A trophy asset in the tightly held West Auckland industrial precinct of Rosebank Peninsula offers prospective purchasers the opportunity to acquire a premier asset with an established tenant.
494 Rosebank Road, Avondale is a prime warehouse and office building with 8,987sq m of total net lettable area on a 16,909sq m freehold site that is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
The high-profile property is prominently positioned and offers dual driveway access as well as approximately 94 on-site car parks.
Universal Specialities Limited (USL), who have more than 30 years’ experience as a world-class supplier of products to the New Zealand healthcare market, are the tenant and their current lease runs until October 2025. There is one further right of renewal for six years leading to a final expiry of September 2031.
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USL’s lease agreement provides $1,499,129 plus GST in net annual rental income with built-in rental growth included in the terms and market reviews to be conducted every five years.
The Rosebank Peninsula is one of Auckland’s most sought-after industrial destinations.
It is the closest industrial precinct to the CBD and port, and benefits hugely from the Waterview Tunnel to travel to South Auckland and Auckland Airport.
The nearby Rosebank and Patiki interchanges also provide good connections to the motorway network.
Colliers Brokers Greg Goldfinch, Matt Prentice, Jack Tuson, and Amir Bashota have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Tuesday 7 March, unless sold prior.
The purpose-built facility offers 117m of road frontage to Rosebank Road and is one of the most impressive stand-alone buildings in the surrounding area.
With multiple components, the building includes a main warehouse spanning 5,525sq m, while there’s 1,380sq m of office space, as well as a warehouse, office, and amenities area measuring 599sq m. There is also a 1,483sq m canopy.
Goldfinch, National Director of Industrial at Colliers, says this is one of the premium industrial offerings on the Rosebank Peninsula.
“The property provides a commanding street presence and truly stands out in one of Auckland’s most sought-after industrial locations,” Goldfinch says.
“Properties such as this one are rarely presented to the open market and over time the offices have been upgraded to ensure they’re of a high standard to complement the warehouse facility.”
Prentice, Director of Industrial Sales and Leasing at Colliers, says USL is a blue-chip tenant.
“They supply only the highest quality products from reputable manufacturers from around the globe. These products have been rigorously evaluated and tested to ensure they are the best possible fit for meeting the unique requirements of the New Zealand healthcare market,” Prentice says.
“The current lease agreement includes favourable terms that will be appealing for buyers.”
Tuson, Investment Sales Broker at Colliers, says the limited land supply in the wider Rosebank area makes these properties tightly held.
“Recent research from Colliers notes that vacancy rates for prime industrial properties in the Rosebank and Avondale precinct is only 0.2 per cent,” Tuson says.
“This strong demand for industrial property is a constant theme across Auckland as the city continues to experience record low vacancy rates. The neighbouring Henderson area has a prime industrial vacancy rate of 0.6 per cent.”
Bashota, Industrial Sales Broker at Colliers, says the location of the property offers convenience for the occupants.
“Auckland’s CBD can be reached in approximately 15-20 minutes during off-peak hours, while the access to the motorway network provides connectivity across the city,” Bashota says.
“The Rosebank Peninsula is home to a number of long-term occupiers and major brands such as Allegion, Rheem, Blum, Bunnings Trade, Autex, Methven, and Barkers.”
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
