The high-profile property housing a top international paint supplier has gone up for sale in a prime location on Auckland’s North Shore.
Positioned at a standout corner location on main arterial Constellation Drive, the two-storey showroom, warehouse and office premises are fully occupied on a long lease by a Wattyl Paint Centre.
For over a century, Wattyl has been a leading New Zealand provider of paints, varnishes, lacquers and industrial coatings. It has 16 stores, 750 staff and an extensive network of retail supply partners across New Zealand and Australia – supplying homeowners, professional painters, builders, developers, facility managers and industrial manufacturers.
Early last year Wattyl Australia and New Zealand became part of the Hempel Group, a global company and world-leading supplier of quality coating products.
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Hempel (Wattyl) New Zealand Ltd pays annual net rent of $142,065 plus outgoings and GST for its Constellation Drive premises, on a lease that runs through to 2029. The lease agreement locks in two percent annual rental growth from August 2023.
Unit G, 18 Constellation Drive, Albany, Auckland, is now being marketed for sale by Bayleys North Shore Commercial. The property will go under the hammer at an auction on Wednesday 28 September unless it is sold earlier.
Bayleys North Shore Commercial General Manager Jayson Hayde said this represented an exciting opportunity to secure a high-profile, mixed-use property with a long lease to a well-established international tenant.
“The prominent corner location with exposure to one of the North Shore’s busiest arterials is befitting of the calibre of the tenant and property, rounding out this asset’s outstanding investment credentials.
“In a market in which good quality investment stock is in short supply and showroom/warehouse assets are in high demand, this is an offering that’s sure to turn heads,” said Hayde.
Bayleys Senior Broker Jane McKee said the unit comprised a mix of ground-floor showroom, high-stud warehouse and office spaces, plus first-floor office and amenities, with a total floor area of some 462 square metres.
“The site contains 10 on-site car parks at the front for the exclusive use of staff, customers and clients, and convenient vehicular access to the warehouse at the rear.
“Prominently positioned within a quality 10-unit commercial development, the property boasts an A-grade seismic rating of 100 percent of new building standard. Developed in the late 1980s, it is constructed with concrete foundations and floor slabs and precast-panel external and common walls,” said McKee.
The site falls within the Business – General Business zone under Auckland’s unitary plan, enabling wide-ranging activities from light industry through to limited office, large-format retail, and trade supplies.
Bayleys Senior Broker Tonia Robertson said an ongoing review of the area’s zoning could, once completed, provide opportunities for further intensification.
“As it stands, this is an extremely well-regarded location and a stronghold of commercial and industrial developments including large retail/showroom buildings and multi-unit complexes.
“Nearby is the well-recognised North Harbour commercial centre and Interplex Business Park that has attracted an impressive range of high-profile tenants to the area. The Millennium Institute of Sport & Health is also close by, along with other top health and leisure facilities plus restaurants, cafes and support services.
“This area has proven popular with tenants, owner-occupiers and investors and continues to attract exceptionally strong demand,” said Robertson.
Bayleys Director Matt Mimmack said the property benefited greatly from its position on the corner of Constellation Drive and Ascension Place in the heart of Albany, one of the fastest growing suburbs on the North Shore.
“Constellation Drive is one of the North Shore’s main traffic thoroughfares with about 25,500 passing vehicles per day. This assures the property and tenant of excellent exposure and handy access to the motorway network.
“The Northern Corridor Improvements Project is set to add further to the transport advantages of this already appealing location. The Constellation Drive property is also on a main bus route and is close to the Albany Park and Ride,” said Mimmack.
- Article supplied by Bayleys
