Sitting prominently on a high-profile corner site in Onehunga, an industrial property with favourable zoning that is available with vacant possession is being presented to the market for sale and offers prospective purchasers the opportunity to secure a top-quality asset.
7-9 Alfred Street, Onehunga has 6,421sq m of net lettable area on two freehold titles comprising a total land area of 10,298sq m. The property includes two interconnected warehouses and a two-level office extension.
The property is zoned Business – Heavy Industry Zone under the Auckland Unitary Plan, which will be highly appealing for buyers given the future flexibility it provides. A key attribute of the zone is that it contains sites big enough to accommodate large-scale industrial activities.
The current occupant will vacate six months from settlement, which provides holding income of $550,000 plus GST per annum for the new owner. Alternatively, a delayed settlement would be considered for owner-occupiers.
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With more than 185m of road exposure to Alfred Street and Neilson Street, this highly visible property enjoys significant profile in one of Auckland’s most sought-after industrial locations.
Colliers Directors Hamish West, Jimmy O’Brien, Matt Prentice, and Todd Kuzmich have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 19 July, unless sold prior.
The original warehouse was built in the 1970s with further additions and extensions made to the site in 2001 and 2011. The property also includes ample sealed asphalt areas on the Neilson Street frontage, which are used for vehicle parking and storage purposes. There are 40 dedicated car parks.
West, Director of Industrial at Colliers, says the highly functional offering provides extensive space for a wide array of businesses.
“The total warehouse offering spans 5,242sq m with 682sq m of office and amenities, while there’s 240sq m of basement storage space that sits below the office, and 256sq m of mezzanine,” West says.
“The main warehouse is a two-and-a-half bay structure with a stud height up to 7.25m at the highest point. There are two roller doors along the southern elevation for access.
“The newer warehouse extension, completed in 2001, offers clear span space with a stud height of 5.3m at the knee and 6.7m at the highest point. Access to this section is through a single roller door.”
Prentice, Director of Industrial Sales and Leasing at Colliers, says the opportunity to acquire a premises with vacant possession will be highly appealing.
“Given the notably low vacancy rates for industrial property across Auckland, this property will draw significant interest among businesses looking to secure their own building and not be bound to a lease,” Prentice says.
“Alternatively, a discerning investor may recognise the significant potential on offer and choose to lease the property to a new tenant. We are confident there would be strong demand among would-be occupants given research from Colliers notes the industrial vacancy rate across Auckland is only 1.7 per cent.”
O’Brien, Director at Colliers Auckland North, says the location is one of the key factors that sets this property apart.
“The building sits on the corner of Neilson Street, which is a major arterial route that enjoys over 30,000 vehicle movements a day and provides extensive connectivity to neighbouring industrial suburbs Penrose and Mount Wellington,” O’Brien says.
“Onehunga’s proximity to key transport infrastructure such as the motorway network, rail lines, and Auckland Airport is also highly desirable for occupants.”
Kuzmich, Director of Industrial at Colliers, says when examining all of the underlying investment fundamentals attached to this property it shapes as a highly compelling purchasing opportunity.
“It is incredibly rare to see sites of this scale presented to the open market in such a desirable industrial location and we encourage all interested parties to contact us immediately to ensure they don’t miss out.”
- Article supplied by Colliers
