Albany warehouse hub creates interest
A multi-unit industrial warehouse complex, fully leased to a diverse range of tenants, is for sale in one of Auckland’s most tightly held commercial and industrial precincts.
On the open market for the first time since its development in the early 2000s, the more than 2600sq m freehold site at 10 Tait Place, Albany, contains six individual units in varying sizes.
With tenants including established plumbing, engineering and electrical firms, along with a food and beverage operator, the property generates a total net annual rental return of $272,455 plus GST and outgoings.
The land and buildings are being marketed by Nicky Joyce and Matt Mimmack of Bayleys North Shore Commercial.
Sale is by deadline private treaty closing at 4pm on Thursday 29 September, unless sold prior.
Joyce said the offering comprised six units in two buildings with a combined floor area of approximately 1490sq m on a single freehold site of some 2605sq m.
“The six units in this modern, secure complex vary in size from 128sq m to 344sq m. They generate individual net rents of between $27,000 and $65,000 plus GST and outgoings per annum, with lease agreements which together ensure the property delivers annual rental growth. Final lease expiries range from 2024 to 2034,” said Joyce.
Some car parks have been separately licensed for a further $2600 plus GST annually.
“With tenants in place from various industries, the property provides a diversified income stream. It will appeal to a wide range of investors looking for a split-risk, passive investment with good rental growth in a sought-after industrial area,” she said.
Joyce said the site was acquired as the base for a local earthworks business before being redeveloped into an industrial complex about 22 years ago.
“The current vendors have continued to reinvest in the site, which has undergone a number of upgrades and refurbishments. The entire complex has an A-grade seismic rating of 100 per cent NBS.”
Mimmack said the favourable ratio of high-stud warehouse to office space would help ensure the enduring appeal of the units for current and future tenants.
Business–Light Industry zoning under Auckland’s unitary plan supports wide-ranging activities such as manufacturing, production, logistics, storage, transport and distribution.
Mimmack said the lack of body corporate fees within the complex was an added attraction, as was its location in the heart of one of the North Shore’s premier industrial precincts.