Northcote property leases are by the books

The office-warehouse for sale in Woodside Ave is indicated by a red border. Photo / Supplied

A Northcote office-warehouse with tenants including several book publishers, is for sale.

NAI Harcourt's Isaac Tankard and Nick Young are selling the property, at 37 Woodside Ave, which they say has provided stable rent income over the last 10 years. It goes to auction at 6.30pm, on April 4, unless sold earlier.

The 1229sq m freehold site is located on the corner of Woodside Ave and Kawana St, with a total building area of 1740sq m.

The premises comprise a 613sq m ground floor warehouse, plus a total of 1127sqm office space on first and second floors.

Tankard sees an outstanding opportunity to secure this freehold corner site investment property just minutes from the northern motorway. He says the property's six long-term tenants paynet annual rent of $235,619 plus GST and outgoings.

The property comprises:

• A ground floor tenanted by Publisher Distribution Ltd, which occupies 580sq m of warehouse space paying rent of $48,093 per annum plus GST; with annual rent reviews and with rights of renewal giving a final expiry of January 2025.
• A first floor with tenants including Book Reps NZ Ltd, which occupies 132sq m paying annual rent of $36,484 plus GST; with a market rent review of July 2021 and final expiry ofJuly 2025.

Glenorie International Ltd occupies 80sq m of office space at $17,200 plus GST per annum on a lease with annual rent reviews and a final expiry of July 2025. New Holland Publishers Ltd occupies 92sq m of office space at an annual rent of $ 20,437 plus GST; with annual rent reviews and a final expiry June 2020.

• Second floor tenants include Edify Ltd which occupies 145sq m of office space paying annual rent of $40,905 plus GST; also with annual rent reviews and a final expiry
August2025.

In addition, ECP Ltd pays annual rent of $53,000 plus GST; with a market rent review in March 2022 and a final lease expiry of January 2028.

Young says the property has 22 car park spaces, excellent road-front corner exposure and is a four-minute drive to the northern motorway on-ramp. It has a seismic rating equal to 75 per cent of New Building Standards.