A prominent industrial building near Auckland Airport presents prospective purchasers with an attractive split-risk investment opportunity in a tightly held location.
72 Richard Pearse Drive, Mangere has a total net lettable area of 2782sq m on a significant landholding of 4634sq m.
The property is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
The freehold site comprises an industrial warehouse and office building that was constructed in 2007 and is divided into two tenancies.
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Fresh Office Limited and National Products Fulfilment Pty Limited (NP Fulfilment) are the tenants of the property, which returns $419,078 plus GST in combined net annual rental income.
Colliers directors Paul Jarvie and Brad Johnston have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Tuesday 30 November, unless sold prior.
Fresh Office, one of New Zealand’s leading office products and stationary wholesalers, occupies the front 1715sq m tenancy, which comprises a 1380sq m factory and warehouse, 146sq m of ground floor office space and amenities, 172sq m of first floor office space and amenities, 16sq m of mezzanine, and 306sq m of canopy.
The lease was assigned to Fresh Office in April 2020 and the first of three four-year renewals is due on 30 October 2022.
Their lease returns $277,400 plus GST in net annual rental income per annum and rent reviews to the market are scheduled for every third anniversary from the commencement date.
NP Fulfilment leases the rear 1067sq m tenancy, which comprises a 774sq m factory and warehouse, 36sq m of ground floor offices and amenities, 145sq m of first floor offices and amenities, and 111sq m of canopy.
They began a three-year lease in May 2020 with a final expiry of 22 May 2023 that returns $141,678 plus GST in net annual rental income per annum.
The lease includes 2 per cent annual increases.
Jarvie, director of industrial at Colliers, says the spacious premises is highly functional and offers occupants a high-profile location with excellent street frontage.
“Access to the front tenancy is gained through a pedestrian door from the front yard. This leads into a reception area with a large open plan office. There’s further office space, lunchroom facilities, and amenities on the first floor,” Jarvie says.
“The warehouse can be accessed through two roller doors opening to the side yard and sheltered below a large, cantilevered canopy. It has a clear span stud of some 7.5m at the knee and an excellent standard of natural light. In addition, a further roller door opens to the front yard.
“Access to the office and amenities of the rear tenancy is by way of a pedestrian door off the rear side yard. This opens directly to a flight of stairs leading to a first-floor office area, which is open plan with a small, partitioned amenities area. The factory, accessed through two roller doors, has a clear span stud of some 7.5m. The amenities are located under the first-floor offices.”
Johnston, director of industrial at Colliers, says the property is strategically located in a sought-after industrial precinct that continues to experience huge demand while there is a lack of supply in the market.
“Opportunities in this area are hard to come by and this one is only available because of an unresolvable shareholder dispute, which has led to liquidators being appointed to realise all assets of this solvent vendor,” Johnston says.
“The site has dual access from Richard Pearse Drive and is within 2km of Auckland Airport. The Auckland motorway network is readily accessible via State Highway 20A.
“In general, the area is an established industrial location that is experiencing significant growth and this property represents the chance to secure a premier asset with a strong tenant covenant in this thriving precinct.”
- Article supplied by Colliers
