A top-quality, versatile office and warehouse building on a high-profile corner site in a sought-after industrial precinct in the North Shore, housing a leading global specialist in marine electronics has become available to purchase.
Positioned on an elevated, prime corner site, the property at 44 Arrenway Drive in Rosedale, North Shore features a top quality 3,129 sqm office and warehouse facility on 3,972 sqm of prime land.
With 70 car parks including 38 basement parks, the property provides some 1,040 sqm of ground floor office and showroom space, 1,089 sqm of first floor office and approximately 1,000 sqm of high stud warehouse space, offering owners future flexibility in a high demand location.
Colliers has been exclusively appointed to market 44 Arrenway Drive, Rosedale, for sale by deadline private treaty closing at 4pm on the 26th of May, unless it sells earlier.
Shoneet Chand, Investment Sales Director at Colliers says this investment opportunity featuring a leading global tenant returning $818,872 per annum plus GST and operating expenses on a long-term lease with fixed annual rent increases, is arguably the premier commercial investment opportunity in the market.
“Navico are currently the world’s largest marine electronics company and is ultimately owned by Goldman Sachs and Altor Equity Partners (Altor fund IV) - a Swedish private equity firm. They are the parent company to leading marine electronics brands: Lowrance, Simrad and B&G.
“Navico specialises in marine navigation, fishfinding equipment, autopilots, chart-plotters, radar and trolling motors, as well as value-added applications for the marine industry.
“With seven decades of developing, designing and manufacturing industry-leading products, their heritage in the industry remains unrivalled and their scale impressive,” says Chand.
“The lease to Navico that runs for 12 years from November 2017 with a final expiry in 2029 includes 2% fixed annual increases to assist shield investors from any potential interest rate rises ahead,” says Chand.
"Zoned General Business, the property is part of the Albany Heights Business Park, which is predominantly made up of modern standalone industrial and office properties as well as high-quality multi-unit developments, most of which were built in the late 1990s and early 2000s," Prentice says.
“Not only is the building of a superior quality and situated on a high-profile corner site, the property for sale is well-located at the top of Arrenway Drive, which links Apollo and Triton Drives.
"Apollo Drive is the principal thoroughfare linking Rosedale Road and Constellation Drive, giving the property excellent accessibility to the wider North Shore area," he says.
"The Northern Motorway is easily accessed via the Greville Road interchange to the north or the Upper Harbour Highway interchange to the south.
"Major road improvements currently underway as part of the Northern Corridor Improvements will mean less congestion and the travel time to the city will be about 15 minutes outside of peak hours."
“Rosedale has also recently seen the approval of a $70m bus station upgrade, with work expected to commence in mid-2022 as part of the Northern Corridor Improvements project.
Chand also notes that a good, local labour supply and supporting industry in the immediate area have contributed to the high demand among industrial and office occupiers for premises in this area.
"This is a tightly-held and highly sought-after location which traditionally has had very low vacancy rates despite being one of the fastest growing commercial areas in Auckland. The past 10 years have seen significant growth in the area, and it will continue to be an important employment hub for the foreseeable future.
“Located within one of the Auckland region’s most sought-after locations, with superb transport links and an established market-leading global tenant, the high-quality property at 44 Arrenway Drive will be of interest to buyers looking to secure a trophy income-generating holding in a prime precinct, says Chand.