Located in the tightly held North Harbour Industrial Estate, a highly functional office and warehouse building that is home to an established tenant offers buyers the opportunity to purchase a high-quality asset with future development potential.
The 1,207sq m property at 11 William Pickering Drive, Albany sits on a 3,158sq m freehold site that is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
The property offers multiple access points from the street, as well as dual roller door access to the building and an abundance of car parking and yard space.
Landscape Solutions is the current occupant, and they recently began a new five-year lease that includes two further rights of renewal for five years each leading to a final expiry of June 2037.
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The lease agreement provides $278,000 plus GST in net annual rental income and includes annual CPI rent reviews except on the renewal dates when market reviews will take place.
The property benefits from excellent access to the nearby Northern Motorway. Auckland’s CBD is approximately 15 minutes away under normal driving conditions, while Takapuna can be reached in 10 minutes.
To the north, the Albany commercial hub is approximately five minutes away, featuring key landmarks such as Westfield Albany, Massey University, and a range of prominent businesses.
Colliers Directors Matt Prentice and Shoneet Chand have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Tuesday 22 November, unless sold prior.
The building comprises a 721sq m warehouse, a front office that spans 401sq m, and a rear office measuring 126sq m. The rear mezzanine area is 76sq m and the office lightwell measures 35sq m. With 550sq m of yard space, there’s also ample room for containers to be dropped off.
Prentice, Director of Sales and Leasing at Colliers, says the property presents buyers with options for the future.
“Passive investors will be happy to enjoy the steady rental stream on offer and the strong tenant covenant that comes with having an established occupant on a long-term lease with built-in rental growth,” Prentice says.
“But ultimately, the true value may lie in developing the property further and an add-value investor could maximise the potential of the site by extending the northern end of the warehouse facility.”
Chand, Director of Investment Sales at Colliers, says the North Harbour industrial precinct remains sought-after among buyers and occupiers.
“The area provides a high standard of development and benefits from a number of top-quality buildings and national brand occupants,” Chand says.
“With favourable proximity to the motorway network and surrounding amenities, the area is also well connected to the neighbouring suburbs.
“Recent research from Colliers notes there is a 0.4 per cent vacancy rate for prime industrial property in the North Harbour region, which is lower than the Auckland-wide figure of 0.6 per cent. This suggests the area continues to experience ongoing demand for properties of this nature.”
The Business – Light Industry Zone anticipates industrial activities that do not generate objectionable odour, dust, or noise. This includes manufacturing, production, logistics, storage, transport, and distribution activities.
- Article supplied by Colliers
