With industrial vacancy rates remaining at historic lows, a vacant unit on the North Shore will hold significant appeal for buyers seeking a highly functional workspace.
Unit B, 14 Vega Place, Albany offers 785sq m of total floor space spread across two levels in an eight-unit development that is conveniently located near the State Highway 1 interchange offering connectivity north and south.
The property includes 12 designated on-site car parks, providing convenience for staff, suppliers, and customers. The car park space could also be used as a container drop-off area and the property is zoned Business – General Business Zone under 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.
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With a high warehouse ratio and dual roller door access, the property is well positioned to serve a range of operators and will pique the interest of buyers who will recognise the potential on offer.
Colliers brokers Jack Tuson and Matt Prentice have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 1 March, unless sold prior.
The building has 575sq m of warehouse space, a 104sq m ground floor showroom, and a 106sq m office on the first floor.
Tuson, Investment Sales Broker at Colliers, says the property’s generic configuration means it can house a wide array of businesses.
“This is a prized industrial opportunity that will allow an owner-operator to secure their own premises and not be bound to a lease,” Tuson says.
“Alternatively, investors will be equally keen to pursue this building as it’s highly likely they will have strong demand from prospective tenants given the lack of supply of industrial property across the North Shore.”
Recent research from Colliers notes the vacancy rates for prime industrial property in the Mairangi Bay precinct as being only 1.6 per cent, while the neighbouring North Harbour area is only 0.4 per cent.
Prime industrial vacancy rates across the wider Auckland area remain incredibly low at only 0.5 per cent.
Prentice, Director of Industrial Sales and Leasing at Colliers, says a unit such as this one will be highly sought-after.
“With vacancy rates remaining stubbornly low due to a lack of supply in the market, this property shapes as a compelling opportunity for buyers,” Prentice says.
“The North Shore remains a tightly held area for industrial property so having the chance to secure a unit with vacant possession is incredibly rare.”
Vega Place runs off Constellation Drive and is a major arterial route in the area providing direct access to State Highway 1, which can be reached in six minutes from the subject property.
Albany’s commercial area, home to shopping destination Westfield Albany, North Harbour Stadium, and a vast array of food and beverage options can be reached in just over 10 minutes. There’s also a range of amenities on Constellation Drive, including a service station, food stores, and retail shops.
“When considering the lack of available industrial space on the North Shore coupled with the opportunity to acquire a highly functional unit, this property is sure to catch the eye,” Prentice says.
- Article supplied by Colliers
