A prominently positioned commercial building in the popular Auckland suburb of Epsom is being presented to the market for sale for the first time in over 25 years, giving buyers the chance to acquire an asset with multiple income streams and future upside.
Located at 2 Owens Road, the multi-level building has 1,710sq m of total net lettable area that is complemented by 51 on-site car parks, providing a healthy car park ratio.
The property sits on a 1,352sq m landholding that is zoned Business – Mixed Use Zone under the Auckland Unitary Plan.
With four separate tenants, the freehold property provides $606,543 plus GST and operating expenses in net annual rental income.
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The current occupants include ABI Rehabilitation Services, Shakespeare Orthodontics, Youthline Charitable Trust, and well-known local favourite Espresso Owens Road Cafe.
All tenancies run into the 2030s if future rights of renewal are taken up, ensuring the asset will continue to provide a steady rental stream for many years to come.
With its high-profile corner positioning, the building enjoys significant exposure to a main arterial route and has a strong street presence.
State Highway 1 is readily accessible via nearby St Marks Road and Gillies Avenue, enhancing the connectivity of the property.
Colliers Brokers Ronal Prasad, Tim Bull, and Mike van der Putten have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 29 July, unless sold prior.
The building was originally constructed in the 1980s and provides quality office and retail space.
Prasad, Associate Director of Investment Sales at Colliers, says the property’s tenancy profile will be appealing for investors.
“With a broad array of established tenants in place, there is a diversified income stream that is underpinned by multiple tenants, something coveted by discerning buyers,” Prasad says.
“The current occupants operate in a diverse range of industries and include well-regarded organisations in their respective fields.”
Bull, Auckland Director of Investment Sales at Colliers, says the surrounding area features a mix of residential, commercial, and medical uses.
“Epsom’s location means Auckland CBD can be easily accessed as it is only 4.6km away, while nearby suburbs Newmarket and Remuera offer extensive retail and commercial amenity,” Bull says.
“Public transport options are available with bus and train services nearby as well as key arterial routes such as Great South Road.”
Van der Putten, Director of Capital Markets at Colliers, says buyers with a long-term view will appreciate the future development potential that is on offer.
“The property’s favourable Mixed Use zoning means the asset could be repositioned or redeveloped in the future and this may allow the new owner to unlock the true value of the underlying landholding,” van der Putten says.
“Properties with this level of existing income and future upside seldom come to the open market in Epsom, one of Auckland’s most sought-after suburbs.”
- Supplied by Colliers
