A prominently placed multi-level office building in the popular Auckland city fringe suburb of Grafton has been placed on the market for sale and will appeal to owner-occupiers or investors given its considerable add-value potential.
128 Khyber Pass Road, Grafton has 1,651sq m of total net lettable area on a 2,104sq m site that is zoned Business – Mixed Use Zone under the Auckland Unitary Plan.
The property is currently home to multiple tenants but approximately 1,200sq m of the property will be available as vacant on settlement meaning the new owner could potentially set up their operations and begin trading immediately or undertake a refurbishment process.
Dress for Success Auckland, which occupies 433sq m of space on the ground floor, has a two-year lease that runs until August 2025 and will be the only remaining tenant in the property on settlement.
Start your property search
The lease provides $84,000 plus GST in annual rental income.
The location is highly appealing given it is only moments from the motorway network.
The property benefits from 51 dedicated on-site car parks, a strong figure for a building of this size. There’s also a range of public transport options nearby.
Westfield Newmarket, one of the country’s premier shopping destinations, is less than 2km away, while there’s a collection of hospitality offerings and shops in walking distance towards Symonds Street.
Colliers Directors David Burley and Kris Ongley have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 29 November, unless sold prior.
Burley, Auckland Director of Investment Sales at Colliers, says the vendor has made their instructions clear and this property must be sold.
“Owner-occupiers have remained strong players in the commercial property market throughout this year. These purchasers are actively seeking opportunities to secure their own premises and control their future without being bound to a lease and this property offers that,” Burley says.
“On the other hand, an investor may choose to acquire this building and either lease it immediately or explore refurbishment options to try and maximise its true value.”
Grafton’s popularity is anchored in its proximity to Auckland’s medical precinct and prominent educational institutions, making it a hub for healthcare services and research.
Auckland Hospital is a two-minute drive away from the subject property while campuses for the University of Auckland and the Auckland University of Technology are nearby.
The area offers access to green spaces like Grafton Bridge, which connects to Auckland Domain, a large and picturesque city park.
Popular Auckland suburbs such as Newmarket, Ponsonby, and Parnell are all readily accessible and can be reached in seven minutes or less.
Ongley, Director of Investment Sales at Colliers, says the zoning offers considerable flexibility for the new owner.
“The Business – Mixed Use Zone is typically located around centres and along corridors served by public transport,” Ongley says.
“The zone provides for residential activity as well as predominantly smaller scale commercial activity that does not cumulatively affect the function, role, and amenity of centres.
“The zone does not specifically require a mix of uses on individual sites or within areas. There is a range of possible building heights depending on the context. Provisions typically enable heights up to four storeys. Greater height may be enabled in areas close to the city centre, metropolitan centres, and larger town centres.”
Burley says there have been a collection of significant commercial and residential developments near the subject property during the past few years, which have added to the popularity of this location.
“There is notable add-value potential in this property.”
- Article supplied by Colliers
