Freehold 1.58ha industrial investment on a long-term lease
Go Bus Transport’s strategically located Auckland Airport depot is on the market, offering investors a chance to secure a 1.58ha industrial property on long-term lease to an established national tenant.
Colliers International has been exclusively appointed to market 12 Penihana Place for sale by deadline private treaty closing at 4pm on Wednesday, 25 October, unless sold prior.
Paul Jarvie, who is marketing the freehold property with colleagues Brad Johnston and Josh Coburn, says Go Bus is signed to a new nine-year lease returning $654,400 net per annum plus GST.
“This is an outstanding opportunity to acquire a substantial investment property that is superbly located within Auckland Airport’s recently developed Airpark 2 industrial precinct,” Jarvie says.
“The property boasts a large modern warehouse that occupies only about 20 per cent of the site, providing ample yard and car parking space.
“The site’s modest built coverage also offers abundant long-term redevelopment potential, giving the property good future upside.”
Johnston says the secure site is dominated by a substantial 5,576sq m sealed yard with multiple bus parks. An additional 30 car parks are also available.
The property features a modern 3,293sq m building with a mix of warehouse and office facilities.
“The 2,047sq m high-stud warehouse is accessed via multiple roller doors,” Johnston says.
“The building also offers ample office space, all of which is extremely well presented.
“Some 1,094sq m of office space is located on the ground floor, with an additional 152sq m on a mezzanine.”
The tenant Go Bus Transport Limited is a New Zealand-based transport operator jointly owned by Tainui and Ngai Tahu.
The company is signed to a nine-year lease, commencing upon settlement, with an additional nine-year right of renewal.
“Go Bus is New Zealand’s largest passenger service operator with a fleet of some 1,1,800 plus vehicles and over 2,000 employees located nationally,” Johnston says.
“The company delivers high-quality urban, school, charter, aged care, disability and touring services throughout the country.
“Headquartered in Hamilton, the company has more than 30 depots nationwide, from Auckland through to Invercargill.
“Most services provided by Go Bus are through long-term contracts with organisations such as Auckland Transport, local councils and the Ministry of Education.”
Coburn says the Penihana Place depot is well located within Auckland Airport’s recently developed Airpark 2 industrial precinct.
“Penihana Place runs off Pavilion Drive, which is the main road within the Airpark 2 development,” he says.
“The property is only a short drive from George Bolt Memorial Drive, which links Auckland International Airport in the south with State Highway 20 in the north.
“It is within 3km of the airport and some 25km south of Auckland’s CBD.”
Coburn says Airpark 2 is a well-established, modern industrial park that is home to a large number of national and international firms.
“The area is typically occupied by companies specialising in imports, exports, distribution, logistics and freight forwarding,” he says.
“Among the large businesses operating in the precinct are DHL, DB Schenker, Hellmann Worldwide Logistics, Freedom Furniture and Mondiale.”
Coburn says access to the area has greatly improved since the completion of the link between the Southwestern Motorway (SH20) and the Southern Motorway (SH1).
The recent completion of the Waterview Tunnel has also increased accessibility to West Auckland by linking SH20 with the Northwestern Motorway (SH16).
Coburn says the property is zoned Light Industry under the Auckland Unitary Plan.
“This zoning allows for a range of industrial activities, including light manufacturing, production, logistics, storage, transport and distribution.”
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