Modern Albany office unit will appeal to investors

Office Unit L is for sale at 215 Rosedale Rd, Albany.

A securely tenanted and well presented office investment property in an easy to find location near Albany Mall is being offered for sale by auction at 11 am next Thursday at the Royal New Zealand Yacht Squadron.

It is one of a number of NAI Harcourts properties going up for auction on December 4 - all of which are featured in the agency's latest Key Assets portfolio publication.

Dave Lane of NAI Harcourts North Shore is marketing Unit L at 215 Rosedale Rd, Albany, which he says is likely to appeal to a range of investors looking to buy around the Albany area.

The 307 sq m unit titled building on a level freehold site on the corner of a complex at the intersection of Rosedale Rd and Henry Rose Place is estimated to have been built around 2003. It comprises one tenancy area and is among a number of other similar office units in the same complex.

"The unit is self-contained, functional and designed with generous common areas and a meeting room," Lane says. "There is secure swipe card entry to premises and there are nine allocated car parks for the site."

Lane says the tenant, MTM Office Rentals Limited, has occupied this property for over 11 years and has recently renewed its lease for a further four years.

Paying an annual rental income of $64, 740 plus GST, MTM Office Rentals Ltd sublease the property as office suites to individual businesses, generally on a short term basis. Rent reviews are conducted every two years.

MTM Office Rentals describes the property in its advertising as "a premium office facility in a prime location, with highly professional, secure and confidential offices".

"The property's location is well suited to MTM Office Rentals purpose as it is on the northern side of Rosedale Road, situated very close to the Tawa Drive State Highway One interchange," Lane says. "This enables convenient access, especially during off-peak times, and a motorway junction upgrade promises further improvements for access to this location.

"It is also a short distance from Westfield Albany Mall and the area is becoming increasingly popular with entertainment, bulk retail, a Jets gym and other well-known brands stationed in the immediate vicinity."

The property is zoned Business 9 permitting a wide range of employment-generating business activities. Under the proposed Auckland Unitary Plan, the property is zoned Light Industrial, which allows for light industrial activities that do not generate objectionable odour, dust or noise admissions.

"This has been built to the latest building code and is not considered to be at risk in the event of an earthquake," says Lane. "Checks with both the Auckland City Council and the body corporate manager have confirmed that no seismic reports have been done on the property and are not considered essential due to it being a recent development."

The body corporate levy on the property is $4,835 including GST and council rates are $6315 including GST which are paid by the tenant.