With 2022 coming to a close and Covid restrictions completely eased, Aucklanders are experiencing a welcome return to normality. Office spaces are starting to fill again, and the general mood across the region is one of tentative optimism.
Reflecting this, the Auckland commercial property market is showing signs of movement, with some “exciting opportunities emerging”, according to John Urlich, commercial manager of Barfoot & Thompson.
Commenting in the agency’s newly-released Insite portfolio, Urlich says: “Continued low vacancy and increased post-Covid trade has seen the market fundamentals for commercial property in New Zealand not markedly change.
“However, all eyes now look offshore to the large foreign economies to see what macro environment awaits us.
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“Our best advice is to be active — situational aspects are dynamic and change with time in both New Zealand and globally.”
Nearly 30 commercial properties are showcased in the October/November 2022 edition of the portfolio, from Warkworth to Pokeno, with 18 for sale by negotiation, two up for auction and six for sale by deadline private treaty.
The “absolute pick of the bunch”, according to commercial broker Agnes Teh, is a parcel of 29 fee simple homes in the exclusive inner-city suburb of Westmere.
“Rarely do blocks of this size and scope come to market in such a tightly-held and central location,” says Teh.
She is marketing 25-35 Garnet Rd, Westmere, for sale by tender closing at 4pm, Thursday 24 November, unless sold prior.
“It’s a one of a kind package,” Teh says, “incorporating 29 homes with individual fee simple titles on 5441sq m of land with a CV in excess of $62 million.”
“The development was built circa 2005 and features 29 multi-level dwellings with a total building area of 5319sq m.
“Twenty-eight of the homes are four-bedroom and one is three-bedroom. All have outdoor decks and internal garaging and all are fully tenanted.”
Teh says Westmere is a hugely popular, family-friendly suburb with rentals being extremely hard to find.
“This parcel is particularly attractive,” she says, “as it offers a combination of Business Neighbourhood Centre and Residential Mixed Housing Urban zoning, as well the best of locations, being close to schools, transport routes and excellent amenities such as retail, parks and coastal walkways.”
Another prime opportunity is located north of the Harbour Bridge.
4/43 Apollo Drive, Albany, is for sale by deadline private treaty closing at 4pm, Thursday 10 November, unless sold prior, and is being marketed by Nick Brown and Max Andrews of Barfoot & Thompson Commercial.
“They say good things come in small packages, and that’s definitely the case here,” says Brown.
“It’s a tidy, level 1 office unit covering approximately 172sq m of floor space divided into two professional suites.
“Suite A is currently vacant, while Suite B is leased for four years from 1 September 2022.”
The unit is freehold, includes five carparks, and “could not be better positioned”, according to Brown.
The Northern Motorway is nearby, as is Westfield mall, the Albany Mega Centre and a large residential catchment in Mairangi Bay.
“It’s a location that has experienced huge growth in recent times, and is home to a wide range of quality
retail, industrial and commercial businesses.
“New supply of commercial units has ceased here, so properties such as this are set to become even more popular as the demand swings back toward suburban offices.”
In South Auckland, 32-34 Great South Road, Otahuhu, is a large two-level corner property with great street exposure in a high-profile location.
It is being marketed by Barfoot & Thompson Commercial broker Rohit Khanna, and for sale by deadline private treaty closing at 2pm, Friday 9 December unless sold prior.
The site is held in two freehold titles totalling 1392sq m of land, while the building has a total floor area of approximately 972sq m plus 26 on-site carparks.
“Constructed in the mid-1960s,” says Khanna, “the building has solid concrete foundations, timber framing and wood cladding, aluminium joinery and hard-wearing steel roofing.
“There are currently three commercial tenants on the ground level, with a large 34-room boarding-house above.
“Together, these tenancies draw in a net profit of $359,566.99 per annum.”
Sitting on Business Light Industry-zoned land in the heart of Otahuhu, the site benefits from dual road frontage to Great South and Hokonui roads, with access from both.
Khanna says this is one of Auckland’s most well-known and sought-after industrial hubs, due to its central positioning and easy access to the motorway network.
— Article supplied by Barfoot & Thompson
