The four-level office building property at 626 Great South Rd, Ellerslie. Photo / Supplied
The four-level office building property at 626 Great South Rd, Ellerslie. Photo / Supplied
A fully tenanted four-level office building, which occupies a site eminently suitable for future development, is for sale in Ellerslie.
JLL agents John Binning and Ian Hall are marketing 626 Great South Rd, which is to sell through an expressions of interest campaign, closing 4pm, July 25.
The 2647sq mfree-standing 1980s building sits on a 2878sq m site and has 90 carparks — with some secure covered parking and the remainder uncovered.
"This freehold property represents a superb investment opportunity. All four levels of office are fully tenanted, earning $794,310 per annum, with a weighted average lease term of circa 2.7 years," says Binning.
"It stands within the Mixed Use Zone under Auckland Council's Unitary Plan, enabling varied uses, like medical facilities, gymnasium, café or retail."
Hall says the property has great fundamentals, a very competitive per-metre rental and high car parking ratio, which has made it consistently popular with tenants. The seismic rating is 77 per cent of the New Building Standard.
"These factors coupled with the property having been owned and professionally managed by a listed property trust make it a very tidy and attractive investment," he says.
The tenants include Housing New Zealand, TBI Health, International Accreditation and Telarc SAI Ltd.
The 1980s building is located in a busy part of the Auckland city fringe. Photo / Supplied
Located on the eastern side of Great South Rd, the property is only 1km north of the Ellerslie Panmure Highway and links to motorways both north and south.
"The area is very popular with businesses with 24,000 cars passing along Great South Rd during the working week," says Hall.
"Location-wise the site is easy to access with the motorway link close by. From the property the CBD is only about 10 minutes by car and Auckland International Airport is a mere 25 minutes away. "From a public transport perspective, Ellerslie train station is within a 10-minute walk and, with Great South Rd being a main arterial for the area, buses pass the property regularly.
"In addition to transport links, due to the high volume of businesses operating in the area childcare facilities, cafes and gymnasiums are all within walking distance," says Hall.
"The nearby Central Park Corporate Centre, an easy stroll from the property, has led to additional cafes and gym facilities to cater for the volume of people working in the area."
