Multi-tenanted industrial property a split-risk investment opportunity
A substantial multi-tenanted industrial property for sale in sought-after Albany offers a split-risk investment with long-term development potential.
Colliers International has been exclusively appointed to market 12 Oteha Valley Road Extension for sale by deadline private treaty closing at 4pm on Wednesday, 29 November, unless sold prior.
North Shore Director Shoneet Chand, who is marketing the 8,669sq m freehold property with colleague Matt Prentice, says the property offers strong investment fundamentals.
“Strategically positioned in a prime Albany location, this superb long-term investment is poised to benefit from ongoing development in what is already one of Auckland’s fastest-growing areas.
“The property boasts excellent proximity to sought-after Albany Village, QBE Stadium, Massey University, Westfield Albany and many other Albany developments.
“Fully leased, the property is returning $452,250 a year in rent from four committed tenants, including national brand RD1 and well-known civil construction company Scott Thrust Limited (STL).
“With site coverage of only 22 per cent, the property offers abundant future development opportunities in a sought-after area.
“Land-bankers and developers can benefit from a solid split-risk holding income while they make plans to unlock this site’s potential.”
Chand says the property offers over 100 metres of high exposure road frontage.
“The western half of the site comprises an 1,895.36sq m standalone industrial and commercial building, while the eastern half comprises an approximately 3,000sq m secure yard and three ancillary buildings, occupied by STL.
“The character front of the standalone building, which faces the road front, is occupied by South African steakhouse franchise Spurs Steakhouse and Chinese restaurant The Pot Cuisine. The rear is occupied by agricultural products and services provider RD1.
“A total of 33 off-street car parks are provided at the front of the building over two retained levels.”
Prentice says Spurs and The Pot Cuisine collectively occupy a 616.92sq m ground floor area and a 410.23sq m mezzanine.
RD1 occupies a 452.81sq m medium-stud warehouse, a 265.33sq m showroom, a 50.36sq m office and amenity area, and 900sq m of associated perimeter storage yard space.
“The warehouse offers a stud of about 5m rising to the knee,” Prentice says.
“Access is via roller doors to the east and west of the building, providing drive-through capability, with a 58.11sq m canopy over the eastern entry.
“The warehouse’s construction is of an exposed concrete floor, timber columns, and long run steel cladding with timber purlins. Lighting is by way of translucent panels and high-bay lights.”
Prentice says STL occupies an asphalt-sealed display yard that is fully secured and fenced.
“The yard runs for the entire depth of the site, alongside a riparian strip, and contains three small freestanding ancillary buildings.”
The property is located at the northern side of the Oteha Valley Road Extension, some 160m west of the intersection on Oteha Valley Road.
“Immediately adjoining the property to the east is a large, 1.2ha live-work unit development, comprising 48 units,” Prentice says.
“Further east is PlaceMakers and the Albany Tennis Park, with QBE Stadium situated to the south of the site.
“To the west is a Toyota car yard and associated office and retail units. Further west is Albany Village, which includes retail shops, restaurants and cafes.
“Massey University has developed substantial educational facilities on nearby Kell Drive.
“Further south is Albany’s most well-known retail and commercial centre, comprising Westfield Albany and the Albany Mega Centre.
“This location is close to major transport routes, including the Northern Motorway, and is surrounded by popular residential suburbs which include Albany and the East Coast Bays.”
Tenant STL is a privately owned civil construction company servicing the infrastructure and utilities industry.
The company was established in 1988 by Edinburgh-born Scotsman Donald Hamish Mackintosh.
RD1, part of dairy giant Fonterra’s New Zealand Farm Source, provides agricultural products and services for farmers all over New Zealand.
Spurs Steakhouse is a South African steakhouse franchise that is based in South Africa, Australia and New Zealand and provides a warm, relaxed dining experience for families.
The Pot Cuisine offers a wide range of Chinese cuisine, served in hotpots at the table, among contemporary decor.
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