A highly functional property with an established tenant in the tightly held Auckland Airport industrial precinct presents prospective purchasers with the opportunity to acquire an asset in a premium location.
25 Rennie Drive, Māngere has 1,683sq m of net lettable area on a 2,462sq m site that enjoys great profile with 38m of total road frontage.
The current tenant is Waikiki Logistics Limited who began a four-year lease in February 2020 and have one further right of renewal for two years, leading to a final expiry of 31 January 2026.
Waikiki Logistics are also owner-occupiers of the adjacent property at 29 Rennie Drive.
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The net annual rental income from the subject property is $227,700 plus GST but there is a market review set for 1 November 2024, which could see the rental income increase based on current market estimates by Colliers.
The international and domestic terminals at Auckland Airport are less than 2km away, while the motorway network is readily accessible offering connectivity north and south.
The property, which includes 15 dedicated car parks, is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
Colliers Brokers Brad Johnston, Paul Jarvie, and James Dickey have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 30 August, unless sold prior.
Originally constructed in 1988, the building offers 1,148sq m of warehouse space and two levels of refurbished office space totalling 379sq m as well as associated boardroom, showroom, and amenities. There is also 156sq m of canopy.
Johnston, Director of Industrial at Colliers, says the clear span warehouse has a stud height of 5.5m and can be accessed via three roller doors.
“The offices include an open plan layout as well as partitioned offices. The site also includes a concrete sealed yard, and the car parking area has security fencing,” Johnston says.
“The property makes for a serviceable premises that has been incredibly reliable for the existing occupants.”
Waikiki Logistics have been in business since 2006 and is owned by Tim and Debbie Waikiki.
The husband-and-wife team have steadily grown the company and its high standard of service has become well known in the consumer electronics industry through delivering a personalised service that offers clients solutions rather than problems.
Jarvie, Director of Industrial at Colliers, says Tim and Debbie are dedicated to making their company a market leader in the business to consumer sector and Waikiki aim to provide clients with a service that is second to none.
“Potential buyers will also be drawn to the rental growth available with a market review to take place next year,” Jarvie says.
“With industrial rents rising so strongly at this time the market rent review likely provides investors with some real upside.”
Dickey, Industrial Sales Broker at Colliers, says research from Colliers notes how little industrial floorspace is available across Auckland.
“The overall industrial vacancy rate in Auckland is only 1.7 per cent and there is even less available space in the Airport Corridor/Māngere
precinct with the vacancy rate for prime industrial space sitting at only 0.7 per cent,” Dickey says.
“Industrial properties that can meet the needs of occupants are highly sought-after among buyers and prospective tenants.”
Johnston says this property has all the key fundamentals of a desirable industrial investment in a sought-after location that is surrounded by major brands such as Mondiale, Synlait, and DHL.
“Industrial properties in the Auckland Airport precinct continue to generate strong interest among investors and we encourage all interested parties to contact us for the property information.”
- Article supplied by Colliers
