Unit in ‘humming’ city fringe

5:53 PM Friday September 7, 2018 True Commercial

The office property at Unit 1/19 Edwin St, has 11 on-site car parks. Photo / Supplied

A city fringe office unit in one of Auckland’s liveliest hotspots of urban regeneration is being offered for sale or lease with a ground floor tenant and an appealing first floor vacant office.

Jonathan Lynch and Neelam Singh of Colliers International are marketing the freehold property at Unit 1/19 Edwin St, Mount Eden, by way of an expressions of interest campaign with offers closing at 4pm on September 13, unless the property is sold or leased earlier.

Lynch says the opportunity will appeal to investors, owner-occupiers and tenants alike. “The owner’s clear preference is to sell, however with flexibility to either own or lease, this is a chance to secure a solid investment property or a new office for your business with additional holding income making banks more amenable to finance.

“The property comprises 656sq m of office space, excluding stairwells, with 11 on-site car parks.

“The ground floor of about 330sq m is leased by Top Shelf Productions, which has invested a substantial amount in fitting out the premises with editing suites and offices.

“The first floor of about 326sq m is vacant and ready to occupy. A business could lease the space or purchase outright, allowing them to occupy the first floor and draw rental income from the ground floor tenancy.

“The property also appeals as a split-risk investment. A new owner will be able to draw on rental income straight away, with the ability to add value by repositioning and leasing the first floor. With so many different options, this property is sure to appeal to a broad range of occupiers and investors.”

Singh says the property is part of a courtyard development of similar units that was built in 1997.

“Unit 1 is the first of nine separately titled buildings within the complex, each with their own unique profile and allocation of car parks. It benefits from excellent natural light from three sides. The well-presented first floor office is open plan, with a private kitchen and bathrooms. An internal staircase between the floors allows flexibility for future occupiers who may take over the entire building.”

The ground floor is leased at $83,000 plus GST in annual rent, including five car parks. At current market rates, the top floor could earn about $85,000 plus GST in annual rent, including six car parks.

Ground floor tenant Top Shelf Productions is signed to a new three-year lease with a three-year right of renewal, extending the term to 2024. Market rent reviews are due on renewal.

Singh says the unit is well positioned in the city fringe a short distance from Auckland CBD and the popular Newmarket and Ponsonby commercial precincts.

Lynch says the site is in the centre of a growing pocket precinct that is home to high-quality apartments, terraced houses, offices, cafes and bars.