A two-level industrial building that offers a mixture of office, warehouse, and workshop accommodation in the sought-after Auckland city fringe suburb of Grafton is being offered to the market for sale with clear instructions from the offshore-based vendor to sell.
12-16 Auburn Street, Grafton has 823sq m of total net lettable area on a 749sq m site that is zoned Business – Mixed Use Zone under the Auckland Unitary Plan.
The property is home to two tenants with the head tenant occupying 546sq m and a subtenant occupying 229sq m. There is 47sq m of shared space. Both tenancies offer functional warehouse, office, and amenities space.
The head tenant has indicated they will not be renewing the head lease beyond the current term expiry date of 30 April 2025, meaning owner-occupiers and investors will be attracted by the opportunities this provides.
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Passing annual rent of $183,996 plus GST and operating expenses is payable until then.
The strategic location of Auburn Street means the property enjoys favourable proximity to the motorway network and is only a short drive from Auckland’s CBD.
Amenities such as showroom retailers, cafes, gyms, restaurants, and Westfield Newmarket are all nearby, while Grafton also benefits from its connectivity to multiple public transport routes, including the new Maungawhau Station (Mount Eden) that will be part of the City Rail Link, and Grafton Station.
Colliers Directors Matt Prentice, Kris Ongley, and Jack Tuson have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Tuesday 10 December, unless sold prior.
Prentice, Director of Industrial Sales and Leasing at Colliers, says being able to acquire this asset with incoming vacant possession will be highly appealing for motivated buyers.
“The new owner will have holding income for a few months while they strategically plan their next steps for the property,” Prentice says.
“Owner-occupiers may wish to acquire this premises to set up their own operations, while add-value investors could potentially reposition the property to unlock its true potential and then tenant it.”
Ongley, Director of Investment Sales at Colliers, says the favourable zoning adds to the appeal of this property giving it flexible future solutions.
“As outlined in the Auckland Unitary Plan, the Business – Mixed Use Zone is typically located around centres and along corridors served by public transport,” Ongley says.
“The zone provides for residential activity as well as predominantly smaller scale commercial activity that does not cumulatively affect the function, role, and amenity of centres. The zone does not specifically require a mix of uses on individual sites or within areas.
“There is a range of possible building heights depending on the context. Provisions typically enable heights up to four storeys, meaning there is scope for a significant development to take place.”
Tuson, Associate Director of Investment Sales at Colliers, says the property has a compelling mixture of a desirable location, incoming vacant possession, and future growth potential.
“Being able to acquire an asset with this much versatility in Grafton is an opportunity that is not to be missed,” Tuson says.
- Supplied by Colliers
