A highly visible modern property with an established tenant in the sought-after industrial precinct near the Auckland Airport is available for purchase.
1/113 Pavilion Drive, Māngere has 1,389sq m of total building area and this A-grade office and warehouse unit, that includes a generous stud height of approximately 10m, is part of a multi-unit complex.
Split over two levels, the property is home to Passive Fire Inspection and Test Services Limited, trading as Fire TS Laboratory, who recently renewed their lease for a six-year term that runs until 31 May 2030. Fire TS Laboratory have also invested heavily into the building during their tenancy.
The current rental agreement provides $295,000 plus GST in net annual rental income and includes a favourable rent review structure with annual increases and a market rent review.
Start your property search
There are 18 exclusive car parks, eight of which are uncovered and 10 are under the canopy.
The property, which was constructed in 2006, is zoned Business Light Industry Zone under the Auckland Unitary Plan.
Colliers Brokers Tom Peterson, Ben Cockram, and Paul Jarvie have been exclusively appointed to market the property for sale via auction to be held at 11am on Thursday 13 June at Colliers Highbrook at 52 Highbrook Drive, East Tāmaki, unless sold prior.
The office and amenities space at the building spans 371sq m across both floors and provides a more than comfortable work environment for staff and customers.
The ground floor office includes a reception area, boardroom, amenities, and open place office at the rear. Up the stairs to the first floor there is an open plan office, partitioned office, amenities, and kitchenette. The offices are carpeted and fully equipped with air conditioning.
The highly functional warehouse measures 1,018sq m.
Peterson, Industrial Sales Broker at Colliers, says the property will hold significant appeal for buyers seeking to acquire an asset with an established tenant and a steady rental stream.
"The lease agreement includes fixed annual rental increases of 2.5 per cent and there is a market review scheduled for 1 June 2027," Peterson says.
"This means there is built-in rental growth, which is a major drawcard for discerning investors.
"Properties of this nature with such strong underlying fundamentals are tightly held among owners and rarely transact."
Industrial property continues to remain in demand among landlords and occupiers and the latest research from Colliers notes there is a 1.75 per cent vacancy rate for industrial property across Auckland.
In the Airport Corridor/Māngere precinct the availability is even more scarce with a vacancy rate of only 0.2 per cent for prime floorspace.
Cockram, Director of Industrial at Colliers, says the configuration of this property means it has proven serviceable for the occupants.
"The high stud warehouse and excellent street exposure make this visible building a reliable premises for the longstanding occupant," Cockram says.
"Fire TS Laboratory have made strategic investments in the property to assist with its functionality, including a gantry crane, associated railings, and columns and their commitment to the property is underscored by the commencement of their new long-term lease."
Jarvie, Director of Industrial at Colliers, says the Auckland Airport's industrial hub is a keenly sought location and is home to high-profile businesses such as DHL, Foodstuffs, and the Giltrap Group, among many others.
"The subject property is only 3.4km from the international terminal at the airport and the motorway network is readily accessible via State Highway 20A," Jarvie says.
- Supplied by Colliers
