Ascot winner with solid tenant and strategic placing

Quatro Bistro Bar and Cafe has just signed a six-year lease. Photo / Supplied

The ground floor strata freehold unit occupied by Quatro Bistro Bar and Cafe in the northern end of the Ascot Office Park, Greenlane, is being offered for sale by vendor Riva Properties through Colliers' brokers Bryce Holmes and Peter Kermode.

Paying rent of $72,000 per annum net with two-yearly rent reviews set to market, Quatro occupies the unit on a six-year lease term that began on June 1, 2010, with a single right of renewal of six years.

Ascot Office Park is a high-quality, modern office park located on the Greenlane roundabout next to the Novotel Hotel and Ascot Hospital.

Unit GA3 in Building A at 93 Ascot Ave above State Highway 1 is due to be sold at auction at 11am on Wednesday, June 30 at Colliers' offices at 151 Queen St, Auckland, unless sold prior. The Business 8-zoned property comprises 215sq m of ground floor lettable space plus eight carparking spaces directly outside the front of the office park premises.

"The unit is fitted out and being operated as a licensed cafe with full kitchen and exclusive bathroom facilities," says Kermode. "It has been occupied by Quatro bistro cafe bar which has operated as a well established business since the office park development was opened."

The Ascot Park development was completed in 2007 and is now 100 per cent occupied, with companies including IT specialists Integral, Body Tech, Guardian Trust and the head office of The Mad Butcher only a short walk from the cafe.

"Ascot Office Park has been a core component in satisfying growth in the city and has been a great success," says Holmes. "Space here is sought after, providing a consistent stream of customers to the cafe. Next to one of the largest private, fully integrated medical, consulting and surgical facilities in New Zealand, cafe customers are not just businessmen but people visiting the medical facilities or friends and family in Ascot Hospital."

Holmes says the business style accommodation is built to a high standard with quality materials, set in fully landscaped grounds with great street appeal. "Ascot offers style, sophistication and the amenities of quality buildings with ample parking in park-like surroundings," he says. Park facilities include a gymnasium and the Ellerslie Racecourse and golf driving range are just across the road. Nearby conference facilities are on hand in the Novotel and Ibis Hotels.

The property lies at the heart of one of Auckland's core arterial road. "Over 117,000 cars drive past this site each day," says Holmes. "Not only does the property have excellent visibility and a high profile, with prime signage opportunities next to the motorway, but it also has excellent access being only 150m from State Highway 1 on-ramps in both directions."

"This property offers sound fundamentals," says Kermode. "It is a near-new freehold building with a new six-year lease to a well-established tenant that has a proven track record, occupying arguably the best tenancy in a sought-after location with high profile and strong exposure."