A modern warehouse and office complex housing a leading professional services and engineering group and a major flooring supplier is for sale in the heart of Auckland’s Mt Wellington industrial precinct.
The 2,149sq m building at 118 Carbine Road offers diversified income from leases to established tenants Pacific Process (NZ) Limited and Floorco Trading Limited. These currently generate combined net annual rent of $405,000 plus outgoings and GST, with built-in fixed annual growth.
The building occupies a high-profile freehold site of 3,222sq m in an established, centrally-located industrial precinct with nearby motorway access providing connections across the region.
Colliers has been exclusively appointed to market 118 Carbine Road, Mt Wellington, Auckland, for sale by auction at 1pm on Thursday 8 April, unless it sells earlier.
Hamish West, Industrial Director at Colliers, says the meticulously maintained warehouse and offices are supported by about 30m of prominent frontage on the eastern side of busy Carbine Road.
“This well-presented industrial facility was built in the 1990s and the office area was expanded several years later. The structure has an IEP seismic rating of A:Grade 95 per cent of new building standard.
“The new owner will benefit from the current owners recently undertaking a number of improvements and upgrades including a full upgrade to the air-conditioning system, installed new LED lighting, upgraded the existing roller door, installed a new alarm and access control system, installed new fencing and replaced all the clear-lights in the warehouse area.
“The clear-span warehouse offers a stud height of 5.2m at the knee, rising to 6.15m at the apex. It is of concrete construction with full tilt slab running along the eastern boundary.
“The warehouse is accessed via two roller doors which open onto an area suitable for container de-vanning. An additional secure yard area behind the building is used for carparking and storage and is fully fenced.
Tenanted by Pacific Process (NZ) Limited, the main office fronts Carbine Road with a welcoming foyer and reception. This floor includes a partitioned office area, large boardrooms and immaculate staff amenities.
“There is also a basement office which is jointly occupied by both tenants, with a partition separating the two areas. Floorco Trading Limited have renovated their half of this space, creating a stylish showroom for their products,” says West.
Formed in 2005, Pacific Process offers project consulting and management and engineering services to multiple business sectors in New Zealand and overseas. The company will pay $258,150 plus outgoings and GST for 1,115sq m of office space plus secure parking, on a six-year lease to run from settlement date, with a further six-year right of renewal. The lease incorporates 2.5 per cent fixed annual rental increases with a market review on renewal.
Floorco is one of New Zealand’s largest importers and suppliers of flooring products, stocking a large volume of industry-leading brands from across the world at its Carbine Road premises. The business pays annual rent of $146,850 plus outgoings and GST for its 1,034sq m of warehouse and office space plus parking. Its current lease runs through to 2024, with a further four-year right of renewal, and incorporates 3 per cent fixed annual rent increases.
Ben Cockram, Industrial Associate Director at Colliers, says one of the property’s most attractive attributes is its location in the heart of the established Mt Wellington industrial hub.
“Bounded by the industrial strongholds of Onehunga and Penrose, this area has grown in popularity.
“Investors and tenants are attracted by its central location within the Auckland region, along with local infrastructure improvements, such as the South Eastern Highway arterial development, the Pacific Rise Business Park and redevelopment of the Vestey Drive industrial area.
“The area has also benefited significantly from development of New Zealand’s largest shopping centre at Sylvia Park.”
The Carbine Road property has convenient access to the Southern Motorway via the Mt Wellington interchange, less than 2km away. This provides it with excellent linkages across the region, with the Auckland and Manukau CBDs and Auckland Airport all within a 15km radius.
The site’s Light Industry zoning under the Auckland Unitary Plan provides for a range of industrial activities that do not generate objectionable odour, dust or noise emissions.
“The surrounding area is home to a mix of industrial properties of various ages and sizes, including premises housing major national and international brands such as Tip Top, Fletcher Reinforcing and Hyundai.
“Several modern design-build industrial premises have been completed on previously vacant sites, along with trade retail premises,” says Cockram.