Prominently positioned on a high-profile corner site, a recently refurbished office and warehouse building with an established tenant on a long-term lease in the sought-after industrial precinct near Auckland Airport offers buyers the opportunity to acquire a prime asset.
92 Ascot Road has 2,865sq m of total net lettable area on a site that is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
The property, which includes 33 dedicated car parks, offers high levels of visibility to both Ascot Road and Montgomerie Road.
It is serviced by multiple vehicle crossings providing excellent access to the canopy, building, and car parking areas. The property has exclusive interest in 4,260sq m of land.
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The Oceania Career Academy (OCA), a popular training school which includes programmes that helps Year 12 and 13 students bridge the gap between secondary school and employment through construction courses, is the sole occupant of the property.
OCA is a wholly owned subsidiary of The Fono Trust, one of New Zealand’s largest NGOs. They began an eight-year lease in March 2021 leading to a final expiry of February 2029.
Their lease provides $358,750 plus GST in net annual rental income with a market review due in March 2025, alongside 2.5 per cent annual rental increases.
The airport precinct is one of the busiest industrial hubs in Auckland and property is tightly held given its favourable proximity to Auckland Airport and the surrounding motorway network.
Colliers brokers Paul Jarvie, Brad Johnston, and Tom Peterson have been exclusively appointed to market the property for sale with the deadline for offers closing at 4pm on Thursday 18 August, unless sold prior.
The property, which offers multiple access points, was originally constructed in the 1990s but underwent a top-quality refurbishment in 2021 and presents in magnificent order.
The net lettable area is spread across an 839sq m warehouse, 80sq m of warehouse classroom space, a 399sq m first floor office, a 389sq m ground floor office, and 1,158sq m of canopy space, which serves as the ‘engine room’ of the site where much of the practical work for students takes place.
Jarvie, Director of Industrial at Colliers, says this is a top-tier passive investment opportunity given its strong tenant covenant.
“The Oceania Career Academy, the educational arm of community health and education service provider The Fono, is an outstanding success story that provides excellent career pathways for young people in South Auckland,” Jarvie says.
“Since 2015, a large number of students have successfully completed their construction training programmes. Of those students, 71 per cent are now working in the industry and 17 per cent have gone on to higher level studies.”
Johnston, Director of Industrial at Colliers, says the property offers exceptional functionality for the occupant.
“The property continues to have a low building coverage offering ample development upside at the appropriate time, which will be highly appealing to prospective purchasers,” Johnston says.
“The new canopy has been designed and built to allow this to be in-filled at a later stage with additional land available to extend the yard area.”
Peterson, Industrial Sales Broker at Colliers, says industrial property remains highly sought-after among buyers in Auckland given the incredibly low vacancy rates throughout the city.
“Recent research from Colliers indicates vacancy rates on prime sites in the Auckland Airport and M?ngere corridor is 0.2 per cent,” Peterson says.
“When taking into account the strong tenant covenant in this impressively refurbished property we expect there will be significant demand and encourage all interested parties to contact us immediately.”
- Article supplied by Colliers
