A spacious and highly functional property in the sought-after industrial suburb of East Tāmaki in Auckland that has low site coverage and future development potential is being offered to the market for sale or lease.
1 Turin Place, East Tāmaki has 2,825sq m of total net lettable area on a regular-shaped 8,272sq m freehold site that is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
The property benefits from 90m of road frontage to Turin Place and is currently tenanted by Carters Tyre Service Limited.
Their lease will end on 8 October, meaning there is holding income in place of $337,395 plus GST per annum.
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With site coverage of only 33 per cent, the property could be repositioned in the future or developed to intensify the usage of the landholding.
East Tāmaki is one of Auckland’s most desirable industrial suburbs that is populated by a number of high-profile firms and offers amenities such as hotels, cafes, childcare facilities, and a gym.
The subject property is also near the recently developed Highbrook Business Park, while the State Highway 1 on-ramp is only 2.8km away. Given it is located in a cul-de-sac it also provides good access for vehicle movements and street parking.
Colliers Directors Greg Goldfinch, Brad Johnston, and Paul Higgins have been exclusively appointed to market the property for sale or lease via deadline private treaty closing at 4pm on Wednesday 4 September, unless sold or leased prior.
Originally built in the 1960s, the facility has had subsequent extensions and the property is secured with full perimeter fencing and two manual gates.
The property includes a sizeable 2,089sq m main warehouse and further low stud warehouse space. There is also a storage area, amenities space, plant room, canopy, and 117sq m of office space. The yard spans 2,500sq m.
Goldfinch, National Director of Industrial at Colliers, says this offering provides prospective buyers or tenants with a range of options.
“There is the potential for the new owner to move quickly to use this property for their own operations or look to find new tenants,” Goldfinch says.
“Given the current occupants are in place until October there is holding income on offer that might prove valuable for a buyer while they plan their next moves.
“Alternatively, there may be a tenant who is looking for a property of this scale where they can run their business from.”
Access to key transport infrastructure such as the motorway network and Auckland Airport, which is only 12.5km away, adds to the appeal of East Tāmaki as a commercial and industrial hub.
Johnston, Director of Industrial at Colliers, says East Tāmaki is considered an A-grade location.
“Properties in the area remain tightly held and there are considerably low vacancy rates within the precinct,” Johnston says.
“The most recent research from Colliers notes the vacancy rate for prime industrial properties in East Tāmaki is only 0.4 per cent, much lower than the overall vacancy rate for industrial floorspace across the wider Auckland region, which sits at 1.75 per cent.”
Higgins, Director of Industrial at Colliers, says the opportunity to potentially develop the property in the future will appeal to those with a long-term view.
“The low site coverages means there is considerable opportunities available to capitalise on the excess land at the property,” Higgins says.
“Given the range of options available to interested parties, coupled with its prime location and future upside, we foresee there will be strong demand among investors or potential tenants and encourage people to reach out to us immediately to explore their options.”
- Supplied by Colliers
