A six-level freehold building in Auckland CBD's educational precinct is for sale offering a split risk, Mixed-Use investment opportunity.
The 5450sq m building at 85 Airedale St comprises four levels of commercial accommodation, which have just been refurbished and leased on a new 10-year term to established education provider Edenz. There are two levels of residential apartments above, all on individual titles.
Featured in Bayleys' latest Total Property portfolio, the property is generating net annual rent of about $1,419,000 and is for sale by private treaty through Alan Haydock and Damien Bullick of Bayleys' Auckland city and fringe division.
"The property is strategically positioned in the heart of the CBD education precinct surrounded by other established education facilities, including the University of Auckland and AUT, and is a short distance from Queen Street," says Haydock. "It's a must view for astute investors seeking long-term diversified income with built in rental growth, but also potential add-value angles."
The lease to Edenz College over Levels 1-4 runs until October 2026 and is earns $766,664 per annum plus outgoings with two-yearly 3.5 per cent fixed rental increases.