Shore property tenders open

By COLIN TAYLOR

One of the largest commercial property holdings to come on to the open market on the North Shore recently is being sold by Vector.

The property includes two office buildings on more than a hectare of land in Taharoto Road, Takapuna.

It has been home to power companies since the early 1960s when the Waitemata Electric Power Board established its head office on the site. Subsequent name changes have seen the property occupied by Power New Zealand and most recently UnitedNetworks.

Vector's takeover of UnitedNetworks has resulted in an amalgamation of the two companies' staff into Vector's Newmarket offices and the property is now not needed.

It is being offered for sale by international tender with vacant possession, apart from two small leases which can be terminated.

Tenders will close on March 12.

The 10,619sq m site is in three titles and has a mixture of residential and business zonings.

It contains a five-level office building, a separate two-level office building and various workshop buildings with a combined net leasable area of close to 6000sq m.

There is also a three-bedroom house and garage on the property.

A feature of the property is plentiful parking. There are 206 marked parks predominantly at the rear of the site which has separate access off Karaka St.

John Newton, of marketing agents Bayleys Real Estate, says this part of the property has the potential for both commercial and residential development.

Both office buildings were extensively refurbished around 1990 and some of the floors have subsequently undergone further refits, the most recent being the top floor of the main building in 1999.

The main building has high visibility to Taharoto Rd which is a main arterial route from the motorway and other parts of the North Shore into central Takapuna. It has 3620sq m of net rentable space encompassing office and storage accommodation as well as a large canteen with a commercial kitchen and a games room.

Newton says the ground floor provides an attractive foyer entrance with dual glazed automatic doors, a large reception and waiting area and a terrazzo floor and ramp up to the lift lobby.

The second two-level office building is located at the rear of the main building and provides 1456sq m of net space. In addition to office and meeting accommodation, this building also contains a former control room and computer equipment room with a raised floor.

Each of the two office buildings has its own water and power supplies and there is also fibre-optic cabling throughout both air-conditioned buildings. The 847sq m of workshop space contains a variety of attached buildings.

Bayleys North Shore's Nick Howe Smith says the most recent office survey of Takapuna undertaken by Bayleys Research early last year showed a healthy vacancy rate of 8 per cent and since then there has been continuing strong demand for office space in the Takapuna area.