Royal option on Diana

A large, recently refurbished office and warehouse property for sale in one of Auckland’s most tightly held industrial precincts is expected to appeal to both owner-occupiers and investors, say brokers.

The 2,632 sqm premises at Unit A, 62-64 Diana Drive, Wairau Valley, on the North Shore is for sale by deadline private treaty with offers closing on Thursday 22nd October 2015 (unless sold prior).

Shoneet Chand of Colliers International who, with colleague Matt Prentice, is marketing this rare offering says it is particularly appealing given the critical lack of properties available like this in the area.

“This is literally the only building over 1000 sqm currently on the market within this popular Wairau Valley Industrial Estate.

“The fact this property offers two levels of office and showroom floor space along with more than 1900 sqm of warehousing and storage makes it even more attractive to investors – offering the possibility to split the building into multiple tenancies.

“Well-positioned, versatile premises of this nature are even harder to find in this locality – and with no more land available, they won’t be building any more like them,” says Chand.

Prentice says the property will be of interest to buyers looking for a large industrial property for investment purposes or for their own use, in one of Auckland’s most popular industrial precincts.

Currently leased to bathroom-ware manufacturer and distributor, Newline Group (NZ) Limited, the property offers holding income until the lease expires on 31 March next year.

“The remainder of the current lease offers owner-occupiers flexibility, allowing them time to prepare to shift their business to the premises while earning an income on the property.

 “With more than five months left on the current lease term, a buyer also has ample time to search for a new tenant and negotiate a lease if they wish to hold the property for investment purposes.”

The lease to Newline Group, which is a longstanding occupier at the property, generates $358,600 in net annual rental income.

Prentice says tenants are scrambling for space in this market so having the opportunity to purchase a multi-functional facility in such a sought after location should appeal to an investor.

“Given the current, record low vacancy rates within the industrial sector of just 1.6% and with large, industrial buildings seldom coming available in the Wairau Valley, this opportunity should not be over looked.”

Property

The property comprises a substantial, road front industrial unit constructed in the mid 1980’s, with carpeted, air conditioned and partitioned offices and a 5.2 metre stud warehouse.

The premises, with a National Building Standards (NBS) rating of 80%, underwent a substantial, internal refurbishment in 2012. This involved upgrading the 553 sqm of first floor offices, 51 sqm mezzanine level and the ground floor, 160 sqm workshop/showroom space to modern standards.

Chand says the quality warehousing/storage areas are complemented with four, well-positioned roller doors providing excellent access and offering multiple-use options to new owners.

The property also has 55 uncovered car parks which could potentially be used as container storage if required.

Location

The property’s elevated road-front exposure and central location in the established Wairau Valley Industrial Estate are very appealing factors.

“The address is just a 10-15 minute drive to Auckland’s central business district, and being only a few hundred metres from the Tristram Avenue, State Highway One, motorway on and off-ramps further enhances the attractiveness of the area to businesses and investors,” says Chand.

“The nearby Mairangi Bay and North Harbour Industrial areas also support a large and stable work force.”

Chand says ongoing development in the vicinity has seen a number of well-known retail and commercial occupiers relocate there in recent years.

“Pak n’ Save and Bunnings Warehouse have opened in the Wairau Valley within the past few years, complemented by a number of new retail offerings.”

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