Sought after automotive investment in great North Shore location
A ‘bite-sized’ industrial investment with an established automotive tenant is for sale in the sought-after Auckland suburb of Rosedale.
Colliers International North Shore brokers Matt Prentice and Ryan de Zwart have been exclusively appointed to market Unit A, 17 Vega Place for sale by auction on 21 February.
The auction will be held at 1pm at Colliers International’s North Shore office on Level 1, 129 Hurstmere Road, Takapuna.
Prentice says it is an excellent opportunity to acquire an affordably priced industrial investment in one of the North Shore’s most tightly held locations.
“This property ticks so many boxes,” he says.
“It has a proven history in the automotive industry, road front profile to the ever-popular Vega Place, and a prime location with excellent motorway access.”
Prentice says the tenant, Mairangi Automotive, has signed up to a three-year lease returning $49,000 net plus GST per annum.
The lease has two rights of renewal of three years each, with market rent reviews to take place every two years.
“Savvy investors will know how rarely automotive repair and service premises come to the market for sale,” Prentice says.
“With the long-term benefits offered by this type of investment, this property is a ‘must see’ for both first-time investors and experienced campaigners.”
The freehold in stratum unit has a net lettable area of 251.8sq m, offering a desirably high ratio of generic warehousing.
Prentice says the 233.5sq m ground floor is dominated by the workshop, with a small reception and amenity area.
“The workshop has a minimum stud height of 5m and offers plentiful natural light,” he says.
“Three manually operated roller doors provide excellent vehicular access.”
An 18.3sq m mezzanine is accessed via stairs from the main entrance. The floor comprises a lunchroom with a stainless steel sink bench and cupboards.
Four on-site car parks can accommodate up to eight cars when double-parked.
De Zwart says the General Business zoned property is located within North Shore's Mairangi Bay industrial precinct – part of the sought-after North Harbour/Albany Industrial Estate.
“The property is ideally located at the head of the Vega Place cul de sac, a short drive from the intersection with Constellation Drive – the main arterial linking the Northern Motorway with the North Shore’s relatively affluent eastern suburbs,” de Zwart says.
“Auckland CBD is only a 15 minute drive away outside of peak times.”
De Zwart says the area enjoys steady demand from both investors and tenants.
“Properties near main arterials are especially sought for redevelopment into showroom and service related activities.”
The surrounding area comprises industrial properties developed mainly between the late 1980s and early 1990s, a good proportion of which are small to medium multi-tenancy units like the property for sale.
“The wider industrial area has close proximity to a good labour supply and convenient access to the motorway and busway station.”
Mairangi Automotive is run by long-standing industry specialists who are both qualified mechanic technicians and NZTA-qualified warrant of fitness inspectors.
“We pride ourselves on the best customer service and make our customers aware of what is happening with their vehicles so they have the confidence to make the best decision,” the company says on its website.
“Each client’s budget is kept in mind and we can also provide a regular maintenance programme as and when required.”