Penrose office building for sale

Monday, 18 June 2018, 10:35 am
Press Release: Bayleys

18.6.2018

A commercial building and land in the South Auckland suburb of Penrose which has been had been owned by a local family trust for over 20 years has now been placed on the market for sale.

The property at 2 Walls Road accommodates a labour hire a company which has been operating in New Zealand since 1988, and now has 22 branches throughout the country.

The Penrose premises consists of 466 square metres of ground floor office administration space, with an additional 89 square metres of staff amenities on a lower level, and 28 car parks. The building sits on 2,072 square metres of freehold land.

The hexagonally-shaped building was constructed in 1983 and was extended in 1989 when it was tenanted by ANZ Bank, before being modernised in 2016 including an extensive interior refurbishment, upgraded air conditioning system and a new roof. It is now being marketed for sale by auction at 11am on June 27 through Bayleys Auckland.

Salespeople Mike Adams and Jean-Paul Smit said the generally-rectangular corner site location was zoned business light industry and had vehicular access from both Walls and Station roads with close proximity and exposure to nearby Great South Road.

Tenant Allied Work Force who have occupied the premsies since 2013 are currently on a lease running through until 2024 with two further six-year rights of renewal – generating a net rental return of $154,385 plus GST per annum. The lease has a Consumer Price Index-linked rent review coming up later this year.

“The property is strategically located – both from a physical sense, and in relation to AWF’s tenancy - in the centre of one of Auckland’s foremost light to medium industrial precincts,” Mr Adams said.

“The building’s location gives visiting and staff personnel easy access to the roading networks linking up the northern, southern and eastern neighboring industrial zones triangulating between Otahuhu, Onehunga, and Mount Wellington.

“The property has easy access to State Highway One via the Ellerslie interchange, and is approximately 10 kilometres from Auckland’s central business district and 14.5 kilometres from Auckland International Airport.

“While the building operates successfully in its current format and configuration, from a long-term development perspective any replacement structure could make greater use of the available land by potentially building a taller commercial premises structure on the site.”

Auckland Council’s business – light industry zoning allows for the construction of buildings up to 20 metres high with the potential to be tenanted by retail, food and beverage, office or tertiary education entities.

The building is rated at 100 percent of New Building Standards, and features reinforced concrete columns, reinforced concrete masonry walls, and interior steel columns on reinforced concrete slab flooring. The galvanised iron roof is supported on steel beams and struts, with timber purlins in between.

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