Rare industrial property in low-vacancy Morningside
A city fringe warehouse is for sale in one of Auckland’s most sought-after and fastest-changing neighbourhoods.
Colliers International is marketing
9 Gordon Rd, Morningside, for sale by deadline private treaty closing at 4pm on December 12, unless it sells earlier.
The property comprises a warehouse, office and basement on a
1815sq m site with Light Industry zoning.
City fringe sales specialist Jonathan Lynch says it is becoming increasingly hard to find industrial properties so close to Auckland’s CBD.
“This is an opportunity to acquire a freehold warehouse investment only 5km from the city centre and about 2km from the motorway.
“The property comprises an adaptable 1542.5sq m storage and dispatch facility on two adjoining fee simple titles.
“It is tenanted by a liquor distribution company on a four-year lease returning $258,000 plus GST in net annual rent.
“Rental growth of up to 5 per cent is locked in every two years, with market or CPI reviews, depending on whichever is greater. A four-year right of renewal extends the final lease expiry date to 31 December 2026.”
Shoneet Chand of Colliers says the property comprises a predominantly open plan warehouse with a stud height of 6.2m.
It is built of steel columns with concrete slab floors and concrete block walls. The basement is built of reinforced concrete columns and cross beams with T-section concrete flooring.
Chand says Gordon Rd is to the west of Morningside Drive, which runs between the main arterial routes of New North Rd and St Lukes Rd.
“The property is only 500m from St Lukes Shopping centre, 800m from the Kingsland commercial district and 2km from the Northwestern Motorway interchange at St Lukes.
“Numerous bus routes run along both nearby arterial roads, while regular commuter rail services run via the train station at Morningside.”
The area is popular with small-to-medium warehouse users.
“Nearby businesses include Briscoes, Carters and Courier Post.
Lynch says the wider Morningside area is undergoing intensive urban renewal, as new office and residential developments reshape the traditionally industrial area.
“With increasing pressure on remaining stock and no sign of demand letting up, this is a rare chance for investors to acquire what has become an increasingly scarce commodity.”