Two Albany commercial properties, which are likely to sell for less than the average cost of a North Shore residential property, offer opportunities for both owner occupiers and investors.
The properties, at Interplex Business Park and the Apollo Technical Park, have rating valuations of $520,000 and $620,000 respectively; plus in each case a flexible General Business zoning, which means they can be used for a wide range of business activities.
The modern, unit-titled premises are both featured in Bayleys' final Total Property portfolio for the year and will be auctioned between 11am and 2pm on December 5, unless sold earlier.
The larger of the two is the 155sq m office unit 2G at 5 Ceres Court, which offers a superb commercial office investment opportunity, says Tonia Robertson of Bayleys North Shore Commercial.
"This an attractive first-floor unit in a modern office development in one of Albany's most desirable commercial precincts. With vacancy rates at historical lows in the area, it must top the list of owner-occupiers and investors looking for affordable property in the Shore's fastest growing business location," she says.
The property in Apollo Technical Park is set to generate net annual rent of $45,000 plus GST, with the tenant also paying outgoings such as rates and insurance. A financial services company, which has been in occupation since 2014, has exercised its final one-year right of renewal, whichexpires tomorrow.
"The well-established tenant is keen to extend its lease," says Robertson. "So the door will be open for the purchaser to accept a longer-term lease or negotiate a short-term tenancy. Alternatively, the buyer would have the flexibility to negotiate a lease with another tenant or occupy the premises themselves."
The unit is part of a commercial building constructed in the mid 2000s, comprising two levels of offices, with a mix of forecourt and basement on-site car parks.
"The office unit for sale is an upper level end-unit in a corner position with large scale windows providing exceptional natural light. It has a flexible layout comprising a functional mix of open plan and partitioned offices, a boardroom and kitchenette with a tiled floor surround.
"The premises is fitted out to a good standard with a ducted air-conditioning system, full suspended ceiling with recessed lighting and data cabling and an alarm system. The ground floor entrance foyer/lobby area is tiled with modern glass and stainless steel detailing to the stairs while male and female bathrooms with shower facilities are shared with the adjoining tenants in the building."
It has four dedicated uncovered car parks in the front forecourt area, plus a covered one in the basement car park.
The other Albany property scheduled for auction on December 5 is Unit 5 at 63 Arrenway Dr, in the Interplex Business Park. This comprises a 118sq m warehouse, showroom and office premises plus two exclusive car parks at its front doorstep. It is for sale with vacant possession through Meng He, Ian Waddams and Steven Liu of Bayleys North Shore Commercial.
It is among 22 industrial units in three new buildings completed early last year at 63 Arrenway Drive.
Meng He says the unit has a well-designed layout with roller door access to a high stud warehouse or workshop with a separate entrance to two levels of interconnected showroom and office space plus amenities which include a kitchenette.
"This is a high quality entry level unit in Albany which will have appeal to a wide variety of business operators as well as investors given the high level of tenant demand and low vacancy rate for these smaller multi-purpose units. They are well suited to smaller import/export businesses or tradespeople such as electricians, builders or plumbers.
"The premises are within five minutes' driving of motorway interchanges either at Constellation Drive or Tawa Drive."
Steven Liu says the unit is next door to an Avis and Budget rental car depot, with a wide range of other high profile business tenants located at Interplex, one of Albany's best known and largest business parks.