A fully leased office tower in the popular Auckland city fringe suburb of Newmarket is available for purchase and will draw the attention of buyers seeking a premier asset.
Sitting prominently on a 2,582sq m landholding at 103 Carlton Gore Road, the five-level property has a commanding street presence with high levels of visibility.
The property has approximately 4,780sq m of net lettable area and is supported by 161 car parks, representing a very healthy car park to floorspace ratio of one park per 30sq m.
Newly branded as Sharp House as the international company recently leased space and completed a new fit-out, the building is also home to well-known firms Unilever, Erskine Owen, and Moore Markhams accountants among others.
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The total annual net passing income from the property is approximately $2.346 million plus GST and operating expenses.
This landmark location overlooks the Auckland Domain and is also only 500m away from the Grafton train station offering tenants excellent connectivity.
The nearby high-end residential development, The Domain Collection, is also all but complete with residents set to move in imminently.
The property is zoned Business Metropolitan Centre Zone under the Auckland Unitary Plan.
Colliers Directors Mike van der Putten, Blair Peterken, and Peter Herdson have been exclusively appointed to market the property for sale via negotiation.
Van der Putten, Director of Capital Markets at Colliers, says the building provides split-risk income that is underpinned by having global and nationally renowned firms as tenants.
"The tenant covenant of the asset is strong with the likes of Sharp recently committing to a six-year lease with a future renewal of the same length and taking up naming rights," van der Putten says.
"Multiple tenants are well established in the property and there is built-in rental growth through annual increases ranging between 2.5 and 3 per cent on a majority of the leases.
"Many of the tenancy agreements have final expiries well into the 2030s providing long-term cashflow."
Peterken, Director of Capital Markets at Colliers, says Carlton Gore Road is widely regarded as one of the city s premier fringe locations for office occupiers.
"The street has consistently outperformed other locations and attracted tenants from elsewhere in the fringe and southern corridor who are seeking high levels of amenity and connectivity," Peterken says.
"The accessibility of the motorway network is a significant advantage and buildings along this road are well resourced with strong car park ratios. There is the added convenience of public transport connections with the Grafton and Newmarket train stations close by while bus routes also service the area.
"Having the Auckland Domain over the road provides tenants at the subject property with an attractive green space."
The centre of Newmarket is nearby, offering quick access to a range of amenities. Westfield Newmarket, one of Auckland's most popular retail destinations, provides customers with a world-class array of brands.
The suburb also has a vibrant hospitality scene with a dynamic mixture of cafes, bars, and restaurants that cater to all tastes.
Peter Herdson, National Director of Capital Markets at Colliers, says the building benefits from its eye-catching road frontage and provides a welcoming and functional environment for tenants.
"Office buildings along Carlton Gore Road seldom come to the open market, making this a rare chance to acquire an asset in this sought-after location. This modern facility has a compelling mix of underlying investment fundamentals that will appeal to buyers seeking a property with a steady rental stream," Herdson says.
- Supplied by Colliers
