A fully leased three level building which has recently undergone a major refurbishment to create an award winning workspace fit-out is for sale in Takapuna's central business district.
The building at 132 Hurstmere Rd on a 1503 sq m site has a net lettable area of 1483 sq m and comprises two levels of offices, ground floor space for a cafe that is soon to be opened and 28 car parks. The property is set to produce annual net rental income of $459,771 plus GST from three tenants.
Located on the west side of Hurstmere Rd, the building is one property back from the intersection with Anzac Avenue and with a frontage also onto Campbell Rd
Featured in Bayleys' latest Total Property portfolio, the building is being marketed by Simon Aldridge, Ranjan Unka and Eddie Zhong of Bayleys North Shore Commercial, who are selling it by tender closing August 14, unless it sells earlier by negotiation.
"This is an excellent opportunity to secure a standalone investment property with a diversified income stream from three tenants with current leases running until between 2018 and 2021," says Aldridge. "Given its strong location close to the beach in the well-established central Takapuna commercial area, the site also has future development potential particularly as it has a flexible Metropolitan Centre zoning under the Proposed Auckland Unitary Plan."
The building, constructed in the early 1980s, has a solid concrete structural design with a seismic assessment rating of 99 per cent of New Building Standard (NBS).
The University of Auckland occupied the entire building, offering business diploma courses, for six years before relocating to the new Owen Glenn building on the main campus in Grafton. Unitec NZ subsequently leased the building taking advantage of its location and educational facility use rights before outgrowing the facility and relocating to Albany.
The building then underwent a significant upgrade and modernisation, completed in 2013 and project managed by Graphite Architects with Leuschke Group Architects undertaking the overall structural base build and external building image design work. Spaceworks Design Group created the office fit-out design.
A collaborative effort between Spaceworks and anchor office tenant Leading Edge Communications resulted in Leading Edge being named as a finalist in the IBM Kenexa "Best Workplaces for 2014" awards. Leading Edge also won the "Most Improved Workplace" award for 2013.
The exterior has new aluminium composite cladding with fins framing the street facing facades. Full height glazing has been added across much of the building to improve natural light and enhance the views from the upper floors across central Takapuna and out to the Hauraki Gulf. A new HVAC (heating, ventilating and air conditioning) system has been installed and sections of the concrete ceiling structure have been exposed internally along with polished concrete floors.
Aldridge says this gives the premises a contemporary, non-corporate ambience which many office tenants prefer.
"The main entrance and reception area, accessed via attractive landscaped pathways from both street frontages, sits under a glass canopy and has been tastefully refurbished with tiled flooring, flush ceilings and down lighting," he says.
A passenger lift, staircase and toilet facilities for the disabled are also accessed from the entrance lobby. A 170.5 sq m tenancy on this level is currently being fitted out for a cafe and restaurant with full height glazing opening onto a 112 sq m external courtyard. The solid hard wood deck courtyard is enclosed by a frameless glass balustrade with external power supply to the base of two mature trees for the provision of decorative lighting.
The NZ United Group, which currently operates restaurants in Kingsland, central Auckland and Hamilton, has taken a six year lease over this space, with two six-year rights of renewal, and has engaged Paul Izzard Design to create a unique fit out design.
The upper level offices comprise a mix of open plan and partitioned offices and meeting rooms, including an elaborate boardroom facing out to Hurstmere Rd, says Aldridge. "The polished concrete floors, appealing colour scheme and floor to ceiling exterior wall glass windows create a very desirable work environment.
"It's an impressive looking building with quality facilities and services complemented by an attractive street aspect as a result of extensive landscaping that has been undertaken around the site."
Leading Edge Communications occupies all of 742 sq m Level One and 352 sq m on the eastern wing of Level Two on separate leases which both run until July 2019 with two four- year rights of renewal.
The Leading Edge Group is an Australian owned sales channel management company which supports over 1500 retail stores throughout Australasia, as well as businesses in the UK, with management, marketing, buying and back office services. Its primary focus is telecommunications and in New Zealand it has worked with Spark (formerly Telecom) since 2004. The group is the single nationwide sales channel partner for Spark Digital and operates a nationwide network of retail stores and business hubs for the telco. It also provides sales and support services for other New Zealand corporates such as Genesis Energy and n3 which had its origins as the Government Stores Board then the Government Supply Brokerage Corporation and later the GSB Supply Corp Ltd before being named n3.
The 218 sq m western wing of Level Two is occupied by The New Zealand Security Association, a representative body for the security industry which has voluntary members ranging from sole traders to large multinationals. It has a three year lease from January this year plus three three-year rights of renewal.
Unka says the property lends itself to potential intensification given central Takapuna's continued growth based around its solid commercial base along with the city's retail and residential "metamorphosis".
The site currently has a Business 3 zoning and, under the Proposed Auckland Unitary Plan, is zoned Metropolitan Centre, Takapuna 1 sub-precinct B. The Metropolitan Centre zone, which has a maximum height allowance of 20 metres, allows for a wide range of mixed used activities including commercial, leisure, high-density residential, tourist, cultural, community and civic services.
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