Quality office building on offer in New Plymouth

Strong demand for quality commercial property in New Plymouth is expected to fuel interest in a fully leased low rise office building in the heart of the town’s CBD.

Benet Carroll, director at Colliers in New Plymouth, says the market is tight.

“We are sitting at very low levels of vacancy for A grade office and retail space and investors are competing for the best properties. We are seeing an increasing number of Auckland and other non-local private investors entering our market, attracted by the comparatively high yields and strong local economy,” he says.

Carroll says the prominent corner site he is marketing at 36 Eliot St and Devon St East in central New Plymouth is ripe to meet investment criteria given it is leased to five high-quality tenants, while offering multiple parking options, and a central north-facing location.

“This building is a stand-out in New Plymouth. Ideally positioned at the north-eastern end of the CBD, with diversified risk profile due to the easily re-lettable tenancies with staggered lease expiry dates.”

The property is for sale by deadline private treaty, closing Wednesday 1 September, unless sold prior.

In two titles, the total site covers 1336sq m, with 29 car parks providing future development potential. It’s situated in the ‘Parking Exemption Area’ where there is no requirement for a building to provide a minimum number of onsite vehicle parking spaces, Carroll says.

The two-storey building, with two street frontages, was built in 1968 and has been extensively refurbished and remodelled.

Half the building has a new 10-year lease to anchor tenant Schurr and Ireland Accountants, a top accounting practice in New Plymouth. The balance of the first floor houses a firm of architects.

The three retail tenancies of the ground floor include a thriving cafe?, motorcycle shop and workshop, and a computer repair and sales shop.

Carroll says the surrounding properties accommodate well-known, quality businesses with a mixture of retail and office uses.

- Article supplied by Colliers