A renovated, fully-leased building in the North Shore's Wairau Valley is for sale, along with a resource consents granted for a mixed use, predominantly residential development with 14 apartments.
Unit A, 179 Archers Rd, Wairau Valley, has 1409sq m of commercial and industrial space and is generating net annual rent of $259,040 plus GST from six tenancies.
Featured in Bayleys' Total Property portfolio, it is for sale by negotiation — being marketed by Ranjan Unka, Eddie Zhong and Anna Radkevich, Bayleys North Shore Commercial.
Unka says the building was extensively refurbished, upgraded and reconfigured in 2010 and has an A-grade seismic assessment (100 per cent of New Building Standard). It now encompasses two levels of modern quality air-conditioned commercial space totaling 1062sq m, with substantial exposure to Archers Rd, plus a 268sq m medium stud warehouse and 70sq m of associated offices, located at the rear of the building.
The offering is one of two substantial units situated on the northern corner of the intersection of Archers and Sunnybrae Rds, two of Wairau Valley's busiest.
Unka says one of the property's features is its excellent on-site parking with about 26 spaces — 10 at the front plus 16 at the rear — all accessed from Sunnybrae Rd.
The extensively glazed Archers Rd frontage has three ground floor tenancies and a further two on the first floor. Uplift Fitness Boutique Ltd, which provides a wide range of fitness services, occupies the northern and largest tenancy on the ground floor which comprises 240sq m of gymnasium space.
Adjoining it is the 132 sq m La Pachamama store which specialises in South American teas and foods, including a full range of artisan sweets made in Argentina. The final 90sq m ground floor tenancy is occupied by a beauty salon.
On the upper-level, Community Education Foundation Aotearoa leases 350sq m of office space, with amenities including a kitchenette and men's and women's toilets. The rest of the first-floor provides 250sq m of high quality showroom space for home furnishing retailer Lounge and Living, with direct pedestrian access available from Archers Rd.
Aluminium cladding specialist Panelab Ltd occupies the warehouse accommodation which includes a roller door entry.
The leases all have personal guarantees with terms ranging up to five years with an average weighted lease term of just under four years, says Unka.
"This is a very well presented building offering a solid investment opportunity with good rental growth prospects. There's also the bonus of a resource consent for a change of use to residential."
The consent allows alterations to the ground floor — adding retail, storage and covered car parking there — and commercial space on the first floor to be converted to apartments.
A further two levels of apartments can be added on top, providing a total of 14 three-bedroom apartments.
Zhong says Wairau Valley, once known for its conventional industrial development, now has much modern office and showroom accommodation, plus retail complexes like Pak'n Save, Mitre 10 Mega and Bunnings stores.