A versatile dual-tenanted property combining workshop, studio, office and warehouse accommodation with standout ‘industrial chic’ design has gone up for sale on Auckland’s CBD fringe.
Once part of the headquarters for Wattyl Paints, the modern ground-floor unit on St Benedicts Street, Eden Terrace, is home to a celebrated interior design firm which has made its mark with the site’s showpiece industrial styling.
The other half of the property is leased to an international provider of scientific instruments with offices across Australasia.
The tenancies will offer a new owner total net rental income of $100,880 plus outgoings and GST per annum.
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“Positioned in a vibrant, growing location, this is an attractive investment with dual income streams and options to occupy in the future, either commercially, residentially, or both,” Bayleys salesperson Phil Haydock said.
The property at 18 St Benedicts Street, Eden Terrace, is being marketed for sale by Haydock and colleagues James Were and Natasha Christensen of Bayleys Auckland Central.
Sale is by way of a tender closing on Tuesday 19 July, unless the property is sold prior.
Haydock said the offering consisted of a freehold strata-titled unit of some 317-square metres with six car parks. It forms part of an eight-unit, mixed-use building on an approximately 619-square metre site with dual access from St Benedicts and Symonds streets.
The building, with high-profile frontage to busy Symonds Street, offers a mix of office, warehouse and retail, along with residential accommodation on the first floor.
“The main point of entry to the unit for sale is from the St Benedicts Street side, where the car parks are positioned along with a loading dock,” said Haydock.
Christensen said the unit was configured into two roughly equal-sized, self-contained tenancies which will be fully leased. One is occupied by an established commercial and residential interior design company.
“This company has used its expertise to create a truly impressive premises of modern industrial design which they use as their studio/workshop, supported by four car parks,” said Christensen.
The premises feature a generous stud height, good natural lighting, polished concrete floors and high-end kitchen and bathroom facilities, with quality fixtures and fittings throughout.
The second tenancy, leased to the international provider of scientific equipment, can be accessed internally via a secure rear corridor, and is utilised as office and warehousing. It comes with two car parks and the added benefit of the loading dock.
The company’s current lease runs through to 2023 with a further two-year right of renewal. It pays an annual net rent of $57,347 plus outgoings and GST, with fixed 3 percent annual rental growth and a market rent review on renewal.
The interior design company will occupy its premises on a new one-year lease running through to June 2023, generating net rental income of $43,533 plus outgoings and GST.
Were said the site would offer a new owner a variety of options for future occupation, with flexible Business – Town Centre zoning providing for commercial and residential use opening the possibility of a stylish city pad or live/work arrangement, subject to council consent.
“The property’s appeal is underpinned by its location in a vibrant part of town identified by city planners for growth and intensification.
“Positioned in the ‘Uptown’ precinct on the edge of the city centre, this is an exciting area with an abundance of cafes, bars and restaurants. In recent years, Eden Terrace has become a prominent residential location with numerous apartment developments and further complexes under construction.
“The CBD, universities and Auckland City Hospital are within walking distance and the heart of the motorway network is close at hand. Completion of the City Rail Link, and nearby Mt Eden and Karangahape stations, will only add further to the convenience and growth of this location,” Were said.
- Article supplied by Bayleys
