Barfoot & Thompson Commercial and Industrial sales agents Elaine Tutty and Josh Warren are selling the property, at Unit 1, 93 Ellice Rd, through a tender process, closing November 9.
The road frontage building is in the sought sought-after Wairau Valley, coming with two long-term tenants and being close to a busy thoroughfare.
Warren says the split-risk investment has 20 car parks and excellent street access.
Strong competition for commercial space
"The rapid population growth on Auckland’s North Shore, closeness to the city and strong competition for commercial space in the Wairau Valley make this a superb opportunity," says Warren.
"Vacancy rates in the Wairau Valley are lower than we have seen for some time. With a combined office-warehouse area totalling about 1181sq m this is a considerable commercial holding with lots of flexibility. There are four possible tenancies in the building which are leased to two solid tenants."
A May 2016 registered rental valuation puts the market rental at $170,326 net per annum while the current rental received is $157,400 net pa.
Warren says the building has a stratum freehold title with a rateable value of $1,575,000.
Location
The building is at the eastern end of Ellice Rd, near the Target Rd intersection and Auckland’s Northern motorway section of State Highway 1.
Tutty says the two tenants are the well established companies S C Leach Ltd and Excellence Billiards NZL.
Ground floor tenant S C Leach Ltd was established in Auckland by Sydney Charles Leach in 1918 and provides engineering services to the printing industry. It was bought by Brian and Susan Kidston in 2008 and now supplies consumables and machinery to the print, print finishing and packaging industries in New Zealand.