Plenty packed into this North Shore property
A prominently positioned industrial property in Wairau Valley is for sale for the first time in more than 30 years, offering owneroccupiers or investors the opportunity to acquire a highly functional asset.
1 Colway Place has 1000sq m of total net lettable area on a 1427sq m freehold site zoned Business–Light Industry under the Auckland Unitary Plan.
The zone anticipates industrial activities that do not generate objectionable odour, dust, or noise. This includes manufacturing, production, logistics, storage, transport and distribution activities.
The property is currently tenanted by an international packaging company, which is interested in securing additional tenure.
Buyers will have the option of taking over the property or choose to renegotiate a new lease for the existing occupants.
The property has an excellent warehouse to office ratio, good on-site parking, and is close to main arterial routes.
The warehouse has great truck and courier access and has two roller doors to allow for good internal product flow.
Located on the north-western side of Colway Place, the property benefits from a corner position at the intersection with Ashfield Rd. Access to the motorway network is readily available.
Colliers directors Jimmy O’Brien and Matt Prentice are marketing the property via deadline private treaty closing 4pm, Tuesday April 16, unless sold prior.
The warehouse within the building measures 736sq m while the first-floor office spans 140sq m, and there is a ground-floor staffroom and amenities area. There’s eight carparks and further yard available.
O’Brien says a wide array of buyers will be attracted to this offering.
“The opportunity to tailor a move-in date will hold significant appeal for owneroccupiers.
“Alternatively, investors will recognise the value on offer and may choose to lease the property out, which should generate strong interest in the market considering the lack of available supply.
“The current lease agreement provides net annual rental income of $155,458 plus GST and outgoings but market estimates suggest there could be scope to grow that if the new owner chose to negotiate a new agreement with the existing tenant,” O’Brien suggests.
Wairau Valley has a substantial commercial influence with Bunnings, Pak’nSave, Mitre 10 and other large-format retail operators in the area.
The property enjoys proximity to a host of amenities and there is a strong residential catchment a short drive away.
Prentice says with such flexibility on offer for buyers due to the favourable zoning and potential to own and occupy, this property is not to be missed.