Potential for apartment conversion

The three-level building is empty but fully leased until December. Photo / Supplied

Bayleys and CB Richard Ellis are jointly marketing, as a mortgagee sale, a vacant three-level low-rise office building at 8 Gloucester Park Rd, Onehunga.

The property is situated in a semi-industrial area with three street frontages to Gloucester Park Rd, Neilson St and Selwyn St.

The building is fully leased to Westpac (NZ) Investments through until December 31 and there are no rights of renewal beyond the lease expiry date.

The present rental is $1,090,000 plus GST.

"The property offers large format office space with a substantial number of onsite carparks," says Stuart Bode, who is selling the property with colleague Scott Kirk and CBRE agents Paddy Callesen and David Campbell.

Tenders close at 4 pm on September 1, at Bayleys Real Estate Ltd, Maritime Square, unless sold beforehand.

The building has a net lettable area of two floors of office totalling 4669sq m and was constructed in 1989-90 as a purpose-built property for the then Department of Social Welfare.

It is on a regular-shaped freehold 3965sq m site and has ground-level carparking for 133 cars.

"The building offers an excellent opportunity for owner-occupiers who may wish to occupy the space at the end of the lease in December 2009 or for large floor plate tenants looking for new premises," Bode says.

"While the Westpac lease runs until December 2009, the property is no longer occupied by them.

"Being in the Mixed Use zone it has potential for apartment conversion or residential use."

Kirk says two office levels within the building contain about 2300sq m of office space in a rectangular format.

"Located centrally within the building floor plate is an internal light well that allows natural lighting to the office levels," Kirk says.

"Overall the property provides open-plan office space with a suspended ceiling, full air-conditioning and carpeted flooring.

"It may lend itself to division for two tenants at each level before any allowance for access corridors for any further sub tenancies," he says.

Although 19 years old, the property is in a good condition.

The property is in the southwest corner of the intersection of Gloucester Park Rd and Neilson St, Onehunga, close to the access and egress point to the Southwestern Motorway.

Centrally located between the Auckland CBD and Auckland Airport, it will also benefit from the completion of the new State Highway 20 motorway bridge and motorway extension through to Sandringham Rd, along with the reopening of the passenger rail link to Onehunga.