Albany units ideal for new investors

4:36 PM Friday August 25, 2017 Colin Taylor

The 28-unit commercial development at 372 Rosedale Rd is in two blocks with ample parking at the rear.

Two Albany investment units up for auction are each likely to sell for around the average residential house price on the North Shore – offering affordable access to the commercial property market for smaller investors and family trusts.

One is a 186.7sq m commercial unit that has housed Bayleys’ Albany residential office since 2004 and is located on the upper level of 372 Rosedale Rd, at the busy roundabout intersection with William Pickering Drive in the Albany Estate.

It is being marketed by Matt Mimmack and Eddie Zhong of Bayleys North Shore Commercial and will go under the hammer on September 13 as part of a Bayleys’ Total Property portfolio auction unless sold earlier.

Bayleys Real Estate’s current lease runs until the end of September 2018 with two further rights of renewal of 18 months each. The lease is generating net annual rent of $58,209 with Consumer Price Index adjustments every two years and reviews to market every time a renewal is exercised.

Mimmack says the property is part of a 28-unit commercial development in two blocks with ample parking at the rear.

“The complex’s wide span and its corner position make it easily recognisable and stand out from surrounding buildings.”

He says the unit’s good quality and functional fit-out encompasses a central reception and waiting area, four large offices, two meeting rooms including a boardroom and a kitchenette.

“Part of it has recently been refurbished to the tenant’s exacting specifications and there is ducted air-conditioning through the office areas.

“The extensively glazed unit has a high level of natural daylight as well as a pleasant outlook. The property’s elevated aspect facing two arterial roads and the roundabout also provides huge signage exposure which Bayleys has maximised to profile its brand and services.”

Zhong says the property’s six open car parks at the rear of the building are a generous provision for a unit of this size. There is vehicle access off both Rosedale Rd and William Pickering Drive with extensive, established landscaping around the complex.

He says the location provides great access to public transport as well as motorways north, south and west (SH1 and 18). A variety of shops, restaurants, cafes, bars and medical centres is nearby and the property is about five minutes’ drive from the Westfield Albany Mall and Albany Mega Centre.

The second similar sized Albany investment unit is in a retail convenience centre in Unsworth Heights and is also scheduled for auction on September 13.

The 186sq m Unit 7 at 1 Greenwich Way with five designated carparks has a three-year lease from April 1, 2017, to Bookprint Ltd which is generating net annual rent of $51,520 net.

Bookprint specialises in producing short run books and booklets – ranging from 25 to 1000 copies – for a wide range of clients including companies, educational organisations and private authors.

“The tenant has undertaken a significant and attractive character fit-out, creating an excellent working environment,” says Dean Gilbert-Smith, who is marketing the unit with Adam Curtis.

“The lease provides built-in rental growth with further rights of renewal.”

The premises is part of an eight-unit strip retail complex developed to service the growing community of Unsworth Heights. Its tenant mix includes a cafe, superette, liquor store, Chinese and Indian takeaways, and hobby shop.

The complex is next door to Metlifecare’s substantial Greenwich Gardens retirement village which is under development and is also surrounded by high density housing developed to accommodate Auckland’s expanding population.

“Being at the intersection of Greenwich Way and Unsworth Drive, the complex has dual exposure on a prominent corner site with easy access to ample car parking in front of the units,” says Curtis. “It’s also very close to Upper Harbour Highway (SH18) and the northern motorway (SH1).”