Refurbished city-fringe office has plenty of appeal

Corner view of 16-18 Ruru St, Eden Terrace. Photo / Supplied

Extensive renovations give this 1960s office building a contemporary look

A modern office space in a commercial building off New North Rd, in the Newton city fringe area of Auckland, is being offered for sale by deadline private treaty closing at 4pm on Thursday, March 8, through Ian Crawford and Murray Tomlinson of Barfoot & Thompson Commercial.

From the exterior, the building at 16-18 Ruru St, Eden Terrace, looks like a somewhat dated 1960s light industrial and office building but, as a result of extensive refurbishment inside the premises, it offers an appealing and contemporary office space, Crawford says.

A feature on the ground floor level is a high stud central atrium located about the centre of the building with a central stair and gantry style walkway connecting the two upper mezzanine office areas.

Ruru Street runs south-east off New North Rd about 300 metres south of the New North Road, Mt Eden Rd and Symonds Street intersection. The property sits on the corner of Ruru and Nikau streets and has a mainly westerly aspect.

The 1960s building, leased to two companies, was constructed with concrete foundations, a combination of concrete block and solid concrete cladding, aluminium cladding around the upper level with aluminium joinery, plasterboard partitions and glazing throughout.

The ground floor office area is 560sq m while Level One offices occupy 377.47sq m giving a total building area of 937.47sq m. The building has open car parking for 17 vehicles.

It is tenanted to Hyde Agencies for $146,845 per annum and The Greenstone Drinks Company for $39,600 per annum to generate a total annual income of $186,455 net plus GST.

Greenstone has a three-year lease term, which commenced on November 1, 2011, and will run, with one renewal, through to a final expiry date of October 21, 2017, Tomlinson says. Hyde Agencies is on a three-year term expiring October 31, 2014.

The total site area of 892sq m is flat and on-grade to the street. It is a corner position with the northerly frontage to Nikau Street and the west and south facing Ruru Street.

"The site is essentially rectangular with a smaller triangular portion on the southern frontage, used for car parking.

Crawford says the nature of users in the city fringe area has changed in the last 20 years from industrial and light-service industry to a greater emphasis on trade distribution, office, retail and residential.

The area was the target of intensive residential developers from the late 1990s up until the end of that activity about 2006.

"The mixed use zoning and its closeness to the Auckland CBD and public transport will ensure that the location receives plenty of developer attention when the residential building phase starts again.

Crawford says the zoning provides for the development of vibrant urban areas by enabling a diverse and compatible mix of residential, business, educational and leisure activities close to the CBD or existing town centres.