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Buyers eye ‘entry level’ office in city fringe commercial stronghold

A modern full-floor office for sale is being marketed as a rare “entry-level” purchase for investors and owner-occupiers in a burgeoning Auckland city-fringe commercial stronghold.

The approximately 186-square-metre freehold commercial unit with five secure car parks sits at level four of a smart five-storey commercial building on Khyber Pass Road, Grafton.

The self-contained office with plenty of natural light, a pleasant outlook, and high-profile street exposure is fully leased, with future opportunity for another business to move in.

It is occupied by established tenant Archifact – Architecture & Conservation, a practice specialising in building design and heritage management for private, public and institutional clients. The current lease term runs through to February 2025.

This lease, and a car park rented to another tenant on a periodic basis, generate a total net rental return of $71,260 plus outgoings and GST per annum.

The property sits strategically near the city centre, universities, Auckland Hospital and the future Mount Eden City Rail Link station, in a precinct that has attracted numerous major commercial occupiers.

The freehold office unit at 64C Khyber Pass Road, Grafton, Auckland, is being marketed for sale by Phil Haydock, Jack Kiely and Tony Chaudhary of Bayleys Real Estate.

Sale is by way of a tender closing on Wednesday 24 April, unless it is sold earlier.

The office for sale sits in the front building of a two-building residential and commercial complex on Khyber Pass Road, a main arterial linking Newmarket to Auckland’s CBD.

The building contains four full-floor commercial units, with the five secure car parks associated with the fourth-floor unit located in the basement level, with direct lift access.

Haydock said the building had recently received notable improvements including a full exterior paint, a new lift and new timed front-door electronic locks.

“Together, these will help give new owners confidence with respect to its condition and ongoing maintenance costs.

“This modern freehold unit presents a rare entry-level opportunity to buy a central office space with five secure car parks in a sought-after and highly convenient position.

“It stands out as an attractive fully leased investment with an established tenant. Equally, it will appeal to owner-occupiers looking to move into the quality workspace upon lease expiry,” said Haydock.

Kiely said the property’s position in a high-profile building with prominent exposure to a busy arterial road was a key attribute.

“Khyber Pass Road runs from the vibrant Uptown precinct to Newmarket’s Broadway, where high-end shops, eateries and entertainment can be found as well as the new Westfield Mall, one of Australasia’s largest shopping complexes. Les Mills gym is just down the road, as is Grafton Train Station.

“With the abundance of nearby amenities, this is a well-connected and highly convenient city-fringe location – even more so given its easy access to the CBD, train stations and motorway interchanges,” said Kiely.

The property sits within the flexible Business – Mixed Use zone under Auckland’s unitary plan, where permitted activities include residential accommodation, offices, retail, food and beverage, and healthcare.

Chaudhary said Newmarket had seen numerous notable commercial developments in recent years, including new corporate headquarters for Mercury and Vector, and the University of Auckland’s Grafton campus.

Mansons TCLM have recently completed a new six-green-star rated, six-level office/retail complex on Carlton Gore Road.

“The inclusion of much of this area in zone for enrolment at Auckland Grammar and/or Epsom Girls Grammar schools also makes it a highly sought-after location for residential development.

“Motorways north, south and west are accessible via nearby interchanges on Gillies Avenue, Khyber Pass Road and Newton Road.

“Mount Eden Train Station, which is undergoing a major redevelopment as part of the City Rail Link, is a short walk away. Following completion of the CRL, the surrounding land is expected to provide the potential for 100,000 square metres of residential and commercial development,” Chaudhary said.

Click here for more information on the listing.

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