Two freehold mixed use office floors are for sale in a vibrant central location on Symonds St which is set to benefit from the on-going local centre and corridor upgrades.
“These two properties are both ideal opportunities for investors or occupiers looking to purchase in a strong and emerging central location,” says Reese Barragar of Barfoot & Thompson Commercial.
He is marketing Level 2 and 6 at 71 Symonds St, CBD, for sale by way of auction on Wednesday March 16 at 34 Shortland St, unless sold prior.
“This is a superbly-located mixed use building constructed in the 1980s and comprises nine levels of office and residential tenancies,” Barragar says.
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“Level 2 comes with a secure on-site car park and Level 6 has one car park available by negotiation for lease or sale.”
Level 2 is a full floor of 147sq m and includes a contemporary reception/waiting area with perimeter offices and meeting rooms with its own kitchenette and toilet facility.
Currently returning $39,999 part gross per annum, Barragar says that the property is under rented.
“The net market rental is appraised at $250/sq m plus the car park at $80 per week which equates to $40,910 net per annum plus Outgoings and plus GST.”
He says, “Overall, the property has strong positioning on Symonds St with significant upside to increase the rental by changing from a part gross lease to a standard net lease.”
Level 6 is 147sq m with a combination of meeting rooms, open plan area and offices, and also includes a kitchenette and toilet.
“The property is being sold with vacant possession,” says Barragar. “Current lease appraisal is $36,750 per annum and there is the option to use as offices or you could convert the floor to an apartment (subject to Council consent).” Exclusive building naming rights are also included with Level 6.
The medium rise building is close to all major arterial routes and in proximity to Queen St, Karangahape Rd, AUT and Auckland Hospital and is a short walk from downtown Auckland.
“The locality is a proven commercial and residential area with many well-known retailers capitalising on the high pedestrian flows as well as established commercial institutions,” Barragar says.
“With the predicted growth in the area, Auckland Transport is currently undertaking upgrades to the New North Rd and Symonds St corridor by improving safety, providing better transport options, and developing the already thriving town centres.”
In 2012 Auckland Council released its vision for the area through the Auckland City Centre Masterplan (CCMP 2012), setting the direction for the future of the city centre.
“By identifying a dedicated retail precinct coupled with transportation networks and the City Rail Link, the aim is to create a stunning city centre and unlock Auckland’s full potential as one of the world’s premier business locations.”
The building is located in Business - City Centre zoning which plays a pivotal role in Auckland's present and future success by allowing both residential and commercial activities. The zone seeks to ensure the city centre is an international centre for business and learning, innovation, entertainment, culture and urban living making this zone an important contribution to Auckland’s sense of identity.
- Article supplied by Barfoot & Thompson
