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Fully refurbished, split-risk industrial building for sale in sought after Albany precinct

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A highly functional, fully refurbished industrial building with split-risk income streams is for sale, offering prospective purchasers an exceptional opportunity to secure a high-profile building in the investment hotspot of Albany.

Colliers Director Matt Prentice, who is exclusively marketing the property for sale alongside Associate Director Ryan De Zwart and Director Shoneet Chand, says it’s the premier Albany industrial asset that investors have been waiting for.

“This property is a compelling investment option due to its solid, split-risk income stream, the quality of the recently refurbished building and its profile in a highly sought-after precinct that has an extremely low vacancy rate.

“On offer is a standalone 2,088 sqm building, that is split into two adjoining tenancies, on a high-profile 3,740 sqm freehold site at 7-9 Cowley Place in Albany.

“The asset will appeal to those looking for a diversified income stream with the fully-tenanted property returning some $311,985 per annum plus GST from two separate leases, both with built in rent reviews.

“The building has been recently refurbished and is highly functional with a sought-after high warehouse ratio of 84 per cent and a stud height of up to 8.3 metres.

“With 69m of street frontage, dual access, ample car parking, a secure yard and a designated container drop area, this property provides some serious presence and ticks all the boxes for a top-quality investment.”

De Zwart notes that the calibre of tenants and favourable lease terms further add to the appeal.

“The largest tenancy of some 1,277 sqm at the southern side of the building is occupied by European Ceramics, a 30-year-old New Zealand owned business and leading tile and stone importer who have been on the site since 2010.

“Their tenancy at 7a Cowley Place has over 1,000 sqm in warehousing plus two levels of office totalling some 200 sqm that includes a lunchroom and amenities.

“The warehouse is highly functional with access through a 6.2m roller door and stud height of up to 8.3m. It also has the ability for gantry cranes to be installed onto the two existing heavy-duty rails.

“The building is flanked by some lower stud warehousing of approximately 6.5 metres on both sides that benefits from excellent natural light through full length clerestory glazing on the eastern and western sides of the building.

“The lease to European Ceramics is currently returning some $201,985 per annum on a six-year term that’s expiring in December 2025. There are two market rent reviews, in 2022 and in 2024, as well as a personal guarantee in place.

“The adjoining tenancy at 7b Cowley Place is occupied by Wine Central, an online liquor store that provides customers a carefully curated profiling service to assist them when selecting beverages that align with their taste profiles.

“Wine Central leases some 811 sqm on the northern side of the building, which is in an 'L' shaped configuration that’s accessed via a 6.2 metre roller door.

“The space at 7b Cowley Place includes open mezzanine storage across the full width of the northern side of the warehouse with a 3.5 metre stud warehouse beneath. There is a single office, lunchroom, and amenities on the ground floor as well as another office and amenities on the mezzanine level.

“The lease to Wine Central is retuning around $110,000 net per annum on a four-year term with a right to renew for a further four years and final expiry in February 2029. Three market rent reviews and a six-month bank guarantee are in place.”

Chand says that Albany is a hugely popular and growing location due to the array of local amenity and accessibility to other parts of Auckland.

“The property is located on the western side of Cowley Place, a cul-de-sac which runs off the main arterial of Rosedale Road.

“Albany’s commercial centre is just a few minutes’ drive away, while proximity to the on ramp at Greville Road, puts the property around 15 minutes from Auckland’s CBD outside peak hours.

“The surrounding area has been progressively developed since the late 1990s and includes a mixture of business activities such as warehousing, showrooms, office and retail.

“Rosedale has also recently seen the approval of a $70m bus station upgrade, with work expected to commence in mid-2022 as part of the Northern Corridor Improvements project.”

The property is zoned Business Light Industry, which allows for a wide range of uses including manufacturing, warehousing, and distribution.

Interested parties are encouraged to inspect before the Deadline Private Treaty close off at 4pm Tuesday 15 June as the property may sell prior.


Related Experts

Matt Prentice

Director

Auckland North

Matt joined Colliers International in 2006 with a focus on mid to upper end industrial & investment transactions.  Specializing in tenanted investments, occupier representation through to vacant land / building sales on the North Shore, Matt was promoted to a North Shore Director in 2015.

In 2011 and 2012 Matt was awarded the “Golden Gavel” for Colliers New Zealand as the most successful auction sales broker across Colliers New Zealand. Matt has been the number one North Shore sales and leasing broker, 2011, 2012 and 2013.  In 2012, was a top 20 performer across Colliers New Zealand and has over $600 million of sales since joining colliers International.

In 2013, Matt was in the top 10 Highest Performing Brokers Nationwide and in 2014, he had a record year completing more than 50 transactions, and  finished in the top 10% of brokers in New Zealand.

In 2015, Matt completed over 60 transactions, more than any broker North of the Bridge, again finishing in the Top 20 brokers in New Zealand.

In 2016, Matt had a record year finishing top 10 in the country and was the top broker on the North Shore.

In 2017 Matt finished in the top 5 brokers in New Zealand, and completed over 70 transactions.

In 2018 he finished in the top 10 brokers in New Zealand and completed over 120 transactions. Matt was awarded the MVP of brokerage for Colliers International New Zealand.

In 2019 Matt finished in the top 5 brokers in New Zealand and achieved the “Golden Gavel” as the highest performing “Auction Broker”. Again, he completed over 100 transactions.

2020 was a record year, selling over $250 million of stock, with 99 deals in total for the year. Matt finished as the 4th highest performing broker in NZ.

Recent Transactions include:

  • 13 William Pickering Drive, North Harbour - $17,300,000

  • 7-19 Croftfield Lane, Wairau Valley - $17,280,000

  • 6 Canaveral Drive, Albany - $13,000,000

  • 44 Arrenway Drive, Albany - $15,300,000

  • 2c William Pickering Drive. North Harbour - confidential

  • 180-184 Target Road, Wairau Valley - $13,000,000

  • 71 Apollo Drive, Albany - $17,550,000

  • 124 Bush Road, North Harbour - $14,950,000

  • 229 Dairy Flat Highway, Albany - $33,000,000

  • 34-41 Poland Road, Wairau Valley - $15m circa

  • 1-11 Parkway Drive, Albany - $21,000,000

  • 44 Arrenway Drive, Albany - $15,300,000

  • 30 Apollo Drive, Albany - $12,942,000

  • 155 Wairau Road, Wairau Valley - $11,500,000

  • 53 Paul Matthews Road, North Harbour - $5,610,000

  • 7 Armstrong Road, North Harbour - $7,400,000

View expert

Ryan de Zwart

Associate Director | Industrial Sales & Leasing

Auckland North

Ryan is consistently one of the company’s top performers and has been involved in some of the largest sales and leases, design build projects on the North Shore. He specializes in mid to high-end properties, with a strong track record in both the industrial and office market.

He joined the company in 2009, having been the No. 1 industrial broker at another large property company until that point. Prospering in the closer team environment at Colliers International, he again achieved high rankings, being in the top 3 rankings for 6 consecutive years.

Believing that a shared network and open communication are in everyone’s best interest, Ryan works closely with other members of the team. He approaches the job as a problem-solver, and is known for finding solutions that outperform the obvious, and delivers the best possible result to his clients.

View expert

Shoneet Chand

Director

Auckland North

Shoneet has been involved in selling investment property for over 13 years and since 2015 he has been a Director in the Investment Sales Team at Colliers International, specialising in Investment & Development Sales across the wider Auckland region.

Over the past 8 years he has been one of the most successful investment sales brokers in Auckland with a track record of significant sales second to none. He has had considerable experience in dealing with international purchasers and has recently completed several deals with investors out of Asia, Europe and the Middle East. He has been involved in a number of large land sales and portfolio sales, including divestments for well-known brands like Z Energy, The Warehouse & Bunnings.

Shoneet has been the top broker in his market for both 2014 and 2015 while also placing in the top 10 brokers nationwide again for Colliers in 2016. In 2017, Shoneet transacted over $260 million of property and was ranked 2nd in New Zealand.

He was the top broker at Colliers in the 2018 financial year and a finalist for the Commercial & Industrial Salesperson of the Year award, which is judged nationwide across all agencies. In both 2019 & 2020 he was again ranked in the top 5 brokers nationwide for Colliers and was involved in over $300 million & $325 million of sales in each calendar year. 

Over the past six years, he has transacted over $1.5 Billion dollars in sales.

Notable Transactions over $10m include;

  • 2-4 Fred Thomas Drive, Takapuna -   $60,850,000
  • 33 Corinthian Drive, Albany  -   $50,500,000
  • 229 Dairy Flat Highway, Albany -   $33,000,000
  • Todd Industrial Park – Wellington -   $33,000,000
  • 9-11 Corinthian Dr, Albany -  $27,340,000
  • 44 Taharoto Road, Takapuna -   $27,270,000
  • 279-301 Lincoln Rd, Henderson -   $27,000,000
  • 11 Coliseum Drive, Albany -  $26,700,000
  • The Warehouse, Albany -   $26,400,000
  • LEP Childcare Portfolio-   $20,775,000
  • Farro Fresh/ASB Constellation Dr -   $25,500,000
  • Kmart Te Rapa  - $23,750,000
  • 1-11 Parkway Drive -   $21,000,000
  • Noel Leeming, Wairau Park -   $19,000,000
  • 5 The Warehouse Way, Northcote -  $19,000,000
  • Rapid Labels – William Pickering Dr -  $17,300,000
  • 16 Dinning Road, Riverhead -  $16,500,000
  • 35-45 The Strand, Parnell -   $16,100,000
  • 44 Arrenway Drive, Albany -   $15,300,000
  • 151 Lincoln Road, Henderson -    $15,250,000
  • 51 Corinthian Drive, Albany -  $15,150,000
  • 7-21 Kawana Street, Northcote -  $14,998,100
  • 124 Bush Road, North Harbour -   $14,950,000
  • 550 Te Irirangi Drive, Botany -   $14,200,000
  • PlaceMakers, Albany -    $14,000,000
  • 24 Oteha Valley Rd Extn, Albany -    $13,300,000
  • 217-227 Archers Rd, Wairau Valley -   $13,250,000
  • 44 Arrenway Drive, Mairangi Bay -  $13,117,116
  • 6 Canaveral Drive, Mairangi Bay -   $13,000,000
  • 119-121 Onewa Road -   $12,750,000
  • 3 Monahan Road, Mt Wellington -  $12,680,000
  • 155 Wairau Road, Wairau Valley -   $11,500,000
  • 13 William Pickering Drive, Albany -  $11,400,000
  • 14-18 Lovell Court, Albany -  $10,500,000
  • WCDL Development on Onewa Rd -  $10,250,000
View expert

Janet Marshall

Director | Commercial

Auckland North

Janet is a Director at Colliers North Shore located in Takapuna and received the prestigious Women in Property award from the Property Council in 2019.

Janet was awarded Rookie of the Year in 2005, Marketer of the Year in 2013 and promoted to Director in 2016.  

Janet specialises in office and retail sales and leasing, and investment sales.  She is also a Board executive on the Takapuna Beach Business Association (TBBA) and previously on the Board of the Business North Harbour business association.  Janet was also the first female President of the Pinnacle Ski Club in Ruapehu.  Her connections are extensive, and with over 15 years at Colliers International Janet is well respected within the industry.  Janet is passionate about commercial property and is one of the leading commercial brokers in Auckland.


See LinkedIn Profile at  https://www.linkedin.com/pub/janet-marshall/a/27a/a98

Janet's previous  transactions include:

Leasing includes:

  • Accident Compensation Corporation (ACC) 
  • Primepac Ltd 
  • The Warehouse Group 
  • New Zealand Defence Force 
  • The Skin Institute
  • Transaction Services Group
  • Kalmar Construction Ltd
  • Medical Assurance Society
  • The Crate
  • New Zealand Drug Detection Agency
  • Inland Revenue Department  
  • Property Partners  
  • Vision Accounting
  • Ministry of Education  
  • Advanced Management Systems (AMS)
  • McLaughlin Law
  • Automobile Association
  • Straker Translations 
  • Carter Holt Harvey 
  • Goodwin Turner Commercial Lawyers 
  • Smartpay NZ Ltd
  • New Zealand Institute of Education 
  • Waitemata District Health Board 
  • Invenco Group Limited
  • Kiwibank 
  • Leading Edge Telecom 
  • North Harbour Business Association
  • IMS Health  
  • CCH NZ Ltd 
  • Northern Health School 

Sales include:

  • 12, 25 Corban Avenue, Albany
  • B4, 34 Triton Drive
  • B1, 59 Apollo Drive
  • 1/3 and 2/3 Cowley Place, Rosedale
  • 18 Cowley Place, Rosedale
  • 120 Wairau Road, Wairau Valley
  • Unit 6/39 Apollo Drive, Rosedale
  • Unit B1, 34 Triton Drive, Rosedale
  • Unit 1, 31 Northcroft Street, Takapuna
  • Unit 106F Bush Road, North Harbour
  • 8B, 331 Rosedale Road, North Harbour
  • 3 Milford Road, Milford
  • D4, 14-22 Triton Drive, Rosedale
  • 38B William Pickering, North Harbour
  • B2, 34 Triton Drive, Rosedale
  • 1A Nile Road, Milford
  • 14, 100 Don McKinnon Drive, Albany
  • B3 and B4, 17 Corinthian Drive, Albany
  • Unit 9, 100 Don McKinnon Drive, Albany
  • A1, 75 Corinthian Drive, Albany
  • B3, 210 Dairy Flat Highway, Albany
  • 104 Rosedale Road, Rosedale
  • B4, 210 Dairy Flat Highway, Albany
  • D3 and D4, 14-22 Triton Drive, Rosedale
  • 11 Apollo Drive, Rosedale
  • K, 39 Apollo Drive, Rosedale
  • 40C Triton Drive, Rosedale
  • 3A Tarndale Grove, North Harbour
  • G, 4 Antares Place, Rosedale
  • 2A and 2B, 331 Rosedale Road, Rosedale
  • B8, 210 Dairy Flat Highway, Albany
  • 46A-D Constellation Drive. Rosedale
  • B3 and B4, 72 Apollo Drive, Rosedale
  • 4B Argus Place, Wairau
  • B3, 63 Apollo Drive, Rosedale
  • D2, 63 Apollo Drive, Rosedale
  • 450 Glenfield Road, Glenfield

Notable Sales:

  • 2-4 Fred Thomas Drive ($60M)
  • ​Todd Park ($33M)
  • The Hub, Whakatane ($24M)
  • Walton Plaza, Whangarei ($13M)
  • 102 Rosedale Road, Rosedale
  • Bunnings, Whakatane
  • 51 Hurstmere Road, Takapuna
  • 27-31 Park Road, Grafton 
View expert