Versatile East Tamaki warehouse
nvestors seeking steady rental returns from a quality long- term tenant will be among the likely buyers of a solid warehouse on offer in East Tamaki.
The 7099sq m freehold industrial site at 9 Bostock Place i s being marketed by Paul Higgins and Greg Goldfinch of Colliers International. It goes to auction on March 7.
Higgins says the property offers a versatile warehouse, tidy offices, drive- through access and an excellent location in sought- after East Tamaki.
“It’s a very flexible industrial site,” he points out.
“A lot of users are looking for good access and usable space, and this property has that in spades. The drive- through access is particularly appealing — trucks can enter on Bostock Place and exit via Carpenter Rd without having to turn around.”
Higgins says the property would appeal to a number of different buyers, including private investors, smaller syndicators or family trusts.
“There’s not a lot of heavy industry- zoned land still available, so those limited options make this a desirable investment.”
The warehouse was built by the current tenant in 1996, and the company has continued to occupy the site since selling to the current owners.
“Such long- term occupancy clearly shows the property suits the company well, which is a good sign for investors,” Higgins says.
Annual rent from April 1 has been set at $ 392,532 pa net.
“With yearly fixed and market rental reviews, investors can expect rental return growth over the remaining six years of the current lease,” Higgins says.
The 3526.1sq m building comprises a large, L- shaped warehouse with offices and amenities fronting Bostock Place. Sliding doors on both road frontages allow access to the 2755.8sq m warehouse space, which has a 6m stud and a good level of natural light.
The structural frame is constructed of laminated timber, reflecting the business heritage of the current tenant, Higgins says. “It’s a good medium- stud space that is now being used for manufacturing but could also be used for storage and distribution in the future.”
The offices and amenities cover about 680sq m over two levels on the north- eastern side of the building. These spaces also feature timber con- struction, including a very high arched roof. The yards are paved and provide good access, manoeuvring and parking.
Higgins says the property could easily be split into two sites in the long term. “The buildings are set up as two separate warehouses, with separate entrances from either roads.”
The property sits at the head of Bostock Place — a small cul de sac off the eastern side of Cryer’s Rd, a short distance north of Allens Rd.
Highbrook motorway interchange i s about 4km away, offering easy access to other parts of the city.
The property is in the heart of East Tamaki, a large industrial area ser- viced by a good labour supply from Otara and Pakuranga. Higgins says the nearby Botany Shopping Centre and associated commercial area provide a complete range of retail and other commercial services.