A highly functional, modern industrial building with a well-established tenant in a prominent and sought-after North Shore location presents an excellent investment opportunity for buyers looking for a top-quality asset to purchase.
Unit 3, 52 Arrenway Drive in Albany offers a total net lettable area of 674sq m comprising a high-stud warehouse, two floors of office space and amenities, canopy, and 10 exclusive car parks in the Interplex Business Park.
The premises have been occupied since 2012 by Synergy Positioning Systems Limited, a New Zealand owned and operated business with more than 30 years’ experience in the sales and consultancy of scanning equipment, surveying instruments, and machine control technologies. The tenant recently agreed to a new three-year lease that began in August with one further right of renewal for three years.
The current net annual rental income is $110,000 plus GST and operating expenses. This will rise to $114,000 plus GST and operating expenses on 1 August 2022. A potential further increase of CPI plus 1 per cent per annum is agreed if the lease is extended beyond 1 August 2024.
Colliers Brokers Ryan de Zwart and Mike Ryan have been exclusively appointed to market the property for sale by auction at Colliers North Shore, Level 1, 129 Hurstmere Road, Takapuna, Auckland at 2pm on Wednesday 10 November, unless sold prior.
The expertly crafted building enjoys excellent natural light and comprises a 417sq m warehouse with a minimum stud height of 6.5m, 103sq m of ground floor office space and amenities, 124sq m of first floor office space and amenities, and 30sq m of canopy.
De Zwart, Associate Director of Industrial Sales and Leasing at Colliers, says this modern property was developed in 2006 and shapes as an attractive asset.
“This building is strategically located in a purpose-built industrial park and offers a strong tenant covenant with favourable lease terms for the new owner,” de Zwart says.
“We anticipate strong interest from a number of buyers for this property given that it is a reliable investment with broad appeal.”
Ryan, Industrial Sales and Leasing Broker at Colliers, says the location is a highly sought-after part of the North Shore that has developed into a well-known industrial precinct and is home to many of New Zealand’s biggest companies.
“Arrenway Drive runs adjacent with Apollo Drive, which is a principal thoroughfare linking Rosedale Road with Constellation Drive,” Ryan says.
“The Northern Motorway is easily accessed via the Greville Road interchange to the north, and the Constellation Drive and Upper Harbour Highway interchange to the south. Major road upgrades are currently underway as part of the Northern Corridor Improvements, meaning less congestion in the area. Auckland’s CBD can be reached in approximately 15 minutes, outside of peak traffic hours.
“This is a well-established business locality, which enjoys strong demand from both investors and tenants. With no new development in the area, building and investment demand remains high.
Colliers’ research shows that overall industrial vacancy rates are at record lows, resulting in increased rental rates.”
The property is zoned Business - General Business Zone under the Auckland Unitary Plan. This designation provides for business activities from light industrial to limited office, large format retail and trade suppliers.