An extraordinary mixed-use opportunity in the commercial hub of Auckland’s North Shore has come onto the market for sale.
Known as the Allianz House, 1 Byron Avenue enjoys a prominent position within the North Shore suburb of Takapuna amongst the dining and retail hubs and only walking distance from the popular Takapuna beach.
Comprising a mix of retail and offices across four levels, the quality building delivers a net lettable area of more than 2,279sqm occupying a 799sqm freehold site with four established and growing tenants.
JLL have been exclusively appointed to market 1 Byron Avenue for sale by Deadline Private Treaty closing at 4 pm Wednesday 2 June 2021, unless sold prior.
Start your property search
JLL Commercial Sales and Leasing Senior Director Euan Stratton says the building offers an outstanding opportunity for investors to secure a trophy asset in this tightly held precinct.
“As a split risk investment with four tenants, this high quality 100% leased office and retail asset generates a net annual income of ca. $808,000 net (plus GST) from a tenant mix of a global blue-chip company and successful local businesses,” says Stratton.
“To give an example of the tenant demand within the building, Allianz Partners recently extended their space to two whole floors to future-proof their anticipated growth, while Pie Funds just renewed their lease for another five years with a fit-out that includes polished concrete floors, exposed ceilings, and a theatre for presentations coupled with ocean views making it undoubtedly one of the North Shore’s most attractive office spaces.
“Providing great amenity for the local community and the workforce within 1 Byron Avenue, Street Organics occupies an open-plan retail unit on the ground floor with polished concrete floors and an exposed concrete ceiling with the popular café offering organic whole foods seven days a week and a wine and tapas bar on Friday and Saturday nights.”
JLL Senior Broker Alex Wefers says the building comes with strong fundamentals.
“Originally constructed in the 1960s, the building has been expanded in multiple stages and in 2016 was fully renovated and extended with an additional two floors,” says Wefers.
“With the entire building refurbished to a very high standard that meets current New Zealand business standards, it provides A-Grade quality office space with flexible floor plates that can cater for single tenants and also be split up into two tenancies per floor.
“As for most A-grade office stock, exposed ducting and suspended LED lights are a feature throughout with all the offices open plan with accompanying glass enclosed board rooms. Each office floor has their own full amenities with male and female toilets as well as kitchenette/lunchroom facilities.”
JLL Senior Broker Jason Armstrong says 1 Byron Avenue’s location alone effectively future-proofs the investment.
“Takapuna is a well sought-after suburb for high density developments for both residential and commercial accommodation due to its unique beach location and close proximity to Auckland’s city centre,” says Armstrong.
“With its location, Business –Metropolitan Centre zoning and the unlimited additional height allowance that comes with it, the property offers a high land value component with significant redevelopment potential in the future.
“A building highly sought-after by tenants placed in a bustling centre featuring substantial office, retail, and entertainment facilities as well as high density residential opportunities including the Sentinel apartments (the largest building in New Zealand outside of Central Auckland) makes for a compelling offering.”
