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News Release

Quality three level office building - opportunity to reposition

JLL marketing 39 Paramount Drive, Henderson



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

A quality, three level office building in Henderson which presents a repositioning opportunity, is to be sold via an expressions of interest campaign closing Thursday, 31 May 2018.

Constructed in 2003, the building, which is predominantly of concrete construction, sits on a 2,282sqm site with 47 carparks. It comprises of three levels with access to the upper floors is made available by an 11 person lift or a stairwell. The net lettable area for the property is approximately 1,477sqm with the ground floor 470sqm, first floor 488sqm and second floor 488sqm.

The office is mostly open plan with some partitions in place to separate out space. Each level has toilets, with the ground level also having a shower facility. On the ground and second level are kitchenettes, with a lunch room available on the first floor.

JLL agent Ian Hall says, "The property is currently leased to Immigration New Zealand, who are in the process of making a staged exit, initially vacating the ground floor in June this year. They will remain as tenants on the upper two levels until expiry in June 2019. This will allow a new owner some holding income for close to 12 months and the opportunity over that time to reposition the property in the market for medical, education or separate office floors.

"With a shortage of properties in the area of this size and quality, this is a superb offering which would suit investors or an owner occupier who could either utilise the entire space or take up just one floor while leasing the rest," says Hall.

JLL agent John Binning adds, "Next door to the property is Waitemata District Health Board facility, Health Point, which provides various services to the medical industry. Due to this, the prospect of repositioning the property for medical use is quite feasible as clientele for such services are already familiar with the area."

Zoned business light industry, the property is located on the northern side of Paramount Drive, which links Lincoln Road to Central Park Drive, within the popular commercial location of Central Park in Henderson. Central Park has expanded over time utilising space made available from a former vineyard and orchard, which is being redeveloped to a mix of commercial and light industrial properties.

Less than 100 metres to the south of the property is the Lincoln North Shopping Centre, providing access to retail shops and banking services and during off peak traffic periods the property is only a 15-20 minute drive from Auckland's CBD.

The property has easy access, with main arterial Lincoln Road only a minute's walk along the road. Lincoln Road carries a high volume of traffic with approximately 45,500 cars utilising the road during the working week, and provides a linkage to the North-Western motorway, approximately half a kilometre away.

Access to western areas of Auckland has improved significantly since the opening of the Waterview Connection. The area has also benefitted from the development of the NorthWest Shopping Centre.

According to JLL research, from 2017 to the year 2043 the population forecast for the Henderson/Massey area is set to increase by 44 percent, making it home to close to 180,000 people by 2043.