Albany unit has appeal for variety of buyers

An elevated vertical view of Unit J at 33 Triton Drive, Albany.

A partially occupied two-level commercial property in Triton Drive in the Interplex Business Park in Albany is for sale and lease offering an opportunity for tenants, owner occupiers or investors.

The 312 sq m Unit J at 33 Triton Drive, Albany currently has an upstairs office tenant and NZ Post leases part of the ground floor area for a PO Box mail collection centre. The balance, comprising 159 sq m of the street level space, which until recently has been occupied by a homeware store, is available with vacant possession.

Rosemary Wakeman and Adam Curtis of Bayleys North Shore Commercial are marketing this space for lease and also have the whole unit up for sale by private treaty.

Wakeman says the vacant ground floor area would be suitable for a retailer or an office occupant wanting a high profile street front presence or a mixture of office and showroom space. She says the whole premises could be of interest to an owner occupier who could use the vacant space and help fund the acquisition with the rent from the other two tenancies.

"Alternatively, given the very low current vacancy rates for commercial property in Albany, the property could have appeal to an investor that has a tenant to move in or who is willing to take a punt on leasing up the empty tenancy. We would be happy to assist in that regard as is the vendor who would be prepared to consider a long-term settlement."

The 87.7 sq m of first floor office space is leased to Wendy Wu Tours Ltd on a new three-year lease from January. Established in 1998, Wendy Wu Tours is an Australasian specialist tour operator to China, Indochina and the subcontinent. NZ Post has a new six-year lease over 65 sq m at the rear of the ground floor. These two tenancies are producing current net annual rental income of approximately $44,000.

The property is situated at the southern end of Triton Drive, on a high profile corner with Arrenway Drive and has vehicle and pedestrian access from both streets. Curtis says it is in a well frequented destination retail area of Albany, one of fastest growing suburbs on the North Shore.

"The unit is located within an established development of 10 retail units, with more than 45 car parks, an on-site cafe and significant signage opportunities on the modern facade. Internally, the premises is in great condition with the available tenancy enjoying copious amounts of natural light from floor to ceiling glazing, creating an attractive ambiance and plenty of exposure to passing pedestrian and vehicle traffic. The upstairs office has a good standard of finish and good natural light and includes a bathroom and kitchenette."

Curtis says the unit has three car parks of its own, in addition to the common car parking, plus a reasonable sized loading bay at the rear which provides access to the NZ Post area via a garage sized roller door.

Wakeman says the unit is part of the high quality Triton Plaza and Arrenway Loft retail and office complexes developed in 2005 by Northbridge Properties. A lane way links the 15 Loft office units to the Triton shops.

The building had an initial evaluation procedure (IEP) undertaken in 2012 by Sullivan Hall Chartered Engineers which gave it a seismic strength estimate of 146 per cent of new building standard (NBS).

Triton Drive and Arrenway Drive are main access routes through the Interplex Business Park and the area has matured into a busy mixture of quality distribution warehouse, office and retail premises, says Wakeman.

"This is largely due to the success of the Interplex Association formed by owners to protect the integrity of developments in the 40 hectare subdivision. Various covenants and rules have been put in place that govern the quality of buildings and the activities permitted in the area and stop bad design and developers cutting corners. This means The Interplex has attracted the upper echelons of tenants, owner occupiers and building developers which will help protect property values in the area over the long term."

Wakeman says future projections estimate a permanent workforce of 8000 to 10,000 in the Interplex Business Park which, in conjunction with a rapidly growing surrounding residential population, will provide a strong customer base for retailers that are located in the subdivision.

For more information on this property visit:
TrueCommercial.co.nz