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Unions announce the sale of two Auckland city fringe buildings



Long term investment with development potential/new-zealand/en-gb/news/916/long-term-investment-with-development-potentialAUCKLANDLong term investment with development potential
Former Fire Station on high profile corner site/new-zealand/en-gb/news/915/former-fire-station-on-high-profile-corner-siteCHRISTCHURCHFormer Fire Station on high profile corner site

9 Madeira Lane and 35-39 George St.jpg​​NZ Amalgamated Engineering, Printing & Manufacturing Union (EMPU) and Service and Food Workers Union have made the decision to sell their two city fringe properties at 9 Madeira Lane, Grafton and 35-39 George Street, Kingsland respectively. 

Commercial property specialists JLL, has been formally appointed to run the marketing campaign of the two commercial office buildings and are offering the assets for sale via an expressions of interest campaign closing 4pm Thursday 15th October 2015.

Ian Hall, commercial sales and investment agent at JLL who is selling the properties alongside John Binning, director of capital markets at JLL says, “Both Grafton and Kingsland have experienced significant development and refurbishment activity over the past two decades and are now very popular city fringe business locations.” 

Hall continues, “With both 9 Madeira Lane and 35-39 George Street offering proximity to retail, easy access to motorway systems and good car parking ratios these properties will provide excellent investment opportunities for developers, investors or owner occupiers. The city fringe also provides a cost effective alternative to the CBD.”

9 Madeira Lane, in the city fringe suburb of Grafton, is a standalone commercial office building on a 1,040sqm site comprising 1,145sqm of office space across three levels with a basement level car park. Constructed circa 1985, the property is currently occupied by the NZ Amalgamated Engineering, Printing & Manufacturing Union (EMPU) and on offer for sale with a flexible vacant possession. The site is located at the fringe of the Upper Symonds Street commercial area and can be accessed off a local street between Grafton and Khyber Pass Road. The ground floor of the building provides 394sqm of small and large offices, the first floor provides 376sqm incorporating a cafeteria and central open plan area and the second floor contains a large conference room and open plan area of 375sqm. There are 28 secure car parking spaces on the basement level, with an additional five open car parks on the road frontage.

Binning says, “Refurbishments in the locality are significantly improving the character nature of the Grafton area and with the development of the University of Auckland at the Lion Nathan site, this area is set to strengthen even more in the long-term.”

The second property on offer is located at 35-39 George Street in Kingsland and is currently occupied by the Service and Food Workers Union, available with a flexible vacant possession. George Street is a local distributer road that extends between New North Road and Dominion Road, both are main arterials routes that feed into central Auckland. Built in the mid to late 1980s, 35-39 George Street is a 1,254sqm commercial office building on a 1,281sqm site extending over two floors, with basement car parking. The first floor of the building provides 723sqm and the top floor 531sqm, both fitted out for office use. Car parking is provided on the ground level which includes 25 covered spaces and six open.

“Kingsland is a fashionable, well regarded and established location at the fringe of the city, with the advantage of being close to the city and main arterial routes, including motorway linkages at Newton Road or Khyber Pass,” adds Binning.

Binning continues, “The development market is gaining momentum off the back of significant residential market growth, limited new supply and increased demand. We expect these properties will gain a wide range of interested buyers seeking to take advantage of the current low interest rates and positive gearing opportunities.”

Both properties are zoned mixed use under the Auckland Unitary Plan. This zone provides for a wide range of light industrial or semi-commercial uses as well as residential apartments and is typically located around centres. It acts as a transition area between residential and the city centre, metropolitan and town centre zones. It also applies to areas where there is a need for a compatible mix of residential and employment activities. 

Click through to view more information on the properties 

35-39 George Street Kingsland

9 Madeira Lane Grafton