A premium industrial property in a sought-after commercial precinct on the North Shore in Auckland is being presented to the market for sale and offers considerable growth potential given there is development land available at the site.
17 Orbit Drive, Rosedale is home to a 1,114sq m building that sits on a 3,830sq m freehold site that is zoned Business – General Business Zone under the Auckland Unitary Plan.
The highly visible property benefits from an elevated road position and is currently tenanted by Swish Factory, a leading basketball training facility.
Their current three-year lease comes up for renewal on 1 March 2027. Two three-year rights of renewal are in place leading to a final expiry of 28 February 2033 if all rights of renewal are exercised.
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The lease returns $226,972 plus GST and operating expenses in net annual rental income. There are market rent reviews on renewal and the lease is underpinned by a bank guarantee.
Swish Factory welcomes basketball players of all skill levels from beginners through to elite athletes and offers weekly classes, weekend clinics, and school holiday camps.
The development land at the rear of the property measures approximately 1,650sq m. There are 14 dedicated car parks and a 16sq m canopy providing cover for a roller door that offers entry to the building.
Access to the motorway network can be reached via two nearby interchanges, while the centre of Albany and its extensive retail offering is only 3km away.
Colliers Directors Matt Prentice and Shoneet Chand have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Tuesday 10 December, unless sold prior.
A single-level office that measures 153sq m is positioned to the road frontage. The office space was leased as predominantly open plan with the changing rooms fitted by the tenant. There is a kitchenette in the southern portion of the offices.
The 786sq m warehouse is a monopitch structure with an excellent stud height of 9.15m at the lowest point rising to 10.55m.
The fully sprinklered building, which includes mezzanine space, was developed to a high standard and has been well maintained by the current tenant meaning it presents magnificently.
Prentice, Director of Industrial Sales and Leasing at Colliers, says this premier asset is highly functional and will appeal to a wide array of buyers given the different ways it could be positioned in the future.
“Developers and add-value investors will be drawn to the property given the scope that is available to extend the existing structure or create a complementary building on the development land at the site. Future development at the property may allow the new owner to maximise the true value of the landholding,” Prentice says.
“Alternatively, passive investors could add this property to their portfolio and there is a steady rental stream in place through the current tenant.”
Chand, Director of Investment Sales at Colliers, says the property is one of the last available underdeveloped sites in this keenly sought area.
“The subject property is nestled in a North Shore subdivision that was subject to development controls when it was created meaning the surrounding industrial buildings are good quality,” Chand says.
“The property offers excellent access and there are a host of amenities within easy driving distance.
“Having the opportunity to purchase a top-tier property with this level of future development potential is rarely seen on the open market and we encourage all interested parties to reach out to us to explore their options.”
The Business – General Business Zone provides for business activities from light industrial to limited office, large format retail, and trade suppliers. New development within the zone requires assessment in order to ensure that it is designed to a good standard.
- Supplied by Colliers