Established tenants, top building in Albany
A high-profile office and warehouse building in Albany’s tightly held Interplex Business Park has been placed on the market offering the opportunity to acquire a prime asset with established tenants.
6 Canaveral Drive has 3297sq m of total net lettable area on a 6417sq m freehold site zoned Business–General Business under the Auckland Unitary Plan.
The modern industrial property is highly functional and has generous stud heights with a high warehouse ratio of 84 per cent. The building can be accessed via three roller doors, while there are 66 onsite carparks and plenty of room for containers.
Two tenants occupy the property – QEP Co NZ Ltd and Eziswap Gas – and both have long-term leases in place. The total net annual rental income from the property is $512,000 plus GST.
Canaveral Drive is a short distance from the motorway network. The CBD can be reached in approximately 15 minutes outside peak hours.
Colliers directors Matt Prentice and Shoneet Chand are marketing the property for sale by deadline private treaty closing at 4pm on Tuesday 11 October, unless sold prior.
QEP, which specialises in installation tools and accessories for tile, porcelain, and natural stone, leases 508sq m of office space, 890sq m of warehouse area, 36sq m of canopy and has access to
23 carparks.
It recently began a new three-year lease that runs until 1 September 2025 and has one further right of renewal for two years leading a final expiry of August
2027. The lease provides $262,000 plus GST in net annual rental income.
Eziswap Gas has been supplying industrial gases to commercial, hospitality, and private users across the country since 2009.
It leases 418sq m of low stud warehouse area,
1410sq m of high stud warehouse space, 34sq m of canopy and has access to 43 carparks.
The firm is in the middle of a five-year lease that runs until 1 November 2025 with two further rights of renewal for five years each leading to a final expiry of
31 October 2035. The lease provides $250,000 plus GST in net annual rental income.
Prentice says the prominently positioned property is in exceptional condition. “This is a highcalibre industrial offering that offers outstanding investment fundamentals for prospective purchasers given the property includes established tenants who are signed to long-term leases.
“Having two existing tenants provides a diversified income stream that will be highly appealing for buyers. There are also rent reviews scheduled for every two years, providing built-in growth, which adds to the overall strength of the tenant covenant.”
Chand says industrial vacancy rates are at notable lows throughout Auckland and the North Harbour area is no exception. “Recent research from Colliers shows prime industrial vacancy rates are at 1 per cent in North Harbour.
“There is also very little developable land in the surrounding area near the property, which is why the Interplex Business Park remains such a sought-after precinct for buyers.