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Former pharmaceutical company offices for sale offer the right chemistry for owner occupiers or add-value investors

Tags: Commercial

The extensive land and purpose-built complex which has housed the New Zealand offices of a global healthcare and agriculture company has been placed on the market for sale for the first time since the building was constructed in 1985.

The substantial two-storey commercial property at 1 – 3 Argus Place in the Auckland suburb of Hillcrest is currently the New Zealand operations of Bayer – a global brand with core competencies in the life science fields of healthcare and agriculture.

The Bayer complex is located on some 7,634 square metres of land zoned Business Light Industry under the Auckland Council plan, and encompassed the company’s research, administrative, and warehousing storage and dispatch activities.

The 4876 square metre concrete-reinforced steel-framed building complex are now being marketed for sale with vacant possession by expressions of interest through Bayleys Commercial North Shore, with offers closing on September 19.

The complex consists of 1,655 square metre high-stud warehouse, and a 173 square metre laboratory with 2,870 square metres of office space which are rated at 90% NBS (new building standard). The sale includes well-appointed offices, boardroom, meeting rooms, training rooms with excellent cafeteria and amenities.

The selling agents Laurie Burt, Ranjan Unka and Daniel Henderson said the quality of the building and the flexibility of the lay out within the complex meant it would appeal to a wide range of owner occupiers, developers or value add investors.

A unique aspect of the sale is that it will also include an extensive office fit out, quality furniture, fixtures and fittings and warehouse racking offering a turnkey opportunity,” Mr Henderson said.

“The premises could continue in its present sole-tenant structure with a large administrative area supporting the logistics activities of the adjacent warehouse, or it could be reconfigured into multiple tenancies.

“Separating the complex into smaller units would allow the utilisation of the existing fit-out and continuing the office-based commercial space in its current format. Within that, there is the possibility of creating several smaller tenancies in the existing space.

“This versatility for multiple uses and tenancies is underpinned by the premises having dual vehicular access points off Argus Place and substantial car parking – both open-air and under cover.”

Mr Henderson said that repurposing of infrastructure within the property could also be used by a range of alternative owner occupiers including churches, medical, education, entertainment or recreational facilities. The extensive office fit-out including all the furniture and fixtures, could be very attractive

Mr Burt said the superb location on a suburban arterial route also allowed for any new tenant to install prominent naming rights signage onto two street fronts.

“Argus Place sits directly on the boundary separating the residential portion of Hillcrest from the light industrial Porana Road precinct - consisting predominantly of small to medium sized construction, automotive, engineering and retail tenancies. The property is being offered for sale complete with an extensive floor-to-ceiling racking system in the warehouse – delivering a virtual turn-key operation for a logistics and stock-movement business,” he said.

“The location has easy access to the Northern Motorway just two kilometres away – making it easy for staff commuting. The former Bayer office and warehouse building is surrounded by car parking for some 101 vehicles, including numerous covered spaces at ground floor level under the offices.”

Mr Unka said the periphery of the property along the Sunnnybrae Road frontage had been professionally landscaped with large rocks and shrub-sized vegetation to enhance the office’s aesthetics and ensure a smooth visual transition zone between Hillcrest’s industrial and residential neighbourhoods.

“The imposing A-grade office and warehousing complex is one of the biggest commercial sites of its type in the Porana Road periphery - offering space in an area that has a vacancy rate of only 2.2 percent,” he said.

“Seldom do you see such substantial properties being available in this very tightly held area. The current owner who is in the process of relocating existing operations. This also means that a delayed settlement is on offer which will provide purchases time to review options, plan their relocation into the premises or gain any consents required before having to settle the property.”

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