A multi-level office building in an amenity-rich location in Manukau is available for purchase giving buyers the opportunity to acquire an asset that is anchored by government-backed tenants and has long-term development potential.
15 Putney Way, Manukau has approximately 2,038sq m of total net lettable area on a 1,040sq m freehold site.
The property is occupied by education and vocational training provider MSL Training, the Ministry of Justice, and EAP Services. The total contracted net annual rental income from the property is $566,480 plus GST and operating expenses.
The surrounding commercial and civic precinct is a hive of activity and the property, which includes six car parks, is surrounded by key landmarks, including the Manukau Institute of Technology, civic tenants, and a Westfield shopping centre.
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The property is zoned Business – Metropolitan Centre Zone under the Auckland Unitary Plan.
Colliers Brokers Will Bason, Ryan Gibb, and Mike van der Putten have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 3 June, unless sold prior.
The Ministry of Justice occupies the most space in the building as it leases all of Level 2, while all three tenants have space on Level 1. MSL Training also leases space on the ground level.
Bason, Investment Sales Broker at Colliers, says the property will appeal to investors looking for an asset with a steady rental stream in a growing area.
“This fully occupied building provides split-risk rental income with a complementary tenancy mix that includes lease agreements that run into the 2030s,” Bason says.
“Government occupants provide a strong tenant covenant given the ongoing need for civic services. The lease agreements also provide a mixture of CPI and annual increases providing built-in rental growth for the new owner.”
Gibb, Investment Sales Broker at Colliers, says the property’s strategic positioning within a primary metropolitan node ensures it will remain a preferred destination for long-term occupational demand.
“Accessibility underpins the appeal of this location, and the property enjoys seamless connectivity with the motorway network through nearby on-ramps, facilitating convenient transport between the CBD or the Auckland Airport,” Gibb says.
“Manukau is also well served by public transport options through bus routes and the train service.”
Van der Putten, Director of Capital Markets at Colliers, says the zoning of the property means there are long-term development options to consider.
“There are development pathways the new owner can explore that would allow them to unlock future value,” van der Putten says.
“This property offers buyers the chance to secure an asset with established tenants and also presents repositioning or value-add opportunities.”
- Supplied by Colliers
