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Golden opportunity to secure modern and versatile East Tamaki premises with additional split-risk upside

Golden opportunity to secure modern and versatile East Tamaki premises
A modern and versatile industrial building on some 3,024 sq m of prime freehold land with a short-term leaseback in place and split-risk potential is expected to be a hugely attractive asset for investors, owner-occupiers or developers, according to the brokers marketing the property for sale.

The property at 10 Basalt Place in East Tamaki, arguably Auckland’s premium industrial precinct, is being marketed for sale by way of auction, to be held 11:00am, Wednesday 4 August 2021 at Level 1, 52 Highbrook Drive, East Tamaki, unless sold prior.

Ben Cockram, Associate Director of Industrial at Colliers, who is marketing the property alongside colleagues Paul Higgins and Greg Watson, notes the overall presentation of this modern and versatile building with a highly desirable office to warehouse ratio is exceptional and has been meticulously maintained by its current owners and occupiers of the building – Halcyon Lighting Limited.

“Established over 40 years ago, Halcyon Lighting is a family owned and operated business and is one of the most trusted lighting suppliers in the industry.

“Halcyon Lighting works with some of the world’s most innovative and proven manufacturers to co-develop unique LED products specifically for New Zealand’s lighting environment.

“Having experienced significant growth, the team are developing a larger facility elsewhere to accommodate their future business needs, with construction set to commence at the end of 2021.

“This provides the new owner a golden opportunity to take advantage of the situation and secure a prime property in a prime spot that has proven to be a superb business decision for the current owners.

Brendan Everett, managing director at Halcyon Lighting, notes the property has served the business exceptionally well over the past two decades and moving on has been a hard decision to make, but the timing was right for their business’ growth aspirations.

“We were one of the first in the area which enabled us to pick out the perfect spot in the cul de sac and design a building that would suit our current and future needs.

“The period of construction meant we benefited from higher stud warehousing in comparison to many of the other existing industrial buildings of the time, but on reflection, it was our focus on future-proofing the building that stands out.

“During concept planning, we focussed on versatility and functionality and spent the extra time and money developing a building that could be adapted into a variety of options for us and any potential future owner.

“This proved to be the right decision, and as a proud owner-occupier for 20 years, who have looked after the building meticulously, we know this provides a remarkable opportunity for the next owner.

Paul Higgins, Director of Industrial at Colliers notes: “Built in the early 2000’s, this A-grade building comprises a modern industrial structure built mainly with tilt slab concrete along with a structural steel frame.

“Currently divided into two areas, separated by way of a concrete tilt slab intertenancy wall, this property will suit a single use occupier or a multi-tenant arrangement.

“The warehouse is accessible via four full-height roller doors and is of a rectangular shape with the offices and amenities in a very tidy condition.

“The stud height throughout the warehouse is 5.9m at its eastern extent rising to 7m at its western extent.

“The configuration and engineering of the warehouse lends itself to being further divided into smaller tenantable areas, if desired.

“The sealed yard area is just under 1,000 sq m and provides plenty of carparking as well as ample area for multiple containers to be dropped on-site. Additional car parking is also located at the front of the property,” says Higgins.

Commenting on the location, Colliers’ Greg Watson highlights the property benefits from being in the heart of East Tamaki close to key arterials with the added advantage of being at the end of a cul de sac which provides tenants privacy and easier vehicular and container movements.

“The property is situated on Basalt Place, just off Lady Ruby Drive, arguably one of the most sought-after industrial locations in the East Tamaki area.

“The site has excellent access to State Highway 1 and benefits from proximity to one of New Zealand’s largest labour pool catchments from the eastern and southern Auckland suburbs.

“East Tamaki’s central location and easy access to Auckland’s CBD, Wiri and Auckland Airport continue to make it Auckland’s most desirable industrial location for tenants and investors,” says Watson.

Cockram concurs, saying: “Recent large-scale development of the Highbrook Business Park and Eastfield Industrial Park are only increasing this area’s desirability and further upside is inevitable.

“The immediate surrounding locality comprises a mixture of small, medium and large-scale industrial premises with the eastern end of East Tamaki expanding towards Te Irirangi Drive.

“Highbrook Business Park has been awarded a number of awards for excellence in development, design, analysis and planning. Other PCNZ property industry award winners at Highbrook are Metro Performance Glass, Schneider Electrical, OfficeMax, NZ Post, Panasonic, DHL and Highbrook Crossing commercial precinct.

“The strong demand for property in the area has seen vacancy rates as low as 1% and the majority of land soaked up.

“Industrial buildings of this size and quality like 10 Basalt Place are seldomly available for lease or sale and are typically snapped up quickly by discerning parties.

“Given the expected levels of competition for the asset, we strongly recommend that prospective purchasers undertake due diligence as soon as possible to avoid disappointment,” says Cockram.

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Ben Cockram

Associate Director | Industrial

Auckland South

I am an Associate Director within Auckland's most awarded industrial brokerage team based in Highbrook, Auckland. 

 Specialising in industrial sales and leasing, I have over 6years  experience in Auckland's highly competitive industrial market and have forged very strong relationships with both owners and tenants. I am a highly motivated individual who approaches all transactions with professionalism, integrity and vigour.  
Since commencing brokerage in September 2014, I have been involved in 121 leasing transactions and 110 sales. Having leased and sold buildings of all sizes in Auckland I have vast experience in all areas of Auckland's industrial market. 

In 2018 I was made an Associate Director of Colliers International NZ. 

As of January 2021;

Total sales transactions - 110
Total sales value              -  $301,271,980 

Total leasing transactions - 121
Total sqm leased                   -  126,600m²

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Paul Higgins

Director | Industrial

Auckland South

Paul joined Colliers in 2005 working in Auckland's industrial team specialising in the mid to upper end sales and leasing market. Paul has also spent a couple of years working for Colliers in the Central and Eastern Europe market where he was Director of Poland's Krakow office. In 2010 Paul returned to Auckland to again work in Auckland's industrial market.

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Greg Watson

Broker | Industrial

Auckland South

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