A multi-unit industrial warehouse complex fully leased to a diverse range of tenants has gone up for sale in one of Auckland’s most tightly held commercial and industrial precincts.
On the open market for the first time since its development in the early 2000s, the more than 2,600-square metre freehold site at 10 Tait Place, Albany, contains six individual units in varying sizes.
With tenants including established plumbing, engineering and electrical firms, along with a food and beverage operator, the property generates a total net rental return of $272,455 plus GST and outgoings per annum.
The freehold land and buildings at 10 Tait Place, Albany, Auckland, are being marketed for sale by Nicky Joyce and Matt Mimmack of Bayleys North Shore Commercial. Sale is by deadline private treaty closing at 4pm on Thursday 29 September, unless it is sold prior.
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Joyce said the offering comprised six units in two buildings with a combined floor area of approximately 1,490 square metres on a single freehold site of some 2,605 square metres.
“The six units in this modern, secure complex vary in size from 128 square metres to 344 square metres. They generate individual net rents of between $27,000 and $65,000 plus GST and outgoings per annum, with lease agreements which together ensure the property delivers annual rental growth. Final lease expiries range from 2024 to 2034,” said Joyce.
Some car parks have been separately licensed for a further $2,600 plus GST per annum.
“With tenants in place from various industries, the property provides a diversified income stream. It will appeal to a wide range of investors looking for a split-risk, passive investment with good rental growth in a sought-after industrial area,” she said.
Joyce said the Tait Place site was originally acquired for use as a base for a local earthworks business, before being redeveloped into an industrial complex about 22 years ago.
“The current vendors have continued to reinvest in the site, which has undergone a number of upgrades and refurbishments. The entire complex has an A-grade seismic rating of 100 percent of new building standard,” Joyce said.
Accessed on either side of a concrete driveway the complex comprises two buildings of tilt-slab and profile metal cladding, containing two and four units respectively.
All units encompass high-stud, clear-span warehouses and ground-floor offices, with varying levels of office and amenities. Each unit has a motorised roller door and allocated parking. Unit 4 has a fully consented truck wash.
At the end of the complex is extra yard and car parking space which is leased to one of the unit occupants.
The entrance to the development is secured by newly installed aluminium gates.
Mimmack said the favourable ratio of high-stud warehouse to office space would help ensure the enduring appeal of the units for current and future tenants.
Business – Light Industry zoning under Auckland’s unitary plan supports wide-ranging activities such as manufacturing, production, logistics, storage, transport and distribution.
Mimmack said the lack of body corporate fees payable within the complex was an added attraction, as was its location.
“The property sits at the end of the Tait Place cul-de-sac, in the heart of one of the North Shore’s premier industrial precincts. It is just minutes from the Tawa Drive State Highway 1 interchange and within walking distance of the new Rosedale Bus Station.
“After nearly two decades of significant expansion, Albany has been heralded as a future epicentre of the North Shore. A wide range of retail and commercial projects are completed or underway, involving major players like the Todd Property Group, Goodman, Haydn & Rollett, Willis Bond, Argosy, Northbridge Properties and Westfield.
“The site for sale is approximately 20 minutes’ drive from Auckland’s CBD and is well connected to surrounding catchments such as Long Bay, Browns Bay, Rosedale, Coatesville and Silverdale,” Mimmack said.
- Article supplied by Bayleys
