Albany building has Plan B tenant

6:00 PM Friday September 7, 2018 True Commercial

The two-level building at 15 Tarndale Grove. Photo / Supplied

Agents say a “meticulously maintained” road-front property in Albany is in a low vacancy area with high tenant demand.

NAI Harcourts agents Marty Van Barneveld and Andrew Bruce are marketing the two-level building, at 15 Tarndale Grove, for sale by a deadline private treaty process, closing at 4pm on September 13, unless sold earlier.

The freehold property is leased to a long-term to an ICT (information, communication, technology) and business continuity products and services tenant, which trades as Plan B.

Van Barneveld says Plan B is a successful business with multiple locations throughout the country, including Wellington, Christchurch, Hamilton and Auckland,” says Van Barneveld.

“It has occupied the building since 2010 and has invested significantly in building fit-out and services.

“In 2016 Plan B exercised the first right of renewal for a term of five years.”

The property is earns rent of $116,872 net per annum.

“Constructed in the late 1990s, this tilt-slab building is low maintenance, enhancing its long-term value,” adds Van Barneveld. “It comprises a total floor area of about 484sq m, on a regular-shaped site of about 1147sq m.

“The building covers about 30 per cent of the site and its position at the rear of the property provides potential for future extension or development.”

Bruce sees an excellent opportunity to purchase an architecturally pleasing two-storey office building.