Affordable Albany first floor office unit

3:15 PM Friday February 8, 2019 Paul Charman

Unit 11 on the first floor at 215 Rosedale Rd has five external car parks. Photo / Supplied

A 178 sq m first floor office unit in the Rosedale Plaza, Albany, is for sale with vacant possession.

Featured in Bayleys’ first Total Property portfolio for the year, Unit 11, 215 Rosedale Rd, is in the North Harbour Industrial Estate.

It offers affordable entry level access to one of the North Shore’s most tightly held property locations, says Adam Curtis.

Curtis is marketing the property in conjunction with Bayleys North Shore Commercial colleagues Adam Watton and Jane McKee. It is for sale by deadline private treaty closing at 4pm on March 7, unless sold prior.

Curtis says it has a high profile position at one of two entranceways to the Rosedale Plaza, which contains a mix of retail and office premises.

“Occupying a corner positon at the front of the L-shaped complex, means it offers good natural light and outlooks, and will provide the next occupant with substantial signage exposure to traffic moving in and out of the plaza.”

He says the air-conditioned premises comprises eight generous-sized, lockable partitioned offices, a kitchenette, male and female toilets, alarm systems and has key card access security.

“There is also the additional bonus of five external car parks, a higher than normal number for a unit of this size which adds significant value to the offering.”

Watton says vacancy rates in the area are at historical lows. Bayleys Research’s latest Albany accommodation survey shows the North Harbour Industrial Estate has a vacancy rate of just two per cent.

“Tenant demand in North Harbour has stimulated significant rental growth, for smaller units particularly, which is yet to be fully recognised in terms of their pricing,” says Watton.

“Continuing occupier demand, lack of greenfield development sites to build new premises and the increasing cost of construction add up to an affordable opportunity that will be a struggle to replace in the future.

“It represents an excellent proposition for a business looking to buy good value, well-presented office premises with an extensive existing fit-out. Alternatively, it could easily be reconfigured to suit the specific requirements of the next occupant.

“The offering should also appeal to entrepreneurial investors with an eye for an angle. If bought and leased up, the premises are likely to offer a higher income yield than if they were acquired already tenanted.”

Watton says some, or all, of the unit’s office furniture could be acquired as part of the purchase. This includes desks, desk and visitor chairs, a boardroom table plus chairs, free standing cupboards, office cabinets and shelving units plus a fridge.

Rosedale Plaza was completed in 2003 and comprises 13 units ranging in size from 130 to 450sq m with a diverse mix of tenants which includes a longstanding Korean restaurant and Fat Boys BBQ restaurant and bar; as well as speciality retailers and small to medium sized businesses occupying upper level office premises. The plaza is situated on the corner of Rosedale Rd and Henry Rose Place.

“It has a substantial central car parking area and was designed to provide good exposure and prominence for all units within the complex, particularly to Rosedale Rd,” says McKee.

“This is one of Albany’s principal thoroughfares linking the East Coast Bays and the Tawa Drive motorway interchange through to the North Harbour Industrial Estate.”

McKee says excellent access to the Northern motorway complex is available via the nearby Tawa Drive/Greville Rd interchange or Upper Harbour Dr to the south.

Surrounding properties include a multi-unit facility with various office, showroom and warehouse units and the Tawa Trade Centre which is a bulk retail type facility. A heliport is located on the opposite side of Rosedale Rd.

“This is a well-established location which benefits from being close to central Albany and the Wairau Valley and is popular with both investors and tenants,” says McKee.