An Onehunga industrial complex that houses New Zealand Opera Limited's administrative headquarters and which also provides workshop and rehearsal space for the company is up for sale, offering an added value opportunity when the lease expires in 2017.
The 1845 sq m warehouse and office building on a 3826 sq m site at 107 Neilson St is one of 25 properties that will go under the hammer in Bayleys Auckland auction room on Wednesday August 12, unless sold prior, as part of Bayleys' latest Total Property portfolio.
Matt Lee of Bayleys.
It is being marketed by Quinn Ngo, James Chan and Matt Lee of Bayleys' International Division in conjunction with James Hill of Bayleys central Auckland industrial team.
New Zealand Opera occupies the 1497 sq m ground floor of the building with the company's technical centre being based in the low to medium stud warehouse space that was constructed in the mid 1970s.
"This is where rehearsals take place in preparation for concerts performed across the country," says Ngo. "There is also a workshop area where stage sets for new productions are created not only for their productions but also for other opera companies around the world. A secure rear yard area and land along one side of the site is also used for large container placement prior to the shipping of these sets."
Interior view of 107 Neilson St, Onehunga.
The ground floor of a modern two level office block built in the mid 1990s in front of the warehouse and replacing previous single level office space, is also used by New Zealand Opera for administrative purposes.
The company has leased the premises since March 2007 and has exercised its one five year right of renewal. The lease is returning net annual rental income of $134,224 plus GST and this will increase to $145,063 in March next year until the lease's final expiry in March 2017.
Quinn Ngo of Bayleys.
The upper level of the office building encompassing 348 sq m of partitioned offices and modern fit out is unoccupied. The office accommodation contains a modern, efficient 'inverter' air conditioning system that was installed in 2010. The complex also features 12 core dedicated fibre optic cabling along with a swipe tag security entry system.
"This is an excellent, well maintained building on a sizeable land holding with parking for up to 56 cars and with a sought after Business 6 heavy industry zoning," says Ngo. "The property also has a high level of road exposure to busy Neilson Street which has a daily weekday traffic volume totalling close to 35,000 vehicles.
"Transport amenities located within a radius of about one kilometre include the southwestern motorway, Onehunga Train Station and the Onehunga Wharf which provide important and convenient transport and shipping routes."
Neilson St links to Church St to the east towards the southeastern and southern motorways while the Onehunga Mall and southwestern motorway are to the west.
Aerial view of the Onehunga property for sale identified by red border.
Lee says the property has appeal for investors, particularly those looking for an added value opportunity, owner occupiers and developers. He says there is potential to expand the warehouse area and convert it into more modern, high stud space.
The property also has a favourable zoning for all types of industrial activity. It is currently zoned Business 6 which allows for heavy industrial activity and has a maximum height control of 20 metres and a basic floor area ratio of two to one allowing two square metres of building for every one square metre of land. Under the notified Proposed Auckland Unitary Plan, the property will have a similar Heavy Industry zoning.
