The land and buildings of a large-scale industrial property in Albany on Auckland’s North Shore are being presented to the market for sale offering considerable long-term upside through future development or value-add opportunities.
55 Constellation Drive, Albany comprises 8,838sq m of lettable area spread across two separate buildings, as well as a two-level on-site car parking building, all sitting on a 2.445ha landholding that is held in a single freehold title.
The property is zoned Business – General Business Zone under the Auckland Unitary Plan and the land could be subdivided in the future.
Properties of this scale in this precinct are rarely seen on the open market.
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The current tenants are Candida Stationery and the Blue Star Group, while further income is also generated from the car parking building that can be accessed from Parkway Drive.
The total annual rental income from the property is $1,643,207 plus GST and the leases for both main occupants expire on 31 December 2029 if their existing renewals are taken.
Sitting in an elevated position, the property is on the eastern side of the Northern Motorway and is located next to Gilmours and Candida Office Park.
Constellation Drive is home to well-known retailers, including Bunnings, Hunting & Fishing New Zealand, and McDonald’s, among a host of others.
The Northern Motorway is easily accessed from Constellation Drive and travel time to Auckland’s CBD is approximately 15 minutes except during peak hours. The Constellation Drive park and ride is also in walking distance.
Colliers Directors Janet Marshall, Shoneet Chand, and Matt Prentice have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 31 July, unless sold prior.
The building occupied by Candida Stationery has 6,705sq m of total floor area, including significant warehouse and manufacturing space and an office area.
Candida’s current three-year lease term runs until 1 April 2026 and one right of renewal remains that would run until December 2029. Their lease returns $1,107,027 plus GST in net annual rental income and a review is due on renewal in 2026.
Blue Star Group, a leading marketing execution partner for New Zealand businesses, is the tenant of the other building, which spans 2,133sq m.
The property includes a sizeable warehouse, production area, and functional office.
Their existing lease runs until 1 January 2026 with one three-year right of renewal available. Their agreement provides $434,780 plus GST in net annual rental income and rent reviews are due in January 2025 and 2027.
Marshall, Director of Sales and Leasing at Colliers, says this is one of the most enticing North Shore properties Colliers has presented to the market in recent years.
“It is incredibly rare to see something of this scale available for purchase in the sought-after Constellation Drive precinct,” Marshall says.
“There is a vast amount of future potential at this location whether that be adding value through the future tenancy mix or repositioning the property down the line.”
As per the Auckland Unitary Plan, the Business – General Business Zone provides for business activities from light industrial to limited office, large format retail and trade suppliers. Large format retail is preferred in centres but it is recognised that this is not always possible, or practical.
Chand, Director of Investment Sales at Colliers, says commercial properties of scale are in demand across Albany and this one features long-term upside.
“The new owner of this strategic asset will have time to plan their future moves for the site to maximise its value and allow it to achieve its full potential, all while benefitting from the steady rental stream that is in place,” Chand says.
“The future of the property could see it utilised for large format retail, an intensified industrial park, or a supermarket, pending the relevant consents.”
Prentice, Director of Sales and Leasing at Colliers, says this is a purchasing opportunity that ticks all of the boxes.
“Buyers of all kinds will be attracted to this offering given the rare combination of scale, positioning, and future growth potential,” Prentice says.
- Supplied by Colliers
