Tenant commitment adds value to Albany property
An investment property in the heart of one of the North Shore’s most established industrial precincts is featured for sale in Barfoot & Thompson Commercial’s Insite Portfolio.
“This is a prime roadfront property with an unquestionably strong tenant covenant,” says the company’s North Shore Commercial manager, Simon Farland.
He and colleague Chase Erceg are marketing
4F Piermark Drive, Albany, for sale by auction at
12pm on Thursday, June 17 at 129 Hurstmere Rd, Takapuna, unless it sells prior.
Newly leased to Landis & Gry, a 125-year-old Swiss multinational and world-leading integrated energy management company, the property is currently returning $120,000 per annum
plus GST. “There is structured growth within the lease which commenced October 2020 and includes an additional two rights of renewal,” Farland says.
This 766 sq m high-stud warehouse and office building comprises 411 sq m warehouse/showroom, ground-floor showroom of 59 sq m, 184 sq m first-floor office with an air-controlled technical lab area of 171 sq m. A generous 18 carparks are included on the site.
“Due to the tenant’s specialist operation and corporate profile, considerable expense has been committed into infrastructure and highquality refurbishment,” Farland says.
“The physical position of the building allows for prominent branding while the office levels
enjoy elevated views from floor to ceiling windows.”
Located in what is often referred to as Albany Industrial Estate, the building has excellent profile and exposure onto Piermark Drive. “Connecting Bush Rd and William Pickering Drive, it provides an essential thoroughfare and mitigates peak-hour traffic,” Erceg says. “The nearby Greville Rd interchange allows access to the Northern Motorway and Upper Harbour Highway.
“We’re also seeing a positive impact to the area due to significant infrastructure developments currently taking place such as the Northern Corridor Improvement project,” he says. “These projects offer substantial opportunities for business growth and will support employment and business activities for the increasing population.”
Farland says the clear-span warehouse is accessed via an electric rollerdoor and recent tenant improvements include partitioning of office areas and high-stud racking in the warehouse plus a substantial power supply upgrade.
He says the overall building construction is of concrete floors, concrete/precast concrete walls, aluminium joinery and long-run steel roofing.
“In a market starved of quality industrial tenanted investments, 4F Piermark Drive, Albany, stands out as an exceptional offering to the investor market,” Farland says.