A large office premises on the first floor of a prominent business park building on Auckland's North Shore is for sale or lease.
The top-level 573sq m floorplate, in a high-exposure, low-vacancy location at 27-29 William Pickering Dr, Rosedale, is being sold or leased vacant.
Until recently it was tenanted by Phoneplus, a customer contact call centre.
Phoneplus was using only part of the office floor. Bayleys North Shore salespeople Dean Gilbert-Smith and Stephen Scott, who are marketing the property by private treaty closing at 4pm on August 8, say it can be split into two tenancies.
"It is configured as a big single floorplate with a mix of open plans and partitioned offices in good condition," says Gilbert-Smith. "Two separate businesses could easily operate from the floor, which has an above-average 18 car parks, and a serious presence in North Shore's Rosedale commercial hub."
Suitable for an owner-occupier, office-based business, a branded co-working space or a buyer with a tenant already secured, Gilbert-Smith says office buildings or floors in this area could become a scarcity with the area rezoned as Light Industrial in Auckland Council's Unitary Plan.
Co-working office space is increasingly popular for entrepreneurs starting out, through to corporates setting up teams for specific projects away from their main premises.
The first floor is owned by a trust says Gilbert-Smith: "It would prefer to sell the floor, but it can be leased on preferably a six-year term, although three to four years would also be considered at rent of about $255 per square metre.
"Prices for property of this type and size vary, but the average is about $4000 a square metre, a yield of 6.5-7 per cent based on notional rent."
The freehold unit was built around 2000 when the park was developed for mainly office tenants.
"It has straightforward general office space in terms of layout," Gilbert-Smith says. "The biggest benefit for a new owner or tenant is the building's profile and presence on William Pickering Dr."
The property is part of a seven-building business park that has a mix of high-grade office, showroom and light industrial properties, forming part of the North Harbour/Albany office industrial estate. William Pickering Dr is the major thoroughfare.
Surrounding developments include larger warehouse/office properties, but predominantly freehold office and semi-retail showrooms of a similar age.
"This is a desirable location that has seen an uptick in buyer and tenant demand over recent years," Gilbert-Smith says.
"Buyer confidence in the area has been steady and has recently bounced back after the Labour-led coalition government scrapped plans for a capital gains tax."
Albany is one of the North Shore's fastest growing suburbs and emerging as Auckland's newest city centre, with prominent developers involved in large-scale projects.
The property is about five minutes from Auckland's Northern Motorway. More than 9000 cars a day pass the property, giving it a high profile. It is also linked to surrounding suburbs, such as Long Bay, Browns Bay, Coatesville, Silverdale and other suburban hubs.
Access on and off the motorway is by the Constellation Dr/North Harbour ramps. There is also good access by the North Western Motorway through to Henderson and the Waterview Tunnel taking traffic south of the city.