A high-quality industrial property in the tightly held Avondale precinct with an established tenant on a long-term lease presents prospective purchasers with an outstanding opportunity to acquire a premier asset in a sought-after location.
525 Rosebank Road, Avondale provides 7,918sq m of total net lettable area on a 9,186sq m freehold site that is zoned Business – Light Industry Zone under the Auckland unitary plan.
The property is home to textiles and fabric firm Charles Parsons who occupy the site on a long-term lease that provides $1,378,100 plus GST in net annual rental income, effective 1 July 2022. Purpose-built for Charles Parsons circa 2003, this marks the first time the property has been presented to the market.
Colliers Brokers Todd Kuzmich, Greg Goldfinch, and Dhiru Patel have been exclusively appointed to market the property for sale with the deadline for offers closing at 4pm on Tuesday 31 May, unless sold prior.
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The property presents extremely well and provides a desirable working environment with expansive views across Auckland’s inner harbour. A mix of high-quality open plan offices, meeting rooms, a boardroom, and staff amenities are provided with the ground floor office and amenities covering 1,195sq m, while the first floor office and amenities measure 1,140sq m.
The 4,453sq m warehouse provides clear span storage with a stud height ranging from 8.5m to 11.5m with an additional 564sq m of mezzanine storage.
Access to the warehouse is available via three roller doors and it is connected to a concrete driveway and generous canopy, alongside 1,147sq m of yard space. Ample staff car parking is available on-site, including 38 secure basement car parks.
Kuzmich, Director of Industrial at Colliers, says the highly functional property, which has a 100 per cent NBS rating, has proven an exceptional fit for the occupants.
“Charles Parsons was established in Australia in 1915 and have operated in New Zealand since the 1960s and today have a growing business in Asia and the Northern Hemisphere. It remains a privately owned fourth generation family business in the supply of every category where fabric and textiles are used,” Kuzmich says.
“This includes the supply of roll stock fabric from basics to high fashion, performance sport, school and corporate wear, the home textile market in drapery, upholstery and finished goods, including cushions, throws, and napery. More recently, Charles Parsons has also introduced a range of recreational outdoor products.”
The current lease runs until July 2027 with one further right of renewal for three years, providing a final expiry of 30 June 2030.
Goldfinch, National Director of Industrial at Colliers, says the combination of a high-profile tenant on a long-term lease makes this a blue-chip purchasing opportunity.
“Prospective purchasers will recognise the security on offer from having an established tenant with a lengthy commitment to the subject site,” Goldfinch says.
“The lease agreement provides 3 per cent fixed annual increases with a review upon renewal that will be the greater of either 3 per cent or the market rate, offering future rental income growth for the new owner.”
Patel, Industrial Sales Broker at Colliers, says the property is located in an in-demand industrial precinct that offers excellent connectivity via the surrounding motorway network.
“The Rosebank Peninsula is the closest industrial precinct to Auckland CBD and port and benefits hugely from the Waterview Tunnel to travel south and to Auckland Airport,” Patel says.
“The limited land supply and low vacancy rates make this one of the most tightly held areas in the Auckland market. There are a number of long-term occupiers and major brands who share this location such as Allegion, Rheem, Blum, Bunnings Trade, USL Medical, Autex, and Methven.”
- Article supplied by Colliers
