A high-profile corner property in the popular Interplex Business Park in Albany with a long-term lease to a national-brand tenant presents prospective purchasers with the opportunity to secure a top-tier asset.
Unit A1, 18 Triton Drive in Albany has a total net lettable area of 389sq m comprising office space and amenities in a ground floor premises that enjoys plenty of natural light in a prestigious location in Albany’s commercial precinct. The building also includes 13 dedicated car parks, ample for this tightly held location.
The tenant, Digital Arena, is an IT services provider to national-brand clients and government entities.
Digital Arena recently signed a new six-year lease, backed by a bank guarantee, that will begin on 1 December. They have occupied the building since 2004.
Start your property search
Colliers directors Matt Prentice and Janet Marshall have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 17 November, unless sold prior.
The rental income for the property is $132,930 plus GST per annum, which includes annual fixed increases of 2 per cent, with three yearly reviews to a market rent. Digital Arena’s new lease includes two further rights of renewal for three years.
Prentice, director of sales and leasing at Colliers, says this property represents an excellent investment opportunity given the strong tenant covenant.
“There’s a rock-solid tenant in place who can operate in all Covid-19 Alert Levels because they are an essential service business,” Prentice says.
“Digital Arena have recently agreed to a new long-term lease in a premises where they have operated for more than 16 years, which shows their commitment to the building and the surrounding area.
“Buyers of all kinds will be attracted to this property given the favourable lease terms in place with incremental income increases during the coming years.
“The Interplex Business Park in Albany is a tightly held location that has extremely low vacancy rates with demand for available buildings outstripping supply.”
Marshall, director of commercial investment sales and leasing at Colliers, says ground floor office buildings like this one are highly desirable for buyers of all kinds.
“This property has been kept in immaculate condition and is expertly cared for, while offering high levels of functionality for its occupiers,” Marshall says.
“It is strategically located on the corner of Triton Drive and Canaveral Drive and has good road exposure with easy access from the street.
“Longer term, the building offers the potential of being split into two units, allowing for further diversification.”
Prentice says Albany’s Interplex Business Park remains a hugely popular location for commercial tenants on the North Shore with warehouse distribution, commercial offices, retail, entertainment, and restaurants all prominent in the area.
“Triton Drive offers excellent access to the nearby motorways via Constellation Drive or alternatively the Tawa Drive on-ramp is only a few minutes away. Auckland’s Central Business District is approximately 15 minutes’ drive except during peak hours,” Prentice says.
The property is zoned as Business – General Business Zone under the Auckland Unitary Plan. This designation provides for business activities from light industrial to limited office, large format retail and trade suppliers.
- Article supplied by Colliers
