East Tamaki duo with flexible options and holding income
Located just off the main arterial of Kerwyn Ave, the properties at 3 Averton Place and 14 Lorien Place offer a combined net lettable area of 2,634sq m.
The Averton Place property is a modern industrial facility on a 2,000sq m freehold site. Developed in in the 2000s, it predominantly comprises clear span warehousing with a 12m stud height at the apex.
The adjoining property on Lorien Place is an older facility on a unit title, with access to a yard between the two buildings. Built in the 1980s, it has a clear span warehouse with a 5m stud height.
Colliers International has been exclusively appointed to market the properties for sale by deadline private treaty closing at 4pm on Wednesday 11 September, unless sold prior.
They are offered for sale with a six-month leaseback from settlement, providing $365,996 in net annual holding income.
Industrial Director Paul Higgins says a new owner could buy one or both.
“This is a chance for an owner-occupier to secure new premises in a tightly held and popular industrial area.
“Alternatively, an investor could bank on East Tamaki’s extremely low vacancy rate and strong tenant demand by securing new lessees.
“The short-term leaseback offers flexibility for both occupiers and investors, providing income while a new purchaser plans their move or secures new tenants.
“The layout of the properties also offers flexibility. Shared access to the yard allows them to be used as a single facility, while the standalone buildings and titles allows them to be occupied separately.
“There’s also scope to buy both and occupy one, while leasing out the other. This allows a new owner to draw on rent as additional income, while providing space for future expansion if needed.”
Industrial Director Jolyon Thomson says the properties are situated just off Kerwyn Avenue, putting them within minutes of the State Highway 1 interchange.
“This is a premium industrial location with superb proximity to the popular Highbrook Business Park.
“The location also provides easy access to nearby industrial hubs such as Wiri, Auckland Airport and Mount Wellington.
“As a result, the East Tamaki area is occupied by many of New Zealand’s leading national and international brands.
“Properties in this locality, so close to Highbrook and with such great flexibility, very rarely come to the market.”
The Averton Place property has a net lettable area of 1,935sq m including an approximately 1,080sq m warehouse plus 414sq m of office and amenities.
The warehouse is accessed via two roller doors, both of which are covered by a large canopy and lead on to a generous concrete yard.
The office area is set over three levels and is of a high stud.
The Lorien Place property has a net lettable area of 698.8sq m, comprising a 540.6sq m warehouse, 116.5sq m of office and amenities and 41.7sq m of mezzanine storage.
The warehouse is accessed via multiple roller doors, two of which open onto a yard accessed off Lorien Place, and another that opens onto the yard facing 3 Averton Place.
Both properties are zoned Light Industry, which allows for a range of manufacturing, production, logistics, storage, transport and distribution activities.
The vendor and current occupier of both properties, Ashon Ventures (NZ) Limited, will lease them back for six months from settlement.
The Averton Place lease returns $276,660 while the Lorien Place lease returns $89,336.
Two rights of renewal of three months each make for a final expiry of 12 months from settlement.
The immediate surrounding locality comprises a mix of small, medium and large scale industrial premises, with the eastern end of East Tamaki expanding towards Te Irirangi Drive.
The strong labour pools of the eastern and southern suburbs are very close by, as is the hugely popular Botany commercial precinct.
Strong demand for property in the area has seen vacancy rates as low as 1 per cent and the majority of land soaked up. Due to scarcity of land, demand can rarely be satisfied.