New tenanted units offer slice of Northwest’s growth zone
Three new tenanted warehouse/business units for sale offer a unique investment in a premium gated development in one of Auckland’s key growth hotspots.
The fully-leased units of more than 700sq m each feature an attractive mix of modern warehouse, office and showroom accommodation with dedicated parking.
They sit in a new master-planned business park being developed in the Westgate Town Centre catering to demand amid a chronic shortage of industrial/business premises.
Five of the planned 16 units have been completed in stage one of the development on Northside Drive.
The three units for sale are fully leased to a beer logistics business, a car dealership and a leading glass repair company.
Units 3, 4 and 5 at 14 Northside Drive are being marketed through Stuart Bode and Craig Smith of Bayleys Northwest. They will each be sold by deadline private treaty closing on Monday December 4, unless sold prior.
“Industrial development land is virtually exhausted in the Westgate area,” said Bode. “The three units available in this premium business park are a rare opportunity to purchase brand-new, first-rate industrial
investments with quality tenants on good lease terms and built-in annual CPI rental growth.”
Each unit encompasses an approximately 500sq m clear-span warehouse with a 7m stud, motorised roller door and small canopy, along with showroom and office space and dedicated parking.
“The units are constructed to a high quality with concrete tilt-slab walls, attractive exterior cladding and full-height glass panelling. The buildings front on to a central carpark with each property having allocated
parks. All units have secure and dedicated loading positions, and the site dimensions provide for a mix of light to medium sized truck access,” Bode said.
The approximately 714sq m Unit 3, with 11 carparks, is leased to Beer Fridge Ltd on a current lease that runs through to 2027 with a further five-year right of renewal.
The lease generates an annual net rental return of $169,646 plus outgoings and GST plus fitout repayments of $5833 per month. The lease locks in annual CPI rent reviews, replaced by a market review on renewal.
Also spanning 714sq m, with 10 carparks, Unit 4 is occupied by car dealer XT Motors.
The current lease extends to 2026 with a further four-year right of renewal. The lease returns a net annual rental of $165,837 plus outgoings and GST, with annual CPI rent reviews capped at 5 per cent and a market review on renewal.
Unit 5 spans 706sq m with 11 carparks. It is home to Nguyening Ltd trading as windscreen repairer Novus Glass.
The tenant pays an annual net rent of $190,816 plus outgoings and GST on a current lease that runs through to 2026 with two further four-year rights of renewal. The lease agreement provides for annual CPI rent reviews capped at 5 per cent and a market review on renewal.
Smith said the Northside Drive development benefited from a strategic location in one of Auckland’s leading hotspots for urban growth.
“The northwest corridor is undergoing a $15 billion transformation with public amenities, schools and a major transport upgrade, along with massive development and expansion in Westgate Town Centre and residential areas along Fred Taylor Drive and Redhills in Massey.”