A trophy asset in the tightly held North Harbour Industrial Estate will pique the interest of buyers looking to secure a prime property with a blue-chip tenant.
16-22 Omega Street, Albany is a 3,267sq m stand-alone office and warehouse building on a 5,865sq m freehold site that is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
The property is home to Totally Workwear who are part of the Workwear Group, which is a subsidiary of ASX-listed firm Wesfarmers under their Wesfarmers Industrial and Safety arm.
Their current lease runs until 1 March 2024 and there is one further right of renewal for five years leading to a final expiry of February 2029.
Start your property search
The lease agreement returns $672,661 plus GST in net annual rental income and there are future market and fixed rental increases in the future.
The building sits on a high-profile corner site with excellent street exposure and has an A-plus seismic rating, dual roller door access, a high stud warehouse, and 79 on-site car parks.
Omega Street is located toward the southern end of William Pickering Drive, the area’s main arterial route, and links through to Paul Matthews Road, leading to State Highway 1.
The State Highway 18 extension that provides access to West Auckland via Bush Road is only 1.8km away.
Colliers Directors Matt Prentice, Jimmy O’Brien, and Gareth Fraser have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Tuesday 4 October, unless sold prior.
Originally built in 2005 by award-winning commercial construction firm Haydn & Rollett, the modern and highly functional property provides 1,955sq m of warehouse space, a 628sq m ground floor office, a 630sq m first floor office, and 55sq m of canopy space.
Prentice, Director of Industrial Sales and Leasing at Colliers, says the property will be highly appealing for buyers looking for a stand-alone investment in a low vacancy location, with a strong tenant covenant from parent company Wesfarmers who have a diverse range of business operations.
“There is a market rent review scheduled for March 2024 and fixed 3 per cent increases in January 2024, 2027, and 2029 providing built-in rental growth for the new owner.”
O’Brien, Director at Colliers Auckland North, says the location of the property will be highly desirable for buyers given the nearby motorway links and favourable proximity to many of Albany’s key amenities.
“The North Harbour Industrial Estate is home to a wide variety of local, national, and international businesses,” O’Brien says.
“Neighbouring occupiers include the likes of BNT Automotive, Crown Relocations, and Gemini Albany.”
Fraser, Auckland Director of Investment Sales at Colliers, says the property is a premier passive investment.
“The subject site has all of the key investment fundamentals in place such as a strong tenant covenant at a high-profile site that is easily accessible in a sought-after location,” Fraser says.
“We expect there will be significant interest in this property and encourage all interested parties to make contact with us immediately.”
- Article supplied by Colliers
