An award-winning, A-grade industrial property in Hobsonville with an established tenant signed to a long-term lease offers prospective purchasers the opportunity to secure a prime asset in a rapidly developing industrial hub.
38-40 Westpoint Drive, Hobsonville has 5,094sq m of total net lettable area on two freehold titles totalling 8,018sq m on a site that is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
Located in the Brigham Creek Business Park, the office and warehouse building is one of the most sizeable offerings to be presented to the market in Auckland this year.
The property is home to Autex Industries who are specialist designers and manufacturers of innovative acoustics and insulation products for the built environment. They are selling the property as a sale and leaseback.
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Autex are offering a new eight-year, triple net lease that will begin on settlement with two further rights of renewal for eight years each. The annual rental income will be $1,000,000 plus GST per annum with 3 per cent fixed annual increases and four-yearly market reviews.
Alongside the highly functional office and warehouse space, the property has 599sq m of canopy and 32 car parks. It has approximately 100m of frontage to Westpoint Drive.
Hobsonville has undergone significant change in recent years with notable infrastructure improvements as well as substantial residential developments. It also benefits greatly from easy access to the motorway network, which is a short distance from the subject site.
Colliers Directors Greg Goldfinch, Dhiru Patel, and Craig Smith have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 16 November, unless sold prior.
Designed by Williams Architects and constructed by Macrennie Construction, the building was completed in 2019 and serves as one of Autex’s insulation, manufacturing, and storage facilities.
The property comprises a modern, high-quality industrial premises constructed to provide two adjoining units built to the same specification. Each unit comprises high stud warehouse accommodation, along with two levels of offices and amenities. In total there is 4,616sq m of warehouse space and 478sq m of office and amenities.
Basic warehouse construction comprises reinforced concrete foundations and floors and full height concrete tilt slab walls with a steel portal frame providing clear span accommodation with a stud height of 8.8m rising to approximately 12m at the apex of the roofline. The warehouse is fully insulated and soundproofed to the roof.
Each warehouse has two roller doors for access, which are protected from the elements by a cantilevered canopy overhead.
The office construction comprises concrete foundations and floors, a combination of full-height glazing and aluminium panel cladding, and long-run steel roofing. Solar panels are installed above each office to provide sufficient power to run the offices reducing energy costs and operating expenses.
The mezzanine level provides top-quality office accommodation with suspended ceiling vented air conditioning and a glass partitioned meeting room with carpet floor coverings. The ground floor is open plan with first-rate amenities, including toilets, shower, and a kitchenette.
Other site improvements include a large concrete sealed and fenced yard and car parking area to the frontage.
Goldfinch, National Director of Industrial at Colliers, says this is an outstanding building that offers superior functionality.
“Given the building was recently completed, it has been designed with a modern and sustainable outlook to suit future-focused occupiers,” Goldfinch says.
“The property has been built over two titles meaning future leasing flexibility down the track.
“The building received a Merit award in the industrial category at the 2020 Property Council New Zealand Property Industry Awards, which exemplifies the quality on display.”
Patel, Associate Director of Industrial at Colliers, says this purchasing opportunity provides buyers with the chance to secure a property with a strong tenant covenant.
“Autex is an established global design business with offices across New Zealand, Australia, the United Kingdom and North America with more than 50 years’ experience in the industry,” Patel says.
“The new owner will be able to enjoy a steady rental stream, while the built-in annual rental increases and market reviews provide future rental growth throughout the existing long-term lease.”
Smith, Director of Industrial at Colliers West Auckland, says the property sits among a range of high-profile businesses.
“Westpoint Drive is a main thoroughfare connecting both Workspace and Brigham Creek Business Park developments. The wider precinct is highly sought-after and houses national brand tenants such as Mainfreight, SPCA, Makita, Sherratt Ingredients, and Bidfood,” Smith says.
“The subject property is located approximately 20km north-west of Auckland’s CBD and within easy commuter distance of the CBD, West Auckland, and North Shore suburbs.
“The site is also only five minutes’ drive from the newly opened Costco and is near the hugely popular Westgate shopping area that provides an extensive array of amenities.”
- Article supplied by Colliers
