A recently refurbished office tower in Auckland’s CBD offers buyers of all kinds the opportunity to acquire a prominent asset with a steady rental stream and long-term growth potential in a highly desirable location.
80 Greys Avenue in central Auckland is a 10-level commercial building with 5,450sq m of total net lettable area on a 1,467sq m freehold site that is zoned Business – City Centre Zone under the Auckland Unitary Plan.
Three office tenants occupy the building with a weighted average lease term of 2.8 years and the passing income from the property is $1,811,398 plus GST per annum.
The property includes 94 car parks, 80 of which are secured across two levels in the basement, and the building offers two vehicle entry points. Access to the Southern Motorway is only 350m away, while there’s a range of bus routes in walking distance.
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Karanga a Hape Station for the City Rail Link, which is currently projected to open in late 2024, will also be only 350m away.
Colliers Directors Gareth Fraser, Blair Peterken, and Peter Herdson have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 2 November, unless sold prior.
The site was developed in 1985 and the property features eight floors of offices and two basement car park levels.
Levels 1-7 offer a standard rentable floor area of approximately 730sq m and an internal stud height of 2.5m. The ground floor, which includes office space, opens out to a 208sq m patio with the building’s two lifts accessed via the lobby.
Fraser, Auckland Director of Investment Sales at Colliers, says the highly functional building has been refurbished to an exceptional standard.
“The property is magnificently presented following its recent upgrades. The office floors provide impressive workspaces, modern amenities, and a vast amount of natural light that offers an outstanding environment for the current occupants,” Fraser says.
“Given the building is fully leased it provides a strong rental income and the recent improvements mean this property shapes as a low maintenance asset. The building also has an A-grade seismic rating.”
Peterken, Director of Capital Markets at Colliers, says the location of this property will hold major appeal for prospective purchasers.
“The ongoing development of Karangahape Road has made the surrounding precinct a desirable location for workers and residents who are able to make the most of the nearby amenities,” Peterken says.
“The impending opening of the City Rail Link will provide another boost for central Auckland and will offer greater connectivity around the CBD.
“Aside from the Karanga a Hape Station, the Te Waihorotiu Station (Aotea) will be only 850m away from the subject property, providing multiple options to commuters travelling both to and from work.
“The property also backs on to the green space of Myers Park and has favourable proximity to a growing food and beverage offering, alongside an established hotel precinct.”
Herdson, National Director of Capital Markets at Colliers, says there is future growth on offer from the property.
“Market estimates suggest the building has room to generate further rental income, which will be appealing to buyers who may be able to maximise that growth potential,” Herdson says.
“Overall, this property is strategically located in a sought-after position in Auckland’s CBD and has a strong tenant covenant. We encourage all interested parties to contact us immediately.”
- Article supplied by Colliers
