Mt Albert building offers retail and office options

Exterior view of a new building for sale at at 709-711 Mt Albert Rd, Royal Oak.

A new retail and office building, opposite the Royal Oak Mall in Mount Albert Rd, is up for sale in Bayleys' latest Total Property magazine offering a new owner the option of buying it either completely vacant or with a ground floor retail lease in place.

The two-level 1807sq m premises, plus basement car parking, located on a 1383sq m site at 709-711 Mt Albert Rd, Royal Oak is for sale by tender closing Wednesday, August 21, unless sold prior by private treaty. It is being marketed by Quinn Ngo and James Chan, Bayleys Auckland.

Ngo says the vendor developed the building to accommodate a related bulk retail business on the ground level and an education provider on the upper level but the latter tenancy had not eventuated.

"As a result, the owner has decided to put the property up for sale and is willing to consider different options depending on a purchaser's requirements.

"Should an owner occupier, for instance, wish to purchase the entire building, the vendor would relocate the office stationery and equipment business Office Buy Ltd, situated on the ground floor, to another location.

"Alternatively, the owner would be more than happy to enter into a lease arrangement for Office Buy to continue occupying the ground-floor premises leaving the first floor available for occupation or leasing up."

Ngo says the building stands out along Mt Albert Rd, having been constructed to a high standard, both externally and internally, with a 100 per cent seismic rating.

There are 38 parks available in the basement and two disabled and two standard parking spaces right outside the ground floor entrance.

Chan says a registered valuation of the property undertaken in February projected potential annual net rental income of $408,710 fully leased.

He says the building's 782sq m ground floor is ideally suited to retail use given its strong location and substantial exposure to a high volume of passing traffic on a main arterial road, approximately 100m from the busy Royal Oak roundabout. "The immediate locality has a mix of residential and commercial property with Royal Oak encompassing a sizeable residential area, with commercial properties consisting mainly of low-rise, mixed-use buildings, typically comprising ground floor retail with offices above," says Chan.