A highly visible building with excellent street exposure in the sought-after industrial hub of Penrose in Auckland is being presented to the market for sale and offers buyers a multitude of options.
135 Station Road, Penrose has 1,206sq m of total net lettable area spread across two separate tenancies that are currently divided by a full height intertenancy wall. The property has a land area of 1,381sq m, which is 37 per cent of the total land parcel with the title being a cross lease.
The front tenancy, which has 917sq m of floor area and comprises a warehouse, workshop, mezzanine, showroom space, and office area, is available with vacant possession.
The 289sq m rear tenancy is home to Subtech Subaru, a New Zealand-owned and operated workshop that provides customers with Subaru parts and servicing.
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Penrose remains one of Auckland’s most established and appealing industrial hubs where vacancy rates remain at historical lows, sitting at 0.5 per cent for prime properties, based on the latest research from Colliers.
The popularity of Penrose stems from its close connection to the main railway line and key transport infrastructure such as the motorway network, inland ports, and Auckland Airport.
Colliers Brokers Tom Peterson, James Dickey, and Ben Cockram have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 4 October, unless sold prior.
The front tenancy comprises two levels of showroom and offices with a 154sq m mezzanine.
Beneath the mezzanine is a predominately low stud workshop with basic staff amenities, including a kitchenette and toilets, that spans 262sq m, while there is another 228sq m of warehouse space. The property includes 10 dedicated car parks.
Access to the rear tenancy is available via a roller door fronting the Olive Road right of way driveway. Subtech Subaru’s lease agreement includes multiple rights of renewal with a final expiry of August 2032.
Peterson, Industrial Sales Broker at Colliers, says there are considerable options for prospective purchasers.
“The new owner may choose to occupy the property and utilise this highly functional space for their own endeavours, while enjoying the steady rental income from the rear tenancy of $55,000 plus GST per annum,” Peterson says.
“On the other hand, an investor may choose to tenant the front of the building and it will be an attractive leasing prospect given the recent refurbishments to the property.”
Dickey, Industrial Sales Broker at Colliers, says industrial property continues to remain keenly sought by buyers of all kinds due to Auckland’s considerable lack of suitable space.
“Recent research from Colliers notes the overall vacancy rate for industrial property across the city is 1.7 per cent,” Dickey says.
“This lack of supply continues to fuel demand and a property such as this one will generate strong interest among buyers.”
Cockram, Director of Industrial at Colliers, says the wider Penrose and Onehunga area has long been considered Auckland’s preeminent industrial location due to its central position and ease of access from all corners of Auckland with State Highway 1 less than 2km away.
“Many of Auckland’s well-established operators in the industrial and logistics sectors have chosen to make Penrose the place they do business and there is exceptional connectivity to major transport links and surrounding suburbs such as Mount Wellington,” Cockram says.
“Versatile industrial properties in Penrose such as this one are rarely presented to the open market and we encourage all interested parties to contact us immediately.”
The property is zoned Business – Light Industry Zone under the Auckland Unitary Plan. This 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
