A substantially refurbished four-level office building in the heart of West Auckland is being presented to the market for sale, offering buyers the opportunity to acquire an asset that is underpinned by an attractive return and long-term government lease.
Located at 9-11 Ratanui Street in Henderson, the two interconnected buildings have approximately 3,356sq m of floorspace on a 1,981sq m landholding. Twenty-six on-site car parks are included in the footprint, 10 of which are covered.
The freehold property is currently leased to the Ministry of Justice and utilised as the Waitākere District Court, with an eight-year lease in place that runs until 2033. It returns approximately $865,989 plus operating expenses and GST per annum and includes 2 per cent fixed annual increases.
Major refurbishments have recently been completed at the property, including a full roof replacement, new chiller unit, bathroom upgrades, and remedial works, enhancing the building's long-term value and reducing future expenditure requirements.
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The property is zoned Business-Metropolitan Centre under the Auckland Unitary Plan.
Colliers Directors Caroline Cornish, Mike van der Putten, and Nelson Raines have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 23 September, unless sold prior.
The office building at the front of the site is complemented by additional facilities to the rear. The original structure was built in 1977 and provides office accommodation and four courtrooms, while an addition in 1997 expanded the premises, improving its functionality.
Cornish, Director of Industrial at Colliers, says the recent works completed at the property make this an attractive investment opportunity with a steady rental stream.
"The scale of the property and the calibre of the tenant are obvious attractions, but the quality of the asset itself should not be overlooked," Cornish says.
"The owner has invested heavily in maintaining and enhancing the building, creating a highly presentable investment and allowing the purchaser to focus on future benefits.
"Having a government occupier also provides prospective purchasers with a strong tenant covenant and the built-in rental growth is another key selling point."
The property is situated in an established area of Henderson with direct access to essential amenities and key transport routes. It is moments from Lincoln Road, which provides convenient access to State Highway 16 and the wider Auckland region.
Van der Putten, Director of Capital Markets at Colliers, says Henderson continues to evolve as West Auckland's primary commercial and civic centre.
"Henderson benefits from excellent public transport links, significant surrounding residential catchments, and ongoing investment in community and commercial infrastructure," van der Putten says.
"Henderson is one of the largest suburbs in Auckland. According to the 2023 New Zealand census, the local population increased 5.4 per cent between 2018 and 2023, which we expect will continue to drive business activity, employment growth, and demand for commercial property."
Raines, General Manager of Colliers West Auckland, says the property's zoning adds to its future potential.
"The Business-Metropolitan Centre zoning adds another layer of appeal by providing long-term flexibility in a location that is expected to remain a focal point for business, civic services, and residential activity across West Auckland," Raines says.
"Buyers seeking a well-presented asset with steady cashflow should seriously consider this purchasing opportunity."
- Supplied by Colliers
