The Auckland city-fringe offices housing a leading mobile network operator have gone up for sale.
The four-storey office building for sale on Khyber Pass Road, Grafton, has for 10 years been occupied by 2degrees.
The lease to 2degrees, plus a minor lease for an onsite mobile tower operated by Connexa, generate a total net rental income of $758,567 plus outgoings and GST per annum.
2degrees offers prepaid and pay-monthly mobile services as well as broadband and home-phone offerings.
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The company is the third-largest wireless carrier in New Zealand, with more than 1,600 Kiwi staff, over 1.3 million subscribers, and coverage accessible to most of the country's population with 3G, 4G and 5G networks.
The company occupies the Khyber Pass Road offices on a current lease that runs through to November 2025.
The lease agreement incorporates annual CPI rent reviews.
The freehold property at 131 Khyber Pass Road, Grafton, Auckland, is being marketed for sale by Millie Liang and Jiali Liu of Bayleys Real Estate.
It will be sold by way of a tender closing at 4pm on Thursday 26 September, unless sold prior.
Liang said the approximately 1,835-square-metre office complex sat on some 1,490 square metres of freehold land.
“The ground and first floors of this four-level building contain car parking, with the ground floor also housing the reception area and meeting rooms.
"The upper floors are designed as open-plan offices, and staff amenities are available on all levels,” Liang said.
The property has an A-grade Initial Evaluation Procedure seismic rating from 2014 of 95 percent of new building standard.
“The 53 on-site car parks provide convenience and maximise rental income for investors.
"With bus stops and train stations nearby, and motorways north, south and west accessible via nearby interchanges, this commercial building provides a supremely accessible workplace,” said Liang.
Liu said the site for sale would be attractive for investors seeking a blend of location, modern facilities and reliable income.
“The prime location places Auckland University’s Newmarket and Grafton Campuses, Auckland Hospital, Auckland Domain, and Mt Eden within easy reach.
“The property forms part of the flexible Business – Mixed Use zone under Auckland’s unitary plan, which permits wide-ranging activities including the existing office use, as well as residential accommodation, retail, food and beverage, and healthcare,” Liu said.
The Grafton/Newmarket area had given rise to a number of significant commercial developments in recent years, including new corporate headquarters for Vector and Mercury, and the University of Auckland’s Grafton campus, she said.
Developers Mansons TCLM had completed a six-green-star rated, six-level office/retail complex on Carlton Gore Road.
“Much of this area is also in zone for enrolment at Auckland Grammar and/or Epsom Girls Grammar schools, which makes it a highly sought-after location for residential development,” Liu said.
- Supplied by Bayleys
