Neighbouring units to be auctioned
Two adjoining industrial properties on Auckland’s North Shore are up for individual auction, presenting an opportunity to secure one or both tenanted investments.
The freehold units at 3 Cowley Pl, Albany, are within an industrial development built in 2005.Unit 1 is on a long lease to a national tenant, having occupied the premises since 2005. The lease on Unit 2 expires in early 2021.
Colliers International has been appointed to market 1/3 and 2/3 Cowley Pl for sale by auction at 1pm on Wednesday, November 13. Prospective buyers will be able to bid on one or both.
Janet Marshall, director and commercial manager of Colliers North Shore, says investors rarely get the chance to bid on a industrial property of this calibre, let alone two adjoining properties.
“This is a truly first-rate investment opportunity. Albany is among the North Shore’s most tightly held industrial precincts. The units are well located within a pocket of trade retail and light industry that is in high demand due to its easy motorway access.
“The buildings have been constructed to a very good standard, with high warehouse ratios and A-grade seismic ratings. They sit on a high-profile, north-facing site with ample onsite car parking.
“The tenants of each unit return net annual rents of $88,100 and $98,800 respectively, making for a combined annual income of $186,900 should a purchaser bid successfully on both.
“With quality modern construction, excellent tenant covenants, long leases and a highly desirable location, these properties really do tick all the boxes.”
Colliers North Shore broker Ryan de Zwart says the units benefit from excellent exposure.
“Located on the intersection of Tait Pl and Cowley Pl, the site is less than 50m from the roundabout linking Rosedale Rd and Tawa Dr.
“The elevated site has profile from Tawa Dr and further north, while its position by a curve in Cowley Pl effectively gives it the profile of a corner site.”
Industrial director Matt Prentice of Colliers North Shore says two access points to the east and north of the site give the property drivethrough access.
“It is about a 500m walk from the Rosedale Rd busway station, under construction as part of the Northern Corridor motorway redevelopment project. The busway is proposed to open in 2021.
The property’s high-quality improvements are built of concrete foundations and floors, concrete tilt slab walls, steel roofing and aluminium joinery. The warehouses have 6m stud heights and are each accessed via roller doors.
The smaller unit at 1/3 Cowley Pl has a net lettable area of 518.4sq m and 10 onsite car parks. It is tenanted by diamond tool business Holer New Zealand Ltd, on a six-year lease returning $88,100 plus GST in net annual rent. Two further rights of renewal of two years each bring the final lease expiry to November 2028. Rental reviews are every two years, with the next review in December 2020.
Unit 1 comprises a 378sq m warehouse with a showroom/office on the ground floor and an office on the first floor and is tenanted by tool retailer Trade and Engineering Ltd, trading as TradeZone New Zealand. It has occupied the premises since 2010 and pays $98,000 in annual rent..
The company’s last term expires on 31 January 2021, providing an opportunity for investors to negotiate new terms; or an owner-occupier to use for their own business.