A prominent showroom/office site for sale offers buyers a leaseback plus future options to move in and/or expand the buildings in a key industrial hub.
The standalone commercial building sits on a nearly 1,200-square-metre freehold site in the centre of the North Harbour Industrial Estate in Albany, Auckland.
It contains a lettable area of some 780 square metres across two full-floor tenancies.
These are currently home to a leading glass and bathroom supplier and a residential property development company.
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With both in occupation – including a proposed 12-month leaseback of the ground-floor tenancy – the property will deliver new owners a combined rental return of $155,000 plus GST and some outgoings per annum.
Bayleys salesperson Steven Liu said that with both leases due to expire by the end of 2025 the site also offered a new opening for occupiers in an industrial bastion where vacancies are scarce.
“There’s also a substantial opportunity to add value, with consent approved for the addition of a more than 370-square-metre warehouse with a 7 to 8 metre stud height. This will enable new owners to add further scale, and create new possibilities for future use, occupation and leasing of the site.
“Together, this makes this site an enticing proposition for both investors and occupiers in one of Auckland’s most keenly sought-after industrial locations,” Liu said.
The freehold land and buildings at 7 Tarndale Grove, Albany, Auckland, are being marketed for sale by Liu and colleagues Oscar Kuang and James Chan of Bayleys Real Estate.
The property will go under the hammer at an auction on Wednesday 30 October, unless it is sold prior.
Kuang said the property was constructed around the early 2000s and is configured with two similar-sized tenancies.
“The ground-floor tenancy of some 378 square metres is currently home to the glass and bathroom supplier, which will pay a net rent of $90,000 plus outgoings and GST under a 12-month leaseback.
“This tenancy contains a more than 150-square-metre front showroom area plus perimeter offices, storage, lunchroom and amenities. Further offices and storage are located to the rear and there are 13 dedicated car parks.
“The tenancy upstairs spans some 401 square metres. This is accessible via internal stairs from the ground floor. It encompasses a reception area, two meeting rooms, perimeter offices along the eastern side with amenities and lunchroom to the western side and open-plan offices to the rear. This tenancy comes with eight car parks,” Kuang said.
The building is underpinned by an approximately 1,184-square-metre freehold site with yard areas suitable for container operations.
The property forms part of the Business – Light Industry zone under Auckland’s unitary plan. This permits an array of activities from manufacturing and production to storage, logistics, transport and distribution, provided they do not generate objectionable odour, noise or dust.
Chan said the area around the Tarndale Grove site was mostly occupied by office and light-industrial tenants, including national and international businesses, and surrounded by a strong residential catchment.
“This location offers excellent connectivity, with easy access to motorways and nearby amenities.
“Tarndale Grove is a local link road with good connections via the Northern Motorway interchanges at Greville Road and Constellation Drive. It’s within walking distance of numerous coffee shops and eateries, and close to residential populations, shopping, schools and Massey University.
“Albany has rapidly evolved as a major focal point for commercial activity on Auckland’s North Shore, off the back years of sustained growth. Big businesses like Todd Property Group, KEA, Goodman, Argosy, Willis Bond and Westfield have committed to the area and an array of retail and commercial projects are underway,” Chan said.
- Supplied by Bayleys
