A warehouse and office building in North Harbour’s tightly held industrial precinct with an established tenant in the manufacturing industry will pique the interest of a wide range of buyers looking for a functional asset with long-term upside.
11 Volkner Place, North Harbour is a 643sq m building on 1,542sq m of freehold land with nine dedicated car parks. The property is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
Kitchen Link is the long-term tenant in the property and their current lease has one one-year right of renewal in place that begins on 1 May 2022 leaving a final expiry of 30 April 2023.
The lease provides $90,347 plus GST in net annual rental income and there is a rent review scheduled for 1 May 2022.
Colliers Brokers Mike Ryan and Matt Prentice have been exclusively appointed to market the property for sale by auction to be held at Colliers North Shore, Level 1, 129 Hurstmere Road, Takapuna, Auckland at 11am on Wednesday 1 December, unless sold prior.
The property comprises a 537sq m warehouse and 106sq m of office space and amenities. The building has a 100 per cent NBS rating.
Ryan, Industrial Sales and Leasing Broker at Colliers, says this property will hold significant appeal to add-value investors or owner-occupiers.
“The building boasts a favourable warehouse ratio of approximately 83 per cent and can be positioned for a range of uses,” Ryan says.
“Given the lease of the long-term tenant runs through until 2023 the new owner will be in the enviable position of having a steady rental stream, while deciding on their next moves for the property.
“Prospective purchasers may wish to renegotiate the lease with the current tenant or utilise the property for their own endeavours.”
Prentice, Director of Industrial Sales and Leasing at Colliers, says it is rare to see stand-alone properties in this size range and they are highly sought-after in the market.
“The warehouse has a concrete floor with external walls being full height metal clad, except the rear boundary wall, which is concrete tilt slab, while there is a gantry crane running over the majority of the warehouse,” Prentice says.
“The eastern side of the warehouse has a lower stud lean-to area. The warehouse is of gable design with a stud height between 5.8m to 6.6m. There is a wall at approximately three-quarters depth in the warehouse to divide the area into two sections.
“The offices are situated at the southern end of the building. The layout of the office provides for a generous sized showroom and reception area adjacent to the main entrance, with the open plan office and administration area behind. The remainder of the office space contains a large warehouse office, storage room, kitchen, and bathrooms.”
The property is situated on the south-eastern side of Volkner Place, which is a cul-de-sac extending to the east of Bush Road within the Albany basin.
Ryan says the site is well-located for connectivity to the surrounding residential localities, while the Northern Motorway can be easily accessed through the Greville Road and Constellation Drive interchanges.
“The North Harbour industrial precinct has proven itself very popular for progressive companies due to the high standard of surrounding development, quality working environment, access to transport links, and a number of affluent suburbs close by,” Ryan says.
“We expect there will be significant interest in this property as buyers explore the opportunity to secure a versatile industrial asset and we encourage them to do their due diligence and contact us immediately.”