An inner city strata titled office floor is going under the hammer at Barfoot & Thompson’s auction room at Shortland Street at the beginning of next month.
“Located in the heart of the CBD, this fully tenanted premises is superbly positioned and somewhat of a rarity,” says Barfoot & Thompson commercial specialist Agnes Teh who, together with colleague William Read, is marketing 7A/109 Queen Street for sale by auction at 10am on Wednesday 8 June 2022, unless it is sold earlier.
Teh confirms that the property is a Stratum in Freehold title, with a total floor area of around 216sq m.
“This is an exceptional opportunity to secure a full floor, right on vibrant Queen Street, with an excellent investment profile,” Teh adds.
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“The whole premises is leased to a long-term tenant who has been there for over 13 years, and who pays for all outgoings. The same tenant renewed last year for a further 12 years, which now takes the lease term to 31 March 2033.
“Prospective investors will appreciate the security of having an established tenant, with a protracted commitment to the site,” Teh says. “Upon expiry, the premises will be ripe for refurbishment, or possible conversion to residential.”
The annual net rental is fixed for $60,000 + GST for the duration of the lease. However the agreement provides a rent abatement for the first three years (1/4/2021 to 31/3/2024), during which time, the annual net rent is set at $40,000 + GST.
The building sits within Business - City Centre zoning under the Auckland Unitary Plan, allowing for intense future development and both residential and commercial activities. With motorway access nearby as well as public transport hubs all within walking distance, access to and from the greater Auckland isthmus from this premises is quick and easy.
- Article supplied by Barfoot & Thompson
