Airport Oaks office-warehouse for sale
Alarge office-warehouse comprising a 5000sq m development site, plus drivethrough truck access, is being offered for sale or lease in Airport Oaks, Mangere.
JLL agent Sam Smith and CBRE’s Scott Soroka are marketing the property at 9 Richard Pearse Drive — a 17,141sq m freehold site with a 5322sq m office/warehouse.
The offering has 5000sq m of development land with the potential to build a further 4000sq m warehouse, Smith points out.
“The property is being offered with vacant possession, however there is currently income available with a short term tenant utilising part of the warehouse space for storage on a month-by-month basis,” he says.
“One of the biggest benefits has to be the large development site next to the warehouse.
“This provides opportunities to build an additional warehouse or create large yard areas in the tightly held Airport Oaks precinct.
“The options are there for the new owner to develop another property to co-exist with the existing building, or develop new premises to lease out.
“Either provides this property with significant upside,” says Smith.
The property is about 20 years old and has been well-maintained by previous tenant Agility Logistics.
It will be offered as vacant possession and sold through a deadline private treaty campaign, closing September 22.
Close to the new Kirkbride Rd motorway interchange, the property enjoys dual access from Richard Pearse Drive and Ascot Rd, and is only a five-minute drive from Auckland Airport. The area is busy, with many logistics and warehousing firms utilising its accessibility to the airport and major transport links such as SH20. Soroka says a property of this sort is perfect for distribution, due to the large warehouse space and drive through truck access.
Properties with vacant possession have been in high demand within the industrial owner-occupier market, he says.
Augusta recently sold 100 Carbine Road to an owner-occupier for $36.8 million in one of the largest single- industrial property transactions in recent years.
“Given the scarcity of industrial land outside airport control in South Auckland, the fact this property has room for expansion is a major bonus for the eventual purchaser.
“This is especially pertinent given the relatively high density of development surrounding the property,” says Soroka.
JLL’s most recent industrial vacancy survey conducted in June 2017 shows a vacancy rate of only 3.1 per cent in the popular Airport Oaks precinct, says the company’s associate director of research and consulting, Tom Barclay.
“This represents only 41,000sq m of available space against the total market of 1.32 million sq m JLL tracks in the area. It clearly demonstrates the popularity of the area with major manufacturing and logistics occupiers.
Net absorption for the Airport Oaks precinct over the past 12 months has exceeded 132,000sq m. The fact the industrial footprint has expanded by this much in such a short period of time without a corresponding rise in vacancy shows the strength and desirability of this location.
“The high levels of development occurring in the Airport Oaks precinct, driven largely by Auckland Airport, will underwrite the performance of this location long term.
“The area is quickly evolving into the most desirable industrial precinct given the modern stock, access to key transport routes, as well as proximity to the workforce and the city.”