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Premier split-risk industrial opportunity on Henderson’s The Concourse

Premier splitrisk industrial opportunity on Hendersons The Concourse

The sale of a substantial industrial property comprising three standalone buildings provides a split-risk investment opportunity with diversified income from three separate tenants and varied terms supporting future growth potential.

The property at 70-72 The Concourse is in the heart of Henderson, a well-established and highly sought-after industrial area that benefits from heavy industry zoning, accommodating for large-scale industrial activities.

Colliers agents Josh Coburn, Dhiru Patel and Greg Goldfinch have been exclusively appointed to market the property by Deadline Private Treaty closing Wednesday 9 June at 4pm (unless sold prior).

Josh Coburn, General Manager of Colliers West Auckland says the property has all the fundamentals of a sound industrial investment with the added bonus of diversified income.

“On offer is three fully tenanted, standalone industrial buildings on a 7156 sqm freehold site in a well located and highly accessible area that provides solid income of some $359,000.

“The income is split between three well-established tenants resulting in a diversified income stream that not only splits the financial risk for investors but provides flexibility for future growth through varied lease terms and expiry dates.

West Auckland industrial specialist Dhiru Patel says the buildings are well-presented and offer functional industrial space for a range of uses.

“The property comprises three standalone industrial buildings totalling 3617 sqm of net lettable area with ample surrounding space that provides generous car parking and shared manoeuvring area for container dropping.

“Building one is tenanted by FillPak, one of New Zealand’s only dedicated food packing companies. The company leases some 1231 sqm of space, which they utilise to pack a wide range of dry food products into bags and pouches as well other speciality processing.

“FillPak are currently on a ten-year lease that’s returning approximately $173,600 per annum with built in rent reviews over their ten-year term. The lease includes a six-year right of renewal and a final expiry in August 2033.

“The building itself comprises a mix of offices and amenities, food preparation and packing areas with a mezzanine and a 5.5m stud warehouse at the rear.

“The second building is tenanted by Cutting Innovations Limited, a large commercial joinery company who specialise in creating innovative solutions for commercial interiors, exhibitions and set building as well as promotional and sculptural projects.

“The lease to Cutting Innovations is returning some $152,177 per annum on a three-year term with a three-year right of renewal and final expiry of 31 August 2024.

“Similar to building one, the second building is a mix of office and warehousing but has benefitted from a recent upgrade to the façade. It comprises two levels of offices at the front and a 792 sqm warehouse with roller doors and a gantry at the rear, plus a standalone storage building.

“Constructed in the late 1990s, the third building is the most modern of the three. It comprises a two-level office at the front and a good quality clear span warehouse at the rear. With a stud height of 5.25m at the knee, the functional warehouse also benefits from a large canopy off the main elevation.

“This building is tenanted by Plywood R Us Limited returning some $139,569 per annum on a three-year term that’s expiring on 31 January 2022.”

Greg Goldfinch, National Director of Industrial Sales and Leasing says Henderson has demonstrated excellent value over time that’s only set to continue.

“Henderson is a highly sought-after industrial location that provides a dynamic environment with significant commercial, retail and residential development in the area.

“Being just off Lincoln Road, The Concourse is a premium address with the least restrictive Heavy Industry zoning, and just 950m from the north western motorway onramp.

“Improvements to State Highway 16 and the opening of the Waterview Tunnel have further enhanced the location’s popularity by substantially reducing travel times.

“The CBD can be reached in less than 20 minutes during off-peak traffic, and State Highway One and the Airport are easily accessed via the tunnel.

“For occupiers, the area is well-serviced by public transport through the existing rail network and the City Rail Link in the future.

“Henderson is home to many cultural, recreational, and educational facilities which makes it an attractive destination for current and future residents and businesses.

“Nearby establishments include the Corban Estate Arts Centre, Auckland Film Studios, Westfield WestCity, Waitakere Mega Centre, West Wave Pool and Leisure Centre and Henderson High School.

“The area will continue to see growth as it has been identified as one of ten metropolitan centres in the Auckland Plan earmarked for investment by Auckland Council.

“The council’s development arm Panuku have plans to develop a number of council-owned sites that will contribute towards urban renewal over the next 30 years.”


Related Experts

Josh Coburn

Director | Site Sales

Auckland West

Tenacious, personable and driven, Josh Coburn draws on 16 years' experience in New Zealand's property sector in his role as Director of Site Sales at Colliers International. His key focus and passion are delivering quality development opportunities to the market and acting as a partner in the development process to see projects come to fruition.

Futhermore, Josh is the General Manager of Collier's West Auckland Business, overseeing 5 brokers in a rapidly emerging Metropolitan market.

Josh re-joined Colliers International in 2015 after four years working as the Development Manager for Haydn & Rollett Construction - a role in which he focused on development of commercial and industrial properties joint ventures, and commercial-scale residential opportunities.

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Dhiru Patel

Broker | Industrial

Auckland South

Dhiru began his early career as a Tax Consultant for KPMG Tax & Advisory services, following a Bachelor of Commerce from the University of Auckland. After two years at KPMG he returned to the University of Auckland to complete a Bachelor of Property and Valuation, where he found his real passion in property.


 

After a brief stint at Goodwin Property Management, he started with Colliers International in late 2011 as the Industrial Information and Systems Manager for the Highbrook-based Industrial division. In 2012 he we went on to be awarded the Colliers MVP for Team Support, for his work assisting the brokerage team in Highbrook.


 

In early 2014, Dhiru became an Industrial Sales and Leasing Broker; the position he currently occupies today. He specialises in his local area of West Auckland and his expertise lies in Brokerage: Predominately Industrial Sales and Leasing including Investment Sales, Tenant Representation and Land Sales.


 

Dhiru is a Sales and Leasing Industrial Broker who forms a crucial part of the Colliers International Industrial division in Highbrook, Auckland. His clients and colleagues alike, describe his energy and enthusiasm for work as a real asset, and a unique quality that sets him apart. Since joining Colliers 7 years ago, he has transacted a wide range of sales and leasing deals. Listed below are the more recent, notable transactions.

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Greg Goldfinch

National Director | Industrial

Auckland South

I am the National Director for industrial across all of New Zealand based in our South Auckland industrial office.

I specialise in the mid to upper end of the industrial sale and leasing markets. Since joining Colliers in 2004 I have established strong relationships within the industrial market and have worked exclusively for a number of national and multi-national clients.

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