Seven varied 'metro properties' for Colliers gala auction

Office warehouse at 32H Shaddock St, Eden Terrace. Photo / Supplied

Following the success of its recent auctions, in which 70 per cent of the properties offered sold prior to auction or under the hammer, Colliers International is offering a further seven properties for sale at a gala auction to take place at the agency's CBD office. The properties are among over 60 throughout the country that are featured in the agency's second National Portfolio publication for this year.

"Significant listings in this issue include a large format Warehouse store in Albany, the historic Regent Theatre in Christchurch and high-quality office buildings at 32-34 Mahuhu Crescent on the fringe of Auckland's CBD," says Colliers national sales director Peter Herdson.

"We are also featuring two new major property offerings from Downer in the portfolio."

The seven properties for sale at the gala auction, to be held at 151 Queen St at 11am on May 26, are what the company describes as "metro properties" that are non-institutional and non-corporate and likely to be in the $500,000 to $3 million range.

"The seven properties cover a wide range of the variety and spread that metro properties offer," says Charlie Oscroft, Colliers' metropolitan investments manager. "They include properties with national tenants, high-profile sites, great staggered lease terms and a good value spread. This is where the action is in the commercial property market."

Oscroft says the metro sector stretches from Albany down to Drury and comprises a wide investor base of owner-occupiers and family trusts as well as individuals.

Oscroft and colleague James Thorburn are marketing a high-profile retail investment at 8-10 Mt Smart Rd, Royal Oak, with a series of national brand tenants operating on site.

The 1294sq m site, which has 38m of frontage on to Mt Smart Rd, offers 502sq m of net lettable area in a stand-alone building on two freehold titles, plus 22 car parking spaces.

Tenants comprise Pizza Hut, on a six-year lease providing $43,575 in rent per annum; Noodle Canteen on a 10-year lease that contributes annual rent of $43,645; Video Ezy, paying $80,000 each year over a six-year term and Jacks Liquor, also on a six-year lease, bringing in $28,586 per annum.

Thorburn says that the new owner can expect guaranteed rental growth from this property, which is surrounded by companies of the calibre of McDonald's, KFC and Pak N' Save.

With colleague Grant Magill, Oscroft is also marketing a freehold, two-storey mixed retail and residential property at 999 Dominion Rd, Mt Roskill

Sitting on a 334sq m site close to all the major trading banks, the property offers 321sq m net lettable area over its two floors, plus two car parking spaces. The ground floor retail area comprises 219sq m of retail space and the first floor has 102sq m of residential space.

Tenants include The Style Master Limited, on a four-year lease providing an annual $60,000 rental, plus a Westpac ATM contributing $7500 per annum.

Oscroft is involved in a third offering at the auction with Peter Kermode. They are marketing a vacant Business 5 zoned site 257 East Tamaki Rd, Otara with strong exposure to East Tamaki Rd, the main arterial route through Otara. Neighbouring a Gull service station, the 2703sq m freehold site hosts a stand-alone, modern and sound building with a net lettable area of 898.4sq m and 22 parking spaces.

Kermode says the property is being sold by the receiver and is "ripe for repositioning". It could offer tenancy sizes of 120sq m up to 900sq m and would suit a variety of retail businesses, including medical, fast food, grocery and convenience retail.

With colleague Bryce Holmes, Kermode is also marketing an office, showroom and warehouse property in the tightly held Grafton area at 29 Nugent St, that is on the market for the first time since the building was constructed in 1984.

Holmes says the vacant freehold stand-alone building is an entry-level property that would be ideal for a young, developing business, particularly in the homewares industry.

"The property's previous tenants, Eden Coffee, were here for six years but have now outgrown the premises."

The building on a 389sq m piece site, comprises a 236sq m ground floor office and showroom/warehouse plus a 145sq m first floor office area along with six carparks. Kermode says the buyer could live upstairs and use the showroom and warehouse below.

Holmes and Jonathan Lynch are marketing a vacant 560sq m office warehouse property at 32H Shaddock St, Eden Terrace with a freehold unit title and seven car parking spaces.

"This is a quality air-conditioned office with a high-stud warehouse and roller door," says Lynch. "It provides quality space close to the CBD and key fringe city centres such as Ponsonby, Grey Lynn and Mt Eden."

The sixth property for auction is being marketed by Sue Collis and John Davies and comprises a strata office unit on the first level of 1C Jervois Rd, on the corner of Jervois Rd and St Marys Bay Rd in Ponsonby.

With a floor area of 204sq m, it has Radioworks as its the tenant with a new lease is in place earning $52,000 per annum and steady rental growth. "This is a Solid Gold investment," Collis says. The property has an internal common courtyard area and large common-use car park with four exclusive basement car parks as part of the title.

The last of the seven properties, marketed by John Davies and Frida Mackay, is a three level, mixed-use property at 11 Princes St in a prominent position in the commercial and retail area of Otahuhu. Formerly an office building on a 675sqm site, it has been converted into a boarding house, offering 1420sq m net lettable area through 48 rooms, along with a manager's suite. It has seven car parks and a lift. "It should interest a wide range of investors and business operators."