A modern commercial office unit in the fast-growing Auckland suburb of Onehunga presents buyers with the opportunity to acquire an asset with an established tenant signed to a long-term lease.
289 Onehunga Mall, Onehunga has approximately 550sq m of total net lettable area and is part of a multi-level building that also includes residential units on the upper floors. The property is zoned Business – Town Centre Zone under the Auckland Unitary Plan.
The highly functional open plan office also includes 18 secure and covered car parks, providing convenience for the occupants and clients.
Spencers, a property maintenance firm with long-term government contracts, is the tenant and their current lease runs until 31 July 2028 with one further right of renewal for two years. The annual rental income from the property is $166,700 plus GST.
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The strategic location of the property means there’s a range of local amenities in walking distance, while Onehunga offers accessible public transport options and is only minutes from the motorway network. Auckland’s CBD is a 15-minute drive away, while Auckland Airport can be reached in approximately 10 minutes.
Colliers Brokers Gawan Bakshi and Ned Gow have been exclusively appointed to market the property for sale via auction at Colliers, HSBC Tower, Level 23, 188 Quay Street, Auckland at 11am on Wednesday 8 March, unless sold prior.
Bakshi, Investment Sales Broker at Colliers, says the highly visible property enjoys great profile from the road with 20m of frontage to Onehunga Mall.
“The unit’s main working area is open plan, stretching from the street to the rear of the unit. This allows for efficient working spaces for the occupants who use double-sided desks and have more than 50 staff on-site,” Bakshi says.
“There is also partitioned offices on the northern side of the tenancy and the car parks are accessed through the complex’s common area.”
Gow, Investment Sales Broker at Colliers, says the property has a strong tenant covenant, which will be highly appealing for buyers.
“Spencers have active relationships with an extensive subcontractor network of more than 400 companies, covering all subtrades across their Northland, Auckland, and Wellington operations,” Gow says.
“On any given day, they have the capacity to deploy over 3,000 tradespeople into the field. More than 30,000 families across the country rely on them to maintain their homes and keep them in good condition through their government contracts.
“Their current lease agreement also includes three yearly market rent reviews providing potential future growth for the new owner.”
Bakshi says Onehunga’s ongoing growth has changed the face of the suburb.
“New retail businesses, apartment developments, and general upgrades are visible throughout the area as further infrastructure investment continues to add to the new dynamics of Onehunga.
“The subject property is only moments away from popular local hospitality spots such as Mr. T’s, The Good Home, and the Onehunga Cafe, while Dress Smart has all your shopping needs in one location.
“We encourage all interested parties to contact us immediately to ensure they don’t miss out on this outstanding purchasing opportunity that has all the key fundamentals of a premier passive investment.”
The Business – Town Centre Zone applies to suburban centres throughout Auckland, the satellite centres of Warkworth and Pukekohe, and the rural towns of Helensville and Wellsford. The centres are typically located on main arterial roads, which provide good public transport access.
The zone provides for a wide range of activities including commercial, leisure, residential, tourist, cultural, community and civic services, providing a focus for commercial activities and growth.
- Article supplied by Colliers
