An office and warehouse building in the tightly held industrial precinct near Auckland Airport is available for purchase and offers buyers the opportunity to secure a top-tier asset with long-term upside.
40 Richard Pearse Drive, Māngere has 2,280sq m of net lettable area on a 5,627sq m freehold site that is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
The property has significant road exposure to George Bolt Memorial Drive and is currently tenanted by Walker Logistics who has a five-year lease that runs until September 2028. There is one further right of renewal available for five years.
The lease agreement returns $440,000 plus GST in net annual rental income, while annual CPI rental increases are also in place.
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There is approximately 1,000sq m of development land providing future growth opportunities that will be appealing for buyers with a long-term vision.
Colliers Directors Brad Johnston, Paul Jarvie, Hamish West, and Greg Goldfinch have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Tuesday 27 August, unless sold prior.
The property was built in the mid-1990s and the warehouse spans 1,893sq m, while there is 387sq m of office space. There is also 185sq m of canopy.
Johnston, Director of Industrial at Colliers, says the property is highly functional and has served the existing occupants incredibly well.
“The warehouse, positioned at the rear of the site, offers entry through four roller doors from the yard with canopies that run overhead. The warehouse stud height starts at 7.2m, rising to 8.9m at the apex,” Johnston says.
“The office space, situated at the front of the site, spans a single storey. It comprises a showroom, open plan and partitioned offices, a lunchroom, and bathroom amenities.
“The property offers ample car parking with 19 spaces available at the front of the premises. The balance of the site is concrete yard and security fencing. The development land is at the rear of the property, providing an opportunity for the new owner to intensify the usage of the landholding in the future.”
Jarvie, Director of Industrial at Colliers, says the opportunity to acquire a property with an established tenant on an agreement that includes favourable lease terms will be appealing for discerning investors.
“Walker Logistics is a leading provider of transport and logistics solutions, both domestically and internationally,” Jarvie says.
“Having been in business for more than 20 years, this privately owned New Zealand company employs more than 50 people and moves over 1,000 shipments per day, covering domestic solutions, local shipping, short-haul freight, and nationwide courier and bulk freight movements.”
West, Director of Industrial at Colliers, says industrial floorspace remains in short supply in much of Auckland and the latest research from Colliers notes the vacancy rate for prime space in the Airport Corridor and Māngere hub is only 0.2 per cent.
“The scarcity of supply indicates the ongoing demand for quality space across Auckland with the overall vacancy rate sitting at 1.75 per cent,” West says.
“Few industrial hubs in Auckland generate the levels of interest that this one does and businesses across the commercial spectrum covet this area for its accessibility to the motorway network and other key transport infrastructure, including the airport.”
Goldfinch, National Director of Industrial at Colliers, says when weighing up all of the pertinent factors, this property shapes as an outstanding purchasing opportunity.
“Industrial property remains a highly sought asset class given its long-term performance and underlying investment fundamentals,” Goldfinch says.
“The subject property has many of the key attributes investors are looking for.”
- Supplied by Colliers
