Multi-tenanted office investment for sale at 15 Anzac St in Takapuna

Multitenanted office investment for sale at 15 Anzac St in Takapuna 1536x1040

Quality Takapuna office building gets the tick

A multi-tenanted office investment in the heart of Auckland’s Takapuna is for sale with excellent growth potential and future development options.

This high-quality property at 15 Anzac Street comprises a 666sq m office building with six established high-profile tenants.

It sits on an 875sq m site with favourable Business Metropolitan Centre zoning, which allows for intensive mixed-use redevelopment in the future.

The property is being offered to the market as a fully leased freehold investment returning $156,346 in net annual rent, which is considered to be well under the current market rates.

It will go under the hammer at Colliers International’s North Shore auction room at 11am on Wednesday 25 September, unless sold earlier.

Director Euan Stratton says it is an opportunity to acquire a split-risk investment that ticks all the boxes as a long-term hold.

“With an enviable central Takapuna location and strong underlying land value, this property is sure to appeal to investors, developers and land bankers alike.

“It offers multiple income streams from various tenancy sizes, providing split-risk rental returns for investors or holding income for developers.

“The zoning, location and flat contour of the site make it ripe for future redevelopment, especially given Takapuna’s significant amenity and affluent surrounding catchment.

“The property is only 15 minutes’ drive from Auckland’s CBD and handy to many cafes, bars, restaurants, public car parking, a movie theatre, gyms and the Shore City Mall shopping centre.

“All of this amenity makes the property particularly well suited to a mixed-use residential redevelopment, perhaps with retail and office components on the lower floors.

“Commercial properties rarely come to the open market in this tightly held area, especially with so much potential, making 15 Anzac Street an ideal opportunity for savvy investors.”

Matt Prentice, Director at Colliers North Shore, says the property enjoys huge exposure to Anzac Street – a busy arterial linking the Northern Motorway with Takapuna’s commercial precinct.

“The property is positioned opposite the central Takapuna car park and halfway between the main intersection roundabouts at Hurstmere Road to the north and Lake Road to the south.

“It is only a short walk to Takapuna Beach, which is a strong part of Takapuna’s appeal as a desirable and unique Auckland coastal location.

“Demand for property in the area has long outstripped supply and vacancy is at an all-time low, as people wish to live and work here, balancing business with a great lifestyle.”

The property comprises a two-level building that appears to have been constructed in the late 1970s.

The overall design is functional and typical of the era, featuring accentuated beams and a tiled mansard fascia.

There are two office suites on the ground floor and five suites on the first floor, two of which are occupied by a single tenant.

The building is centrally located on the site to provide excellent natural light to all sides and allow drive-around vehicle access to the 14 on-site carparks around the perimeter.

The site itself provides 19.26m of street frontage and has been levelled to a small retaining wall at the rear boundary.

The building is constructed of concrete foundations and floor slabs, concrete block walls and aluminium joinery.

The upper floor is cantilevered out over the ground floor to provide a larger floorplate. Both floor plates are essentially rectangular, with a common entrance foyer and service area positioned towards the front third.

The ground floor suites are occupied by AIB Group Insurance and NZ Family Planning.

The upper floor suites are occupied by the North Shore electorate office, AMD Chartered Accountants, With Accounting Limited and Phillip Lee Law.

The tenants pay between $10,505 and $47,926 in net annual rent, including car parks at $25 each per week. Rental rates range from only $175/sq m to $224/sq m.

The lease terms range from two to six years, with final expiry dates between August 2023 and November 2029.

The site’s Business Metropolitan Centre zoning is second only to the city centre in overall scale and intensity. It allows for a wide range of uses including commercial, retail, residential and accommodation.

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Euan Stratton

Director

Auckland North

Euan's Commercial Real Estate career started in 1999 where he worked in the South Auckland Industrial market. After a couple of years of working in the Penrose, Onehunga and Mt Wellington area Euan left on an overseas adventure working as a Scuba Dive Instructor on Hamilton Island in the Whitsundays. On his return in 2006 Euan settled on Auckland's North Shore and re-established his career in commercial property. Since joining Colliers in 2011 Euan's work has been instrumental in helping establish Colliers International as a first choice for Investment Sales on the North Shore. Euan has been involved in a large number of successful Auction campaigns with highlights being the sell down of new multi-tenanted retail developments across greater Auckland where he acheived fantastic results on behalf of some of Auckland's top developers. In 2015 and 2017 Euan received the 'Golden Gavel' award for Colliers International, recognising the highest contribution to the company nationwide for Auction sales.

 

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Matt Prentice

Director

Auckland North

Matt joined Colliers International in 2006 with a focus on mid to upper end industrial & investment transactions.  Specialising in tenanted investments, occupier representation through to vacant land / building sales on the North Shore, Matt was promoted to a North Shore Director in 2015.

In 2011 and 2012 Matt was awarded the "Golden Gavel" for Colliers New Zealand as the most successful auction sales broker across Colliers New Zealand. Matt has been the number one North Shore sales and leasing broker, 2011, 2012 and 2013.  In 2012, was a top 20 performer across Colliers New Zealand and has over $550 million of sales since joining colliers International.

In 2013, Matt was in the top 10 Highest Performing Brokers Nationwide and in 2014, he had a record year completing more than 50 transactions, and  finished in the top 10% of brokers in New Zealand.

In 2015, Matt completed over 60 transactions, more than any broker North of the Bridge, again finishing in the Top 20 brokers in New Zealand.

In 2016, Matt had a record year finishing top 10 in the country and was the top broker on the North Shore. 

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