Wairau Valley unit with dual tenancy

Unit A, a 478 sq m office and warehouse, is for sale at 50 Diana Drive, Wairau Valley.

A dual tenancy stratum in freehold office and warehouse building is for sale with a vacant possession in the high growth Wairau Valley industrial area on the North Shore.

"Low vacancy rates in the area mean that interest in this well-presented unit will be high," says Dave Lane of NAI Harcourts North Shore Commercial who is marketing Unit A at 50 Diana Drive for sale by auction at 1.30 pm on Wednesday May 6 at 1.30pm at the agency's auction room at 128 Hurstmere Rd, Takapuna.

The two-level 478.7 sq m unit comprises two separate areas. The 199.7 sq m left hand side of the building contains ground floor office and storage space with an upstairs kitchen, bathroom, and space suitable for office administration.

To the right is a 279 sq m high stud warehouse area with low stud storage under a first level mezzanine which would be well-suited as office administration space. A kitchen and bathroom are included on the ground floor.

"This is a very tidy warehouse and office space that has been tastefully renovated," Lane says. "And the two separate areas offer flexibility for owner occupiers and investors alike.

"An owner occupier could start up a business by occupying one part of the property and sub-lease out the second portion to provide additional income. This would give them capacity to expand by combining the two areas further down the track as their business grows.

"Similarly the property caters to a much broader pool of potential tenants from those needing a smaller 200 square metre space to those requiring the full 478 square metres," says Lane.

Dave Lane of Harcourts

He says the property is part of a complex containing three unit titled industrial properties all built in the mid-1980 and includes four allocated car parks.

Lane says the assessed annual rental return is $47,870 and the capital valuation for the property was assessed as $465,000 on July 1, 2011.

The property is zoned Business 9 under the current Auckland Council District Plan and Light Industry under the Proposed Auckland Unitary Plan.

Lane says that the low interest rate environment and solid New Zealand economy are helping to enhance the attractiveness of commercial property investments.

"Commercial property is seen as a solid long-term investment opportunity and the Wairau Valley is an area that is predicted to undergo growth over the coming decade as residential and commercial interests vie for space in the competitive Auckland market."