Rosy investment prospect on Rosebank Peninsula
This modern office building is for sale at 527A Rosebank Rd in Avondale’s Harbourside Business Park.
A modern office building is for sale in the middle of Avondale’s popular Rosebank industrial and business precinct presenting an investor with the opportunity to own a fully tenanted building in three titles.
“This is a north facing property with extensive and pleasant water views to the upper Waitemata Harbour,” says Meir Alfassi of Harveys Real Estate who is marketing 527A Rosebank Rd for sale by ‘set date of sale’ closing at 4 pm on Tuesday March 15 unless it sells earlier by negotiation.
“Offers are expected of over $3.9 million for this property which ticks all the investment boxes,” Alfassi says.
The property encompasses a contemporary 1417 sq m two level office building constructed in 2004 in the Harbourside Business Park on the Rosebank Peninsular about 10 kms west of the Auckland CBD.
The three strata titled units have lettable areas of 1016.55 sq m, 156.19 sq m and 208.77 sq m and generate total net rent per annum of $278,000 representing an approximate seven per cent net return.
“Leased to four separate tenants, this property constitutes an ideal investment opportunity for a property investor, family trust or an investor group,” Alfassi says.
“It is within easy range of Auckland City, falls in a price bracket affordable to a range of investors and has a diversified split risk tenancy portfolio.”
The property has a large amount of car parking with around 52 marked spaces and is zoned Business 5 under the Auckland Council’s district plan.
Alfassi says the Rosebank Precinct has an extremely well organised Business Association which actively lobbies local and central government agencies, core infrastructure providers and other economic development agencies to advance the development of the area.
“With dedicated security patrols and a great neighbourhood watch network, this district has the lowest crime rate of any commercial area in Auckland,” he states.
Construction is of concrete column and beam frame with concrete floors on both levels; and internal finishing of plasterboard painted walls with suspended tile ceilings. Office floors are carpeted with vinyl and tiling to amenities and entrances with internal and external stairs providing access to the upper level. The joinery is aluminium throughout with tinted glazing to maximise the views and natural light.
Other services include ducted air conditioning, smoke detectors and security alarms throughout.
“All the units offer a kitchen or kitchenette and bathroom facilities including a shower. They are modern and presented to a tidy and decent standard,” Alfassi says.
“New Zealand fashion brand Paula Apparel Limited is the anchor tenant with three other established companies occupying the remaining office spaces. All have rights of further rights of renewal on their tenancies with terms ranging from three to five years,” Alfassi says.
Meir Alfassi, of Harveys Real Estate.