Two modern industrial units with established tenants are for sale in Auckland’s prestigious Albany commercial precinct, offering a chance to acquire a split-risk investment with potential for rental uplift.
Situated on a high-profile east-facing site, the adjoining buildings at 7-9 Cowley Place offer exceptional motorway access via the nearby Greville Road interchange.
They have been occupied for a combined 26 years by two long-standing tenants, European Ceramic Tiles and Plumb’In Bathrooms.
Both tenants have indicated they would like to remain after their leases expire, providing scope for a new owner to add significant value.
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Colliers International has been exclusively appointed to market 7a and 9b Cowley Place for sale by deadline private treaty closing at 4pm on Tuesday 17 March, unless sold earlier.
Janet Marshall, Director of Colliers North Shore, says it is a chance to acquire a split-risk investment in a sought-after industrial location.
“This is a truly premium offering that provides quality improvements, strong tenant covenant and a highly accessible location.
“The property comprises two adjoining industrial units, constructed in 1998-99, situated on a 3,740sq m freehold site with ample car parking.
“The longstanding tenants return a combined $275,800 in net annual rental income plus outgoings.
“With high tenant demand, record low vacancy and rising rents in the area, there is scope for uplift when the leases expire over the coming two years.”
Matt Prentice, Director of Colliers North Shore, says 7a Cowley Place has been occupied by European Ceramics Tiles Limited since 2010.
“Established 30 years, the leading tile and stone importer has supplied high-end products for some of New Zealand’s premier commercial, hotel, apartment and retirement projects.
“Key commercial projects in Auckland include the ANZ Centre, Smales Farm, the Cider Building and the head offices of Fonterra and Vodafone.
“Hotel and hospitality projects have included the Sofitel, Hilton, Four Points by Sheraton, Baduzzi, Soul Bar, and The Grand and Sugar Club at SkyCity.”
European Ceramics has recently renewed a three-year lease returning $170,000 plus GST in net annual rent. There is one market rental review in December 2020, with lease expiry in December 2022.
Unit 7 comprises a 1,276.6sq m building with warehouse, office, showroom and amenity areas. There is ample on-site car parking, with 26 allocated spaces.
The 1,001.4sq m warehouse predominantly has an 8.2m stud height, plus an additional medium stud area. The main entrance is via a 6.5m-high roller door.
The 273.1sq m air-conditioned office area includes three partitioned offices on the ground floor and six on the first floor.
The lessee has completed a comprehensive fit out including tile flooring, new fixtures and fittings, and new bathroom and kitchen amenities.
Ryan de Zwart of Colliers North Shore says the second unit at 9b Cowley Place has been occupied by Plumb’In Bathrooms since 2003.
“Established that year, the owner-operated company supplies a wide range of leading bathroomware brands.
“These include Aquatica, Englefield, Caroma, Clearlite, Crest, Newline, Athena, Weiss, Newtech and Alpha.
“The company’s professionally trained staff are on hand to offer expert advice, ensuring clients avoid costly mistakes by getting it right first time.”
Bathroom and Kitchen Factory Shop Limited, trading as Plumb’In Bathrooms, is on a three-year lease returning $105,800 in net annual rent, plus GST and operating expenses. The lease expires in April 2021.
Unit 9 comprises an 830.2sq m building including warehouse, office and amenity areas. There are 12 allocated car parks.
The main warehouse has 501.6sq m of high stud accommodation and can provide for a gantry unit. There is also 134.7sq m of low stud warehousing and a storage mezzanine of the same size.
The 59.2sq m office area is split across two floors. Amenities include a lunchroom and toilet on the ground floor and a toilet and shower on the first floor.
Both units are zoned Business Light Industry, which allows for a wide of range of uses including manufacturing, warehousing and distribution.
The property is located near the intersection of Tait Place and Cowley Place, less than 50m from the Rosedale Road/Tawa Drive roundabout.
It is only a few minutes’ drive from the Northern Motorway on-ramp at Greville Road, putting it within 15 minutes of Auckland’s CBD outside peak hours.
The Rosedale Road Busway Station, which is due for completion in 2021, will be a short 700m walk away.
The surrounding area is occupied by industrial and likeminded trade retail businesses including Resene, Hirepool, The Roofing Shop, Bridgestone, National Mini Storage, Carpet Court, J. Russell, Chester’s Plumbing and Supercheap Auto.
