A modern multi-level office building for sale in a high-profile North Shore location is being promoted as offering a solid split-risk investment anchored by a government tenant.
Colliers International is marketing 102 Rosedale Rd, Albany, for sale by deadline private treaty process closing on October 26, unless it sells earlier and features the property in its latest Colliers Portfolio publication.
Built within the last decade, the standalone office building has a net lettable area of 2100sq m, split into four tenancies.
Colliers International North Shore commercial manager Janet Marshall says the property is superbly located on a prime 2552sq m freehold site at the top of the popular Interplex commercial precinct.
"Built on an elevated site with huge road front exposure to one of the Shore's main arterial routes, the property has views of an adjoining council reserve and excellent profile to Rosedale Rd and the Northern Motorway," Marshall says.
"Anchored by a government tenant, the property earns net rent of $616,212 per annum."
Marshall says the chance to acquire a high-quality, modern office building comes at a time when Colliers' research shows suburban office vacancies are at record lows.
"Positive demand and relatively little recent development have made offices in areas like Albany increasingly sought after," she says.
"The wider area has a well-established mix of industrial, commercial and retail space for which there is strong demand from both investors and tenants."
Colliers' North Shore general manager Jimmy O'Brien says the property has huge exposure to Rosedale Rd - one of the North Shore's main arterial routes, which links Albany to the East Coast Bays.
"As well as its convenient motorway access, the property is close to a good labour supply and supporting industry in the area," he says.
Developed by Northbridge in 2008, the three-level building comprises a secure basement car park, two adjacent office tenancies on the ground floor, and a single upper floor office tenancy.
Zoned General Business under the Auckland Unitary Plan, the property has a total of 65 car parks.
O'Brien says the building's attractively designed exterior has angled concrete columns that provide a strong vertical focus.
Colliers' broker Nick Recordon says the building is constructed of reinforced concrete foundations and floor slabs throughout.
"Structural framing includes a combination of steel and concrete columns and beams, with an internal service core of concrete panels and blocks," he says. "The roofing is low pitch long-run steel laid over a steel structural frame."
Internally, the building mostly comprises plasterboard walls and suspended tile ceilings. "The main entrance foyer and amenities feature tiled floors, while the office areas have commercial-grade carpets," Recordon says. "Air conditioning is by way of fan coil units concealed within the ceiling cavity, linked to external heat exchanges.
"Lighting is flush-mounted fluorescent light fittings in the offices, and recessed downlights in the amenity, central service and lobby areas."