A roadfront, multi-level building in Albany’s highly sought-after industrial precinct presents prospective purchasers with the opportunity to secure a split-risk investment.
3C William Pickering Drive in Albany has 546sq m of total floor area across a repurposed two-storey building with 10 dedicated car parks.
The property has an 80 per cent NBS rating and returns $131,000 plus GST in net annual rental income from three complementary tenants. The property is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
The building is located on a high-profile corner site and can be accessed via Bush Road or William Pickering Drive and the property has convenient links to State Highway 18 and State Highway 1.
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Colliers brokers Mike Ryan and Ryan de Zwart have been exclusively appointed to market the property for sale by auction to be held at Colliers North Shore, Level 1, 129 Hurstmere Road, Takapuna, Auckland at 11am on Wednesday 2 March, unless sold prior.
Lucky Star Bakery & Lunch Bar leases 126sq m of ground floor area on a four-year lease that began on 1 February 2022 and includes two rights of renewal for four years each, leaving a final expiry of 31 January 2034.
Their agreement, which provides $42,000 plus GST in net annual rental income with two yearly-reviews to the market, includes two dedicated car parks, while they share a further five car parks with the roller-skating club.
Free Wind Skate Ltd leases 278sq m of floor space and their popular roller-skating club was established in 2019, offering classes for children and private sessions for adults. They also have locations in Henderson and Pakuranga.
They began a four-year lease in the building in June 2021 with two further rights of renewal for four years each, providing a final expiry of 31 May 2033. Their lease provides $55,000 plus GST of net annual rental income and there are two-yearly reviews to the market in place.
Art Space Studio Ltd, a professional art training institution with multiple sites across Auckland, leases 142sq m and they began a three-year lease in August 2021.
Their agreement, which comes with three allocated car parks, includes one further right of renewal for three years with a final expiry of 31 July 2027. Their lease provides $34,000 plus GST in net annual rental income with two-yearly reviews to the market.
Ryan, industrial sales and leasing broker at Colliers, says this property offers buyers the chance to acquire a high-quality passive investment.
“This building has been recently refurbished and is presented in a modern standard, while being highly functional for its diverse range of tenants,” Ryan says.
“The tenants are established operators in their respective fields who are all signed to long-term leases with favourable terms that include regular market reviews, which makes this a highly attractive purchasing opportunity for the new owner.
De Zwart, associate director of industrial sales and leasing at Colliers, says the property is located in one of Auckland’s most popular industrial hubs.
“The Albany industrial area is only 10km from Takapuna and 15km from Auckland’s CBD, providing a high level of convenience for tenants and their customers,” de Zwart says.
“This busy precinct has a mixture of warehouse premises, together with smaller industrial warehouse units and office units, with some retail interspersed along the arterial routes and feeder roads.
“This location is ideal for each of the occupants with the roller skate and art school tenants well positioned to draw students from nearby schools such as Pinehurst School, Kristin School, Rangitoto College, and Albany Junior and Senior High Schools, as well as a wide range of primary schools. The lunch bar will benefit from the numerous businesses in the surrounding area.
“The subject property is only a short trip to the heart of Albany, which offers a range of commercial and retail services.”
- Article supplied by Colliers
