Double deal sale with prospects

NZ Herald

23 Apr, 2013 05:30 PM3 mins to read

The building at 69-71 Beach Rd in Auckland once housed the National Dairy Association. Photo / Supplied

Interlinked buildings on Beach Rd and Anzac Ave on market as one item with potential for redevelopment

Two inter-connecting character office buildings with excellent on-site carparking and street frontages on to Beach Rd and Anzac Ave in downtown Auckland are up for sale as one parcel, with potential for redevelopment in the future.

Spanning two freehold titles totalling 805sq m, the buildings are interlinked and are being sold as one, with tenders closing on May 22 through Mike Adams and Quinn Ngo of Bayleys Auckland.

Adams said the office buildings were well leased, producing net annual rental annual income of approximately $520,000 from multiple tenancies, with potential to add value by leasing up current vacant space.

"The five-storey building at 69-71 Beach Rd is a well-presented commercial property constructed in the early 1920s. The ground floor is a mix of a retail business at the front of the property and a secure carpark area. The other four levels above are used as office space."

The 1418sq m building, originally the National Dairy Association Building, is located on a 410sq m title of land. There are five covered spaces available in the ground floor carpark with access through to the front of the building, plus one uncovered space available at the side of the building.

The building at 64-68 Anzac Ave, constructed in the 1920s, is also five storeys and has a total floor area of 911sq m. Levels one and two are used as carparking facilities, levels three and five as offices and level four at ground level is occupied by the Maritime Club, a popular bar. There are 16 covered and two open carparks and both parking floors are accessed through the sides of the property.

Other tenants occupying the interconnected buildings include US shipping company Matson South Pacific, a makeup training academy, Samala Robinson Academy, and First Light Travel.

Adams said the surrounding area offered a mix of commercial, retail, student accommodation or residential apartments and had become increasingly popular as an address for people wanting to be close to the waterfront but not right in the city centre.

"The property offers a vast array of opportunities for add value investors, developers and possible owner occupiers," Adams said. "This location provides excellent accessibility to various locations and transport routes. The increasingly popular Britomart area and commercial core of Auckland's CBD is within walking distance and Parnell Rise is only 500m from the property as is motorway access to all the motorway systems."

Seismic assessment reports have been completed and are available.

• Attractive offer

• On offer: Two five-storey Auckland city buildings