner-city suburbs, and offering some truly exciting development potential.
“89 Grafton Road is a rare holding in a prime location,” says Barfoot & Thompson commercial broker Wayne Muir, who, together with colleague John Stringer, is marketing the property for sale by auction at 10am on November 16, unless it sells prior.
Built in the 1980s, this asset is in two freehold titles comprising
2131sqm of floor space on 1386sqm of land and featuring a small retail component to the Grafton Road frontage, as well as three levels of offices, two basement levels providing various office, residential and storage tenancies, and 54 onsite car parks.
It sits within Business – Mixed Use zoning under the Auckland Unitary Plan, which allows for intense future development and both residential and commercial activities. There are several options for purchasers to explore, including adding further levels to the existing building and/or constructing a new tower at the rear of the site.
“It’s an attractive prospect as is,” says Muir, “with a current net income of around $342,000 and a potential fully-leased income of over $600K.”
“However,” he adds, “being directly opposite Auckland City Hospital and within walking distance of Auckland University, AUT and the CBD, the site is perfectly positioned to take advantage of the huge demand from the healthcare sector for medical-related services, student accommodation, residential apartments and hotels. As such, it’s a must-see for add-value investors, owner-occupiers and developers.”
Another highlight of the portfolio can be found at 25A Sale Street, Victoria Quarter, which is arguably one of city’s most desirable locations to invest in right now.
This is a freehold unit on a high profile corner site, with prominent frontage to Sale and Adelaide streets, and occupied by a long-established tenant – so it will suit a variety of investors
looking for a high quality offering close to excellent amenities, public transport and main arterial routes.
“The property is currently returning $42,000 net p.a.,” says Barfoot & Thompson commercial sales broker Reese Barragar, who is marketing the unit for sale by auction at 10am, Wednesday, November 16 (unless it sells prior).
“It has a total building area of around 65m2 and features a fully operational kitchen, high ceilings, a contemporary, open-plan feel and excellent natural light. It also comes with a dedicated carpark, with another carpark shared within the complex.”
Barragar has a second listing, not far away, in the popular city-fringe suburb of Mt Eden.
“1C/27 Enfield St is an outstanding prospect located on the ground floor of the architecturally designed Miro complex, and presented as a ‘shell’ – ripe for fitout for office, hospitality and/or showroom users,” he says.
“It covers a floor area of approx. 148m2, and has waste, water, power and extraction available. It also includes two carparks and comes with exclusive storage units in the car parking area. The market lease appraisal is $81,280 net p.a.”
Barragar is marketing 1C/27 Enfield St, Mt Eden for sale by deadline private treaty, closing 2pm on November 17, unless it sells prior.
Finally, across to the Shore, there is a prime retail space on offer.
31A Chartwell Avenue, Glenfield is being marketed by Barfoot & Thompson commercial brokers Gary Seekup and Bruce Jiao, for sale by tender closing 4pm on Thursday, November
17 (unless sold prior).
“It’s the first time the property has been on the market since it was constructed [in] 1976. It has been used for a pharmacy for many years, and currently draws in a net rental of $33,150 + GST p.a,” says Seekup.
Adds Jiao: “The lease is expiring in December 2023 with the terms allowing negotiation with the tenant to secure options for an owneroccupier to establish their own business in this popular and tightly-held location.”
This is a freehold title, with a land area of 149sqm and a building area of 102sqm. The premises comes with two exclusive car parks and ample common parking out front. Centrally located in the ‘block of shops', its position is superb and with all remaining shops contributing and anchoring a very busy and well-established convenience centre.
“Location-wise it doesn’t get better than this. The property has solid investment fundamentals which are further enhanced by the large residential catchment surrounding this prime position,” says Seekup.