Modern building with a techie tenant
Amodern, low-maintenance unit in East Tamaki location will appeal to private investors, say brokers. The 849sq m freehold site at 90 Lady Ruby Drive is being marketed by Paul Jarvie and Jolyon Thomson of Colliers International.
Jarvie expects strong interest from private investors, when the property goes to auction on March 7.
“It’s a nice, tidy, low-maintenance unit with an excellent tenant in a great location,” he says.
“East Tamaki is always in high demand — and at this price bracket, quality properties are particularly attractive to small-to-medium scale investors and family trusts.”
The property is zoned for light industry and features a versatile 724sq m warehouse built in 2010.
“It’s an immaculate building — really well constructed, with fullheight concrete walls and a clearspan warehouse space.”
The building is situated in one of the more recently developed areas of East Tamaki, which according to Jarvie will appeal to both tenants and owner-occupiers. It is occupied by Australasian high voltage testing and instrument calibration specialists, Tex Onsite. Thomson says it is being sold as a leaseback with an initial annual rent of $110,000 and twiceyearly market rent reviews.
Tex Onsite has signed up to a fiveyear lease with two rights of renewal, making it an opportunity for steady returns on investment, he says.
“The tenant is a really interesting company playing a key compliance role in the electrical, mining and industrial sectors,” Thomson says.
“Any materials that come into contact with electricity have to be checked quarterly, half-yearly or annually, and Tex Onsite have developed mobile technology to do that on-site at an affordable cost.”
Tex Onsite was founded in Australia in 2001, and rapidly expanded into New Zealand in 2004.
The New Zealand business is a wholly owned subsidiary of the Australian company, which also operates in the United States and Papua New Guinea.
New Zealand manager Ross Gamble says demand for the company’s services has grown rapidly since entering the local market.
He puts that down to innovation, flexibility, customer service excellence, and national reach.
“We’re sought after for expertise in on-site electrical testing and calibration, as well as oil streamlining and Fullers Earth filtering,” he says.
“Recently, we’ve expanded into high voltage transformer and switchgear installation and maintenance, as well as substation maintenance. Our future in the New Zealand market is looking bright.”
The company is at the rear of two adjoining freehold tenancies, in a 505sq m clear-span warehouse built to 100 per cent of seismic standards.
The warehouse — which offers a generous stud height of 6.1m at the knee, rising to 7.2m — is accessed by a single roller door with a canopy.
A stairwell leads from the ground floor reception area to a further 74sq m of office space, which is mostly open plan apart from a partitioned office at the rear.
Jarvie says the property’s location at the northern arm of Lady Ruby Drive offers easy access to Smales Rd, which in turn links to Allens Rd and Highbrook Drive.
“It is only minutes away from the Southern Motorway via either Highbrook Drive or East Tamaki Rd, providing excellent links to the wider Auckland region and beyond.”
The broader East Tamaki area is an established industrial location typified by industrial and commercial properties of various sizes, ages, quality and condition.