Skip to main content Skip to footer

Outstanding Investment Opportunity with One of Onehunga’s finest

Outstanding Investment Opportunity with One of Onehungas finest

An outstanding standalone office and warehouse property located on the high-profile corner of Church Street and Beachcroft Avenue and directly opposite Onehunga Bay Lagoon with pedestrian access to Taumanu Bay waterfront reserve has become available to purchase for the first time in 26 years.

The prominent property for sale at 92 Beachcroft Avenue will be well-known to many due to the high levels of exposure provided by the thousands of cars passing by daily as well as being formally tenanted by Renaissance Limited, New Zealand’s sole importers and distributors of the Apple product range.

Now occupied by three well-established and recognisable tenants, providing split-risk income returns of some $522,000 per annum, the 3,727 sqm building for sale comprises three levels of well-maintained offices with an adjoining warehouse at the rear.

The property is serviced by multiple access points and benefits from the numerous links to major arterial roads, offering quick and easy motorway access to the airport, Manukau City, the eastern corridor to Penrose and other eastern suburbs as well as to the Auckland CBD from SH1 and west and north via SH20 and the Waterview Tunnel.

There is further upside for the new owner due to the property afforded mixed-use zoning, providing long-term development potential in an area that has undergone significant transformation and gentrification in recent years.

Colliers’ Associate Director of investment sales David Burley, Industrial Director Hamish West and Onehunga specialist Gawan Bakshi are exclusively marketing the property for sale by deadline closing 4pm Wednesday 12 May, unless sold prior.

Burley says the freehold standalone property providing a high-profile split-risk income stream on mixed-use zoning with long-term development options is a real standout in Onehunga that will be extremely sought after by discerning investors.

“The property provides a steady and diversified income stream from three tenants totalling $521,946 net per annum plus GST with built-in growth throughout the remaining term.

“Occupying the property since 2014 with a final expiry date in 2030, SiteSafe occupies 890 sqm of office and a further 122 sqm of warehouse space for training purposes, and provides a combined rental return of $195,000 per annum.

“Site Safe is a national not-for-profit membership organisation that has been influential in creating a positive change in the health and safety culture of New Zealand’s construction industry since 1999. There are now over 6,200 businesses that are SiteSafe members with over 78,000 people trained each year.

“Bolstering the tenant mix is Dollar King Limited, who operate nationally with eight retail stores nationwide and deal with over 20,000 household items on a regular basis.

Dollar King have occupied 2,195 sqm of space since 2015. The current lease returns $246,000 per annum for a term of six-years with a right to renew in 2022 and a final expiry date in 2023.

“Mangere Budgeting Services Trust, which provides a wide range of innovative and quality focused financial services to families in the area was established more than 20 years ago and the Rt. Honourable Helen Clark is a Patron on the Board of Trustees. The company has leased 520 sqm of

space since October 2020 providing a rental return of approximately $81,000 on a two-year lease with a further two year right of renewal and final expiry in 2024.

Industrial Director, West, says the well-positioned and highly functional building which was originally constructed in the 1960s has undergone several improvements and alterations over the years and has been well maintained, keeping a handle on future capital expenditure requirements.

“The office spaces are predominantly open plan and include light partitioning with multiple kitchens, a lift and stairway access to the tenancies from the foyer.

“The adjoining warehouse is of medium-stud industrial space with a double pitch structural steel portal frame on a ground floor concrete slab on hardfill.

“The warehouse has several full height roller doors around the periphery with adequate loading areas, and the building itself benefits from four entry points and 52 car parks on site.”

Colliers’ Onehunga specialist Bakshi says that as it is located in the middle of Auckland, within 12kms from both the CBD to the north and Auckland Airport to the south, Onehunga is popular with tenants, owner-occupiers and investors.

“Onehunga has long been considered an industry powerhouse spot to do business and is one of the most established and central suburbs in Auckland.

“The suburb proves popular due to the ease of access to SH1, its relatively short distance from the CBD, good access to the Airport via SH20, its proximity to the nearby labour pools of Penrose, Mt Wellington, Ellerslie, and Greenlane, as well as having copious amenity nearby including its own high street and train station.

“While already undergoing significant changes in recent years, there is a bright future for Onehunga as it continues to benefit from investment by Council and the private sector.

“The regeneration of Onehunga is being led by Panuku Development, which has dedicated some $140m to the project that will facilitate new residential development, further improvements to transport and infrastructure as well as development of the wharf and town centre.

“Given the property is zoned Business – Mixed Use that allows for a range of residential, commercial or accommodation uses, there is also considerable future upside up for grabs.

“The stability and split-risk income streams from the three tenants, the excellent location, the prominent nature of the property as well as the future development opportunity will be well-regarded by prospective owners, making this one of Onehunga’s finest investment opportunities, says Bakshi.”


Related Experts

David Burley

Associate Director

Auckland

David is an Associate Director in the Investment Sales team in Auckland, specialising in the sale and lease of commercial property in Auckland.  Since joining Colliers David has been involved in a number of high profile transactions in the CBD and city fringe. Whilst David offers a broad range of services, his areas of expertise focus on the sale and acquisition of investment properties (office, retail or industrial), the re-positioning and refurbishment of under-utilised buildings, commercial developments and land sales.

Prior to joining Colliers, David earned a law and politics degree from the University of Otago and had 10 years professional experience as an investment banker, financial consultant and commercial lawyer. David's broad professional experience gives him a strong commercial understanding and a highly beneficial insight into the mindset of how vendors and purchasers operate. Furthermore, David's technical knowledge of mergers and acquisitions and corporate/commercial law are vital when negotiating on behalf of his clients.

View expert

Hamish West

Director | Industrial

Auckland South

With more than twelve years of experience in the commercial and industrial property sector, Hamish has been involved in a significant number of industrial property projects in Auckland and across New Zealand. During this time he has been responsible for the sale of more than $1.4B worth of industrial assets, in addition to providing leasing and design build solutions totalling more than 660,000m² for a range of major local & international occupiers.

Career Success

Hamish has proven to be a consistent and highly effective broker and in 2012 & 2015 was awarded with the Colliers National MVP Award for Brokerage Excellence, and 2015 saw him achieve the ranking of 6th highest revenue earner in Colliers nationally.

Market Specialisation

Hamish specialises in the sale and leasing of high value assets in the South Auckland Property market and has been involved in many projects including:

  • Sale and leaseback transactions
  • Tenanted Investment sales
  • Receivership sales
  • Vacant possession sales
  • Development property sales
  • Land sales
  • Vacant building leasing
  • Design build leasing
  • Tenant property sourcing
  • Purchaser property sourcing

Hamish has done a significant portion of his work with both private clients and corporate clients including Goodman, PFI, Broadway Developments, Southborne Holdings, Stride, Kiwi Income, Auckland Airport, Norak Properties, JKGL Group, Samson Corporation, Southpark Corporation, Quadrant, Location Group, Argosy, Windward Properties, and Depot Investments to name a few.

Recent occupiers include Bunnings, GPC (Repco), GUD, Ricoh, Ideal Electrical, Crown, Sirva, Wedderburn, GEA Process Engineering, Delmaine, Siemens, Hydraulink, Verifone, Sistema, Tyco, Bunnings, Fletchers, PMA Global, Compac Sorting Equipment, and many other SME businesses.

View expert

Gawan Bakshi

Broker | Investment Sales

Auckland

Gawan is a solutions-focused and proactive member of the Colliers International Investment Sales team, based in Auckland CBD. He specialises in scouting and matching suitable investment opportunities for individual property owners, family trusts, high profile national property and retail groups. He is the area expert for Mount Roskill, Three Kings, Hillsborough, Onehunga, Mount Albert, and Sandringham with extensive knowledge and local information for each suburb.

Gawan’s Bachelors of Commerce and Bachelors of Property from University of Auckland have equipped him with the technical expertise required to identify the benefits and risks associated with each property and provide reliable and professional advice to his clients. He goes to length to ensure his clients have access to all the relevant information and are able to overcome challenges with his advice, before making a final decision.

Gawan’s thorough understanding of property investment and market conditions, paired with his proficient localised knowledge means he is able to discern every deal carefully on a case by case basis to achieve the best possible outcome for his clients.

Gawan speaks fluent Hindi and Punjabi and understands Gujurati and Urdu, making him an important member of the team with the ability to access and communicate with this growing market audience.

View expert