A four-level office building in the Auckland suburb of Ellerslie is available for purchase, giving buyers the opportunity to acquire a highly functional asset with a commanding street presence and future flexibility.
Located at 632 Great South Road, Ellerslie, the property has an approximate net lettable area of 2,972sq m and is supported by 95 car parks.
Major firms Netlogix and SG Fleet have occupied the building long term with the latter recently completing a high-quality refurbishment of their office space.
SG Fleet has exclusive naming rights to the building as well as the use of two highly visible billboards facing Great South Road.
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The existing tenants are complemented by a cafe on the ground floor.
The building has an estimated fully leased net income of approximately $1.241 million plus GST.
Accessibility and location are key aspects of the property with entry points off Great South Road and Kalmia Street. Ellerslie village and train station are only a few hundred metres away, ensuring convenience for commuters.
The building sits on a 3,016sq m freehold site that is zoned Business-Mixed Use Zone under the Auckland Unitary Plan.
Colliers Brokers Mike van der Putten, Blair Peterken, and Logan Roach have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 1 July, unless sold prior.
Levels 1, 2, and 3 at the property have floorplates of approximately 873sq m, while the ground floor has 262sq m of office space and the Littlejohn Cafe measures 82sq m.
The centre lift core means the floors can be easily split to accommodate smaller tenancies.
Van der Putten, Director of Capital Markets at Colliers, says prospective purchasers have the chance to secure a building they could choose to occupy in the future or reimagine the leasing mix.
"The current lease profile provides an opportunity for an investor to set a new precedent rental for the building through forward leasing, while there are also considerations for an owner-occupier seeking to control their own commercial property, with flexible underwrite terms that can be negotiated with the vendor," van der Putten says.
"The attractive car park ratio is also a major drawcard for a city-fringe office building that will catch the attention of buyers."
Peterken, Director of Capital Markets at Colliers, says the property benefits from its prominent position in the heart of Ellerslie's commercial precinct with a range of well-known occupiers in the broader precinct.
"The building's strategic positioning means a range of amenities are in walking distance with Ellerslie's local shopping village providing an attractive mix of food and beverage operators," Peterken says.
"Sitting in a high-profile spot on a main arterial route, the property enjoys significant exposure to large volumes of passing traffic."
Roach, Investment Sales Broker at Colliers, says the existing office tenants have long-term agreements in place into the next decade.
"The property has been a magnet for long-term occupation, evidenced by the existing occupiers having been in the building for between 14 and 20 years respectively," Roach says.
"The leases for Netlogix and SG Fleet include 2.5 per cent annual rental increases, ensuring built-in income growth for the new owner.
"This asset has appealing fundamentals through the steady rental stream and vast underlying landholding."
- Supplied by Colliers
