Head office up for sale

By Colin Taylor

The Lambie Drive, Manukau, building is being refurbished for Paper Plus.
The Lambie Drive, Manukau, building is being refurbished for Paper Plus.

bayleys.co.nz/4103100

A modern, air-conditioned and strata titled office floor that is being refurbished as the national head office of Paper Plus (New Zealand) Ltd in Manukau is up for sale as an investment property.

Mark Pittaway of Bayleys says Paper Plus has been on the top floor of the two-level Building 5 at 17 Lambie Drive in the popular Lambie Drive Business Park for nine years.

"Paper Plus had been looking at other possible premises options for some time but couldn't find anything that suited as well as its current location," Pittaway says.

"The renovation of the whole of the ground floor unit is nearing completion, so Paper Plus is taking a new eight-year lease over this refurbished space.

"The property will produce initial net annual rental income of $168,220, with annual rental increases from 2015 which will be fixed at 2.5 per cent."

The ground floor unit will go under the hammer on December 4 in Bayleys' central Auckland auction room along with close to 40 other properties in the agency's last big Total Property commercial and industrial auction for the year.

It is being marketed by Mark and Rachel Pittaway of Bayleys Auckland in conjunction with Geoff Wyatt of Bayleys Manukau.

Constructed in the early 2000s, the building has 692sq m of net lettable area on the ground floor, excluding the central common areas of the foyer entranceway, stairwell and a proposed lift well.

"Amenities are at the central rear of the building, which would allow for multiple tenancies," Mark Pittaway says.

The Paper Plus ground floor unit comes with parking for 32 cars, and the company also leases an additional four spaces.

Paper Plus New Zealand's new fit-out is being undertaken by the current owner to the company's specifications and includes a repaint and new carpet, ceiling tiles, lighting, partitions, kitchen, meeting rooms, power and data points, plus additional storage and a covered patio area.

Under the terms of the lease, the new fixtures and fittings will be owned by the landlord.

Pittaway says the Lambie Drive Business Park is the largest office park close to the Manukau CBD and is on the perimeter of the Manukau Shopping Centre.

It is also near to the Manukau Supa Centre, anchored by Harvey Norman and Rebel Sports stores plus other bulk retail outlets and fast food and cafe businesses.

- NZ Herald

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