A highly functional warehouse and office building in the popular North Harbour Industrial Estate presents a wide range of buyers the opportunity to secure a prime asset in a tightly held location that is experiencing historically low vacancy rates.
Unit C, 9 Douglas Alexander Parade, Albany is a 940sq m building that is currently leased to Electrix who are a leading provider of engineering, construction, and maintenance services to asset owners in the utility, industrial, commercial, resources, and infrastructure sectors.
Electrix’s lease provides $125,000 plus GST in net annual rental income and their current term has a final expiry of 30 June 2022.
The property is zoned Business – Light Industry Zone under the Auckland Unitary Plan and includes 13 dedicated car parks, while it is located only a few minutes away from major motorway junctions. The building has a 100 per cent NBS rating.
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Colliers Directors Ryan de Zwart and Matt Prentice have been exclusively appointed to market the property for sale by auction to be held at Colliers North Shore, Level 1, 129 Hurstmere Road, Takapuna, Auckland at 11am on Wednesday 15 December, unless sold prior. The property is a deceased estate.
Constructed in the 1990s, the building includes a 744sq m clear span warehouse, 196sq m of office space, which is split over two levels, and 27sq m of canopy. The warehouse can be accessed via a single roller door, while there is potential to add a second.
De Zwart, Associate Director of Industrial Sales and Leasing at Colliers, says the property presents prospective purchasers with a range of possibilities for the future.
“With the current tenant’s lease due to end in mid-2022, the new owner will be able to begin discussions with them about their leasing options or they will have plenty of time to negotiate with a new tenant at higher market rental rates,” de Zwart says.
“The rental figure for the property has not been reviewed since 2016 and current market estimates suggest the site is potentially under-rented given medium-sized industrial assets such as this one are scarcely available for lease.
“Alternatively, the buyer may wish to make the most of the holding income on offer from the current tenant before they utilise the building for themselves.”
The property is located on the eastern side of Douglas Alexander Parade, which is a connecting road between William Pickering Drive and Rosedale Road and is part of the relatively new but established North Harbour Industrial Estate.
Prentice, Director of Industrial Sales and Leasing at Colliers, says the property is strategically located in a highly sought-after part of Albany that is near a range of amenities.
“The North Harbour industrial precinct has proven itself very popular for progressive companies due to the high standard of surrounding development, quality working environment, and access to transport links,” Prentice says.
“The subject property also benefits from excellent access to the Northern Motorway with Auckland's CBD being approximately 15 minutes’ drive under normal driving conditions, whilst Takapuna is approximately 10 minutes away.
“To the north, Albany’s commercial centre is approximately five minutes away, featuring key landmarks such as Albany Westfield, Massey University, and a range of national-branded businesses. Bush Road and Rosedale Road serve as main arterial routes to the North Harbour region, linking the new Albany retail centre, Albany village, the East Coast Bays, and Upper Harbour Highway.”
The Business – Light Industry Zone anticipates industrial activities that do not generate objectionable odour, dust, or noise. This includes manufacturing, production, logistics, storage, transport, and distribution activities.
- Article supplied by Colliers
