A modern office and data centre property in South Auckland is for sale with favourable lease terms to Vodafone.
Located in the heart of South Auckland’s main commercial centre, the property at 15 Lambie Drive comprises a two-level commercial building of 2,511sq m on a large 7,068sq m freehold site with 92 car parks.
It is fully leased to Vodafone New Zealand Limited, returning some $737,767 plus GST in net annual rent.
Colliers International has been exclusively appointed to market 15 Lambie Drive, Manukau, for sale by deadline private treaty closing at 4pm on Wednesday 19 August, unless sold prior.
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Gareth Fraser, Auckland Director of Investment Sales at Colliers, says the property’s tenant covenant and growth location make it a compelling investment.
“Manukau is one of Auckland’s fastest-developing centres, having been earmarked for significant growth by local and central government.
“This property is superbly located to benefit from the ongoing transformation of the surrounding area, which includes significant residential, commercial, educational and infrastructure development.
“Investors will be attracted to the tenant covenant provided by Vodafone, while recognising the future potential of this large strategic landholding in the heart of Manukau.”
Matt Barnes, South Auckland Director of Investment Sales at Colliers, says the property is well positioned on Lambie Drive – a main arterial route that stretches from Puhinui Road through to Wiri Station Road.
“The area is well serviced with a number of amenities nearby. There is easy access to the motorway network, with both State Highway 1 and SH20 within close proximity.
“The recently upgraded Manukau train and bus stations provide easy access to a strong labour supply.”
Charlie Oscroft, Investment Sales Director at Colliers, says the property comprises a modern office block with an A-grade seismic rating.
“Vodafone has made substantial improvements to the premises to suit its business needs, including not only the communications technology equipment but also the air conditioning, backup power and infrastructure to support it.
“It is primarily used as data centre on the ground floor, which also features a main lobby, a number of partitioned offices and meeting rooms, a staff room and a loading dock.
“The first floor is predominately an open plan office space with a staff room as well as amenities.”
The building is situated at the centre of the site, with car parking and manoeuvring areas around the perimeter.
The site is zoned Light Industry, which allows for manufacturing, production, logistics, storage, transport and distribution activities, as well as the current office use.
Ryan Gibb, South Auckland Broker at Colliers, says Vodafone New Zealand is owned by Infratil Limited and Canadian investment partner Brookfield.
The company forms part of listed London-based company, Vodafone Group Plc.
“Vodafone is the largest mobile phone operator in New Zealand with offices and retail stores nationwide.
“It provides a comprehensive telecommunications services to 2.4 million customers throughout the country. This includes fixed, mobile and internet services.”
The current lease expires in 2024 and the next renewal is for 12 years, presenting multiple passive or add-vale investment options.
