Live-work properties in Albany complexes

6:52 PM Friday October 12, 2018 True Commercial

Indicated by red arrows, No 25/14 Airborne Rd (foreground), with 22/18 Airborne in the row behind. Photo / Supplied

Agents say two live/work properties for sale in Airborne Rd Albany — with ground-floor warehouse space below and a first-floor self-contained apartment above — are of a type now seldom seen on the market.

The tenanted properties at 22/18 Airborne Rd and 25/14 Airborne Rd, are being sold by negotiation by NAI Harcourts agent Dave Lane. An investor could purchase one or both properties, which are leased to medium-term tenants.

The downstairs could be let to a commercial tenant paying rent and a share of outgoings, plus GST; while a residential tenant in the upstairs apartment could pay outgoings, but no GST.

The properties are in an easily accessible part of the Shore, in a street with four live-in warehouse complexes adjacent to one other. They have stratum in freehold titles — meaning unit titles on freehold land. Both 25/14 and 22/18 are of concrete tilt-slab construction and thought to date from about 1999 and 2000 respectively; they have long-run roofing, aluminium joinery, a concrete ground and wooden first floor. Each unit has two allocated car parks.

At 22/18 Airborne Rd the ground floor consists of a high-stud 90sq m warehouse with roller door access and office, kitchenette, toilet and shower, very small patio areas in front and large private patios at the rear. The first-floor 43sq m one-bedroom self-contained apartment is light and sunny with a single bedroom, open plan lounge/kitchen and north and south facing decks offering good natural light. This property has a commercial lease with a fixed term. The current net rent paid is $39,780.00 per annum, plus outgoings.

The property at 25/14 Airborne Rd houses a high-stud 78sq m warehouse, with small mezzanine and roller door access. It contains an office with kitchenette and toilet and has a private front patio. The first-floor 45sq m one-bedroom apartment is in reasonable condition, with open plan lounge/kitchen and a front deck. Refurbishing would add value, Lane says, and it would then likely earn rent of $375-$390 per week.

The total net generated is $36,034 per annum plus outgoings and GST of which the apartment earns $15,754 net per year.