A modern, A grade industrial asset in the popular Airport Oaks business precinct near Auckland International Airport has been placed on the market for sale, following a decision by the owners to pursue other business interests.
93 Richard Pearse Drive is being marketed by Brad Johnston and Paul Jarvie of Colliers International and is offered for sale by deadline private treaty closing on August 2, unless it is sold prior to the offer deadline.
The property is occupied by transport company Roadstar, on a lease running until June 30 2014. Roadstar is part of the Express Couriers group following a 2007 acquisition. Express Couriers is in turn owned by New Zealand Post.
The existing lease, which provides $413,000 in net annual rental income for the next 23 months, offers great flexibility for the future owner, says Johnston. “The strong tenant covenant and secure income stream provide comfortable breathing space for the new owner while they make plans for the future use of the property.”
Johnston says the 4845sq m office and warehouse on 7500sq m of land is a “fantastic facility” offering highly functional and well-presented industrial accommodation. He expects the property to appeal to owner occupiers in the freight, logistics or distribution sectors.
“Alternatively an A grade property such as this would also suit investors, with the holding income giving ample time to install a new tenant,” he says. “Auckland Airport is quickly becoming a sought-after industrial area among companies looking for a location close to road and air transport links, so the property should always be easy to let.”
The office/warehouse building was purpose-built six years ago for Roadstar. It comprises a 2109 clear span warehouse with a 7.5m high stud at the knee and six roller doors. Offices and high-quality staff amenities make up 562sq m over two levels.
Generous canopy areas of 2174 sq m on both sides of the warehouse, including a large enclosed canopy, provide full drive-through access for trucks, Jarvie says. “The huge, fully-enclosed canopy on the eastern side of the warehouse is a fantastic feature which gives ample space for sheltered loading and unloading.”
Concrete yards to the rear and side of the property provide further space for trucks or containers, with off-street parking also available.
The property is located in Airpark 1, a well-established industrial precinct home to occupiers such as NZ Van Lines and Archives New Zealand. The area’s popularity has been such that there is now no freehold land left to buy in Airpark 1, Jarvie says.
“We have noted a significant uplift in activity on the part of owner occupiers and tenants within Airpark 1 and also the wider airport industrial area recently, among the many businesses which have recognised the location’s benefits.”
Significant upgrades to local roading infrastructure are among these benefits, Jarvie says. “Two motorways – the southern and southwestern – are now linked at nearby Manukau, which provides a smooth connection and eliminates navigating several sets of traffic lights as was the case previously. The Waterview extension to the southwestern motorway will also provide a quick alternative link right through to Albany on the North Shore.”
Jarvie adds that Auckland Airport is only 20km from Auckland’s central business district and only 12km from central Manukau, a growth hub for the Auckland region.
Recent activity in the airport industrial precinct includes the sale of a 6000sq m warehouse and the construction of a 7000sq m design-build facility for CEVA Logistics; as well as four freehold sites recently having gone under contract.
The airport precinct is home to the largest tract of industrial zoned land in Auckland, Johnston says.
“Some 400ha of developable land will become available over the long term and it has become one of Auckland’s fastest-growing industrial suburbs.
“The airport is a significant and strategically located land asset and is no longer just a point of arrival or departure. It is the central connection between Auckland, the rest of New Zealand and the world, as well as a dynamic economic hub.”
Johnston adds that nearly every single industry in New Zealand is reliant in some way on air transport – such is the almost universal need for ease and speed of delivery of goods and personnel – which makes a location at the airport a valuable business opportunity.
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