Split risk and fully leased Albany building

NZ Herald

22 May, 2018 05:00 PM3 mins to read

The commercial and residential mixed-use property for sale at 4 Dallan Place, Albany. Photo / Supplied

Five fully-tenanted units within a single building, used for warehouse, office, showroom and residential purposes, will go under the hammer next Thursday as a split-risk property located in Albany on Auckland's North Shore.

"This sale presents an excellent opportunity for purchasers seeking a quality investment," says Andrew Bruce of NAI Harcourts North Shore who, with colleague Marty van Barneveld, is marketing 4 Dallan Place for auction at 6.30pm May 31 — unless it sells earlier.

"Each of the units has its own individual freehold strata title, but they're to be auctioned as a single parcel," Bruce says.

"This mixed-use property has great flexibility with options to hold for its multiple income streams; or release capital by selling the individual units; or partially occupy and lease the remaining units. It comes with 17 car parks and it's the type of property that's often sought but seldom found."

The units designated A, B, C and D stand in a part of tightly-held area zoned General Business under the Auckland Unitary Plan.

Van Barneveld says the units comprise a mix of various tenancies, "but Unit E is split into three separately leased spaces, so there are seven tenancies in all generating total net annual rent of $167,402."

The combined floor area of the five units is about 966.5sq m with the layout as follows:

• Unit A – a 60.4sq m two-bedroom, ground floor apartment;
• Unit B – a 69.6sq m two-bedroom, ground floor apartment;
• Unit C – a 141sq m warehouse unit, at the elbow of the property, accessed by roller door;
• Unit D – a 118sq m rectangular-shaped unit encompassing warehouse, office and amenities space which is also accessed by roller door; and
• Unit E (tenancy 1) – of 256.8sq m and comprising a warehouse accessed via roller door with bathroom and office at the rear; and an internal flight of stairs linking to a mezzanine storage area and first-floor office or two-bedroom apartment;
• Unit E (tenancy 2) – of 149.8sq m made up of a road frontage ground floor office and showroom with bathroom and kitchen; and
• Unit E (tenancy 3) – a 170.9sq m first floor two-bedroom apartment, with its own garage.

Bruce says the property has a wide road frontage to Dallan Place of about 1443sq m.

"Built in 2004, the units were constructed with reinforced concrete foundations and floor slab; steel structural framing; concrete tilt-slab exterior walls; aluminium joinery and long-run steel roofing. The seismic rating of the building is A-plus, or 100 per cent of the National Building Standard [NBS]."

Van Barneveld says the property is expected to attract both investors and owner-occupiers. "It's located in a desirable Albany business precinct which is home to some of New Zealand's best-known companies including 3M, Turners Cars, Plumbing World and AUT Millennium. It's also close to Albany Mega Centre, Westfield Albany shopping centre and the North Harbour Stadium.

"The site has quick access to main arterial routes with the Northern Motorway being easily accessed via the Greville Rd interchange or Constellation Drive and Upper Harbour Highway interchange. In off-peak traffic conditions, the Auckland CBD is only a 15-minute drive away."