Split-risk industrial has future development upside

A substantial multi-tenanted industrial property for sale in Albany offers a split-risk investment with long-term development potential.

Colliers International has been exclusively appointed to market 12 Oteha Valley Rd Extension for sale by deadline private treaty closing November 29, unless sold earlier.

North Shore director Shoneet Chand, who is marketing the 8669sq m freehold property with colleague Matt Prentice, says the property offers strong investment fundamentals.

“Strategically positioned in a prime Albany location, this superb long-term investment is poised to benefit from ongoing development in what is already one of Auckland’s fastest-growing areas.

“The property boasts excellent proximity to sought-after Albany Village, QBE Stadium, Massey University, Westfield Albany and many other developments. Fully leased, the property is returning $452,250 a year in rent from four committed tenants, including national brand RD1 and well-known civil construction company Scott Thrust Limited (STL).

“With site coverage of only 22 per cent, the property offers abundant future development opportunities in a sought-after area. Land-bankers and developers can benefit from a solid split-risk holding income while they make plans to unlock this site’s potential.”

Chand says the property offers more than 100m of high-exposure road frontage.

“The western half of the site comprises an 1,895.36sq m standalone industrial and commercial building, while the eastern half comprises an approximately

3,000sq m secure yard and three ancillary buildings, occupied by STL,” Chand says. “The character front of the standalone building, which faces the road front, is occupied by South African steakhouse franchise Spurs Steakhouse and Chinese restaurant The Pot Cuisine. The rear is occupied by agricultural products and services provider RD1.”

It has 33 off-street car parks at the front of the building over two retained levels.

Prentice says Spurs and The Pot Cuisine collectively occupy a

616.92sq m ground floor area and a

410.23sq m mezzanine.

RD1 occupies a 452.81sq m medium-stud warehouse, a 265.33sq m showroom, a 50.36sq m office and amenity area, and 900sq m of associated perimeter storage yard space.

“The warehouse offers a stud of about 5m rising to the knee,” Prentice says. “Access is via roller doors to the east and west of the building, providing drive-through capability, with a 58.11sq m canopy over the eastern entry.

The property is located at the northern side of the Oteha Valley Road Extension, some 160m west of the intersection on Oteha Valley Rd.