An architecturally designed building with a market-leading tenant in an established industrial subdivision on the North Shore is being brought to the market for sale for the first time since construction.
15 Canaveral Drive in Albany is a highly functional 1,413sq m property with office and warehouse facilities situated on a flat 2,002sq m freehold site in the Interplex Business Park, which is strategically positioned between notable throughfares Rosedale Road and Constellation Drive.
The current tenant has occupied the building for more than a decade and their lease has a final expiry in October 2023.
A market review means the net annual rental income will increase to $282,382 plus GST from 1 November 2021, up from $268,935 plus GST. With the lease expiring in approximately two years, owner-occupiers and investors will be able to explore this highly attractive opportunity.
The building, originally constructed in 2004, comprises a clear span 1,001sq m warehouse with a stud height of 7m, which includes a 38sq m security store. Access to the warehouse is gained through two roller doors. There is also a 152sq m canopy.
The warehouse has been constructed with reinforced concrete floors and foundations with full height pre-cast concrete panel walls, while a steel portal frame supports the long run iron roof.
The office space spans two levels at the southern end of the warehouse facing the street with the ground floor office, which includes storage areas and a showroom, measuring 187sq m, while the mezzanine office is 225sq m.
The front area is attractively landscaped and there are 20 marked carparks situated in front of both the offices and warehouse. The building has 44m of street frontage, providing significant road exposure.
O’Brien, Director at Colliers Auckland North, says this property shapes as an A grade industrial asset that is a must-see site.
“If you have been keeping an eye out for a unique industrial property near Mairangi Bay you will appreciate how rare this opportunity is,” O’Brien says.
“This building was developed to an incredibly high standard when the Interplex Business Park was constructed, and the property is in immaculate condition. It has the ability to serve multiple functions for the new owner.”
The Interplex Business Park was first developed in the late 1990s with a majority of the construction taking place from 2003 onwards.
Prentice, Industrial Sales and Leasing Director at Colliers, says the property is strategically positioned in a well-established area that enjoys strong demand from both investors and tenants.
“This site offers excellent access to the Northern Motorway and State Highway 18. Major road improvements currently underway as part of the Northern Corridor Improvements will mean less congestion and the travel time to the CBD will be about 15 minutes outside of peak hours,” Prentice says.
“This is a tightly held location featuring a diverse range of businesses in the area, including warehouse distribution, commercial offices, retail, entertainment, and restaurants.”
The property is zoned as Business - General Business Zone under the Auckland Unitary Plan. This zoning provides for business activities from light industrial to limited office, large format retail and trade suppliers.