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Albany site’s dynamic duo of office buildings eyed by buyers

A large, prominent North Shore commercial site for sale with a duo of modern office buildings offering flexible options for occupiers and add-value investors is expected to attract keen buyer interest.

The more than 4,100-square-metre freehold site enjoys excellent exposure at a high-profile location in the heart of the established Albany commercial precinct.

The buildings are currently fully occupied by leading business IT and technology businesses Flintfox International and Plan B. The leases generate a total net rental income of $613,784 plus outgoings and GST per annum, with the pending departure of Flintfox from one building presenting options for new occupiers.

The freehold land and buildings at 5-7 Omega Street, Albany, Auckland, are being marketed for sale by Matt Mimmack, Dean Gilbert-Smith, Michael Nees and Matt Lamb of Bayleys Commercial.

Sale is by way of deadline private treaty closing on Thursday 31 August, unless the property is sold earlier.

Mimmack said the two buildings, with a combined net lettable floor area of approximately 1,856 square metres, sat on some 4,129 square metres of freehold land, with 87 car parks.

The Omega Street buildings have an A-grade seismic rating.

“Building A offers an approximate floor area of 1,096 square metres, plus 50 car parks and frontage to Omega Street. This is currently leased to global business software vendor Flintfox International, generating an annual net rental return of $370,786 plus outgoings and GST, with final lease expiry at the end of November 2023.

“Building B spans some 720 square metres plus a 40-square-metre balcony and 37 car parks. These premises are occupied by Plan B, a leading New Zealand provider of ICT and business continuity solutions including managed cloud services, data backup and recovery, standby infrastructure and recovery testing,” said Mimmack.

Plan B pays an annual net rent of $242,998 plus outgoings and GST, on a current lease which runs through to 2029 with a further five-year right of renewal. The lease agreement locks in annual CPI rent reviews, replaced every fifth year by a market review. The next CPI review is due in September 2023.

Gilbert-Smith said the Omega Street property’s generous land area, two spacious buildings and plentiful parking ensuring convenient access for staff and customers, equipped it well to accommodate diverse business aspirations.

“With a vacancy pending, the options for a new owner are many. These could extend beyond office use to include possibilities such as medical tenancies and education, subject to any appropriate consents, complementing other nearby providers in these fields.

“Whether it’s an owner-occupier looking for a new headquarters plus a valuable income stream from the other building, or an add-value investor with an eye for future upside, these two modern self-contained buildings offer a rare level of flexibility,” said Gilbert-Smith.

Nees said the location on Omega Street, in the heart of the very well-established Albany Estate, made the site even more desirable.

“Albany is a thriving commercial hub with a vibrant business community and a strategic position close to major transport links. Businesses based here reap the benefits of easy access to Auckland’s CBD and the wider region, with maximum exposure and connectivity.

“Omega Street lies handy to cafes and public transport routes. It benefits from excellent access onto William Pickering Drive and Paul Matthews Road as well as State Highway 1 and the Upper Harbour Highway, with Auckland’s CBD being around 15 minutes’ drive away in off-peak times,” said Nees.

Lamb said the Omega Street property sat within the Business – Light Industry zone under Auckland’s unitary plan.

“The quality and diversity of businesses with a presence here speaks volumes of the appeal of this location. The property for sale is surrounded by a vibrant mix of occupiers in sectors spanning the likes of technology, automotive, manufacturing, home and building supplies, as well as a number of outlet stores,” Lamb said.

Click here for more information on the listing.

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