20-24 Lorien Place in East Tāmaki has a total net lettable area of 7,617sq m across three separate multi-purpose buildings on 19,916sq m of land that is zoned Business – Light Industry Zone, spread across two freehold titles.
Nutrimetics International New Zealand Limited are the current building owners having developed the site to meet the growing needs of the business throughout the 1980s and 90s. With the timing now right to release capital from the property, a new long-term leaseback will commence on settlement, providing the new owner with $1,000,000 plus GST of net annual rental income with 2.5 per cent fixed annual increases.
Colliers Directors Todd Kuzmich and Greg Goldfinch have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Tuesday 2 November, unless sold prior.
Building 1 is a 3,139sq m premises that contains the Nutrimetics offices and manufacturing areas. The highly functional building is located on the western side of the site and has 279sq m of first floor office and meeting room space, while the ground floor offices and amenities, including a laboratory, lunchroom, and lockers, total 273sq m.
The remainder of the building comprises an 853sq m raw materials warehouse that has a stud height of 5.5m to 6.95m, a 377sq m manufacturing area, and a 912sq m filling hall. Located below the filling hall at the basement level are several small plant rooms and a large workshop totalling 445sq m.
Building 2, the largest on the property at 3,478sq m, is located on the south-eastern boundary of the site and comprises a 3,233sq m distribution warehouse with well-presented amenities and offices measuring 127sq m constructed within the warehouse envelope. This area has a stud height of 8m to 9.4m.
Above the offices is a lightweight 119sq m mezzanine storage area. A 549sq m canopy links Building 1 and Building 2 providing all weather access between the warehousing and manufacturing buildings.
Building 3 measures 1,000sq m and is located to the rear of Building 1. It comprises a 762sq m warehouse that is divided into two tenancies. There is 126sq m of office space on the western side of the building with 113sq m of lightweight mezzanine storage.
The site also includes sealed yard areas, an asphalt-sealed driveway and car parking providing top-level access for staff and suppliers.
Kuzmich, Director of Industrial at Colliers, says the combination of a large landholding with multiple buildings and a long-term rental stream means this property will generate huge excitement in the market.
“Investment grade industrial offerings of scale are continuing to be in high demand with very low supply being an issue given the weight of capital out there looking to be placed into the sector.” Kuzmich says.
“This property has incredibly low site coverage of approximately 33 per cent, which provides potential for future expansion and it’s always good to know your investment is underpinned by a large underlying land value.”
Lorien Place is in the heart of East Tāmaki, just off the main arterial route, Kerwyn Avenue, which provides a link from Highbrook to the Harris Road and Springs Road Intersection.
This property is less than 5 km from the State Highway 1 on-ramps at Highbrook, while being close to all the amenities and services that Highbrook provides.
Goldfinch, National Director of Industrial at Colliers, says the prominent industrial location adds to the appeal of this property.
“The strong labour pools of the eastern and southern suburbs of Auckland are very close by, as is the hugely popular Botany commercial precinct. The location is considered an A grade industrial commercial precinct,” Goldfinch says.
“East Tāmaki’s central location and easy access to Auckland’s CBD, Wiri and Auckland Airport continue to make it one of Auckland’s most desirable industrial locations for tenants and investors.”