A vacant office and warehouse facility in a tightly held Albany location is available for purchase or lease and will generate strong interest among owner-occupiers, investors, and prospective tenants.
46 Apollo Drive, Albany has 1,864sq m of total floor area split across two levels on a 3,029sq m site that is zoned Business – General Business Zone under the Auckland Unitary Plan.
With a high warehouse ratio, 27 dedicated car parks, dual roller doors for access, and canopy for all-weather devanning, the property has a high level of functionality.
The property has a commanding road presence and offers significant exposure to the high volumes of passing traffic.
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The motorway network can be reached in only a few minutes via Constellation Drive, a major arterial route in the area, while there’s a host of sought-after amenities nearby, including retail and hospitality businesses.
Market estimates from Colliers suggest the property could generate approximately $430,000 plus GST in net annual rental income when fully leased, making this a trophy investment that will appeal to astute buyers, while occupiers will recognise the quality of the premises.
Colliers Directors Matt Prentice and Shoneet Chand have been exclusively appointed to market the property for sale or lease via deadline private treaty closing at 4pm on Tuesday 19 March, unless sold or leased prior.
Constructed at the turn of the century, the property has 1,291sq m of high stud warehouse space measuring approximately 7.2m to 7.5m, while there are front and rear offices within the premises, meaning the building could be split to suit future occupants.
Prentice, Director of Industrial Sales and Leasing at Colliers, says A-grade assets such as this one are rarely presented to the market.
“Apollo Drive is a premium commercial location on the North Shore, as evidenced by the high-profile list of occupants surrounding the subject property such as Ideal Electrical, Shimano New Zealand, and Wet & Forget,” Prentice says.
“This is a unique listing given it appeals to such a broad array of prospective buyers or tenants, there’s a lot of options on the table.
“This modern building is well suited to an owner-occupier who will be able to control their own destiny and not be bound to future lease agreements. Meanwhile, investors should have plenty of interest from potential lessees given the lack of comparable available buildings in the market.”
Chand, Director of Investment Sales at Colliers, says the low vacancy rates for industrial floorspace across Auckland, which show no sign of easing, will add to the demand for this property.
“The most recent research from Colliers notes a 1.8 per cent vacancy rate for industrial property across the wider Auckland region,” Chand says.
“In the North Harbour precinct, the vacancy rate for prime industrial floorspace is only 1.7 per cent, meaning offerings such as this one will draw attention from a range of different people.”
Prentice says the favourable zoning allows for a broad spread of activities at the property.
“The Business – General Business Zone provides for business activities from light industrial to limited office, large format retail, and trade suppliers.
“As industrial floorspace remains in short supply across Auckland we foresee considerable interest in this property and encourage all interested parties to reach out to us immediately to discuss their options.”
- Supplied by Colliers
