A North Harbour property on long-term lease to a solid multinational tenant is “hard to fault” as an industrial investment, says the head of Colliers International’s North Shore office.
The 974.9sq m warehouse and office at 4A Rothwell Avenue is being marketed for auction by Colliers North Shore General Manager Jimmy O’Brien and colleagues Matt Prentice and Shoneet Chand.
The property will go under the hammer at the Colliers International head office at 11am on Wednesday, March 22.
O’Brien says the property’s high warehouse-to-office ratio, along with its excellent access and exposure, will make it highly sought after.
“As industrial investments go, this one really is hard to fault. It’s well worth a closer look,” he says.
“The property is leased to longstanding, solid multinational tenant Clariant, with worldwide revenue of about $8 billion.
“With two and a half years remaining on the lease and net annual rental returns of $120,640, investors can expect stable results from a solid industrial offering.”
O’Brien says the stratum in freehold property, zoned for light industry, comprises 806.4sq m of factory and warehouse space, and 168.5sq m of office space over two levels.
“Such a high warehouse-to-office ratio is hugely desirable, especially in a quality building like this,” O’Brien says.
Prentice says the main building, constructed in 1987, has undergone recent upgrades including complete replacement of the joinery, which is a great feature of the property.
“The property is very well-presented, with an attractive aluminium exterior and roller doors at either end of the warehouse, giving great flow for materials and finished products in and out of the building,” he says.
“Intensive use of anodised aluminium joinery forms an impressive, near-full-height glass curtain wall to the street-facing office.
“Mature landscaping by the roadside enhances the overall quality of the property.”
The clear span warehouse has a stud height of 6.4m which is supported by a steel frame on concrete foundations and floor slabs.
The roof has recently been replaced in the last few years with long run steel laid over netting and foil insulation, supported by double flat lattice-type trusses and metal purlins.
“The recent roof and joinery work means external maintenance on this hard-working industrial property should be right for some time.”
Chand says the property is well located within the North Harbour industrial estate, which is an established but still relatively new commercial subdivision.
“The property enjoys a central position in relation to the surrounding and expanding North Shore urban areas. It’s an area well sought after by investors and tenants,” he says.
“Excellent access to the Northern Motorway is available via the Albany Highway to the north or the Upper Harbour Motorway to the south. It’s only a 15-minute drive to the CBD during off-peak times.”
Surrounding developments are of predominantly better-than-average quality, with many built in the 1980s and 1990s.
“The majority of buildings are well presented and maintained, in keeping with the relatively new and modern nature of the North Harbour industrial estate,” Chand says.
The site is zoned for light industry under the Auckland Unitary Plan, making it suitable for a range of possible uses.
“The zoning allows occupants a diverse range of activities including light manufacturing, production, logistics, storage, transport and distribution,” he says.
“If you have been looking for an industrial investment that is easy care and relatively risk free, then 4A Rothwell Avenue may just be the one.”