'Mini estate' offers huge State Highway 1 motorway exposure
A prime commercial ‘mini estate’ in tightly held Mount Wellington with unbeatable exposure to the Southern Motorway is for sale through Colliers International.
The 1.49ha site at 11 and 14 George Bourke Drive is being marketed for sale by deadline private treaty closing at 4pm on Wednesday, 6 December, unless sold prior.
Colliers International directors Andrew Hooper and Hamish West say it is a chance to acquire a prime asset in the sought-after Auckland commercial area of Mount Wellington.
“This offering boasts excellent investment fundamentals, including strong tenant covenant, a high-profile location, excellent access to the wider Auckland area and a diversified income stream,” says Hooper.
“Positioned right next to State Highway 1, the site offers some 200m of front row real estate to thousands of cars daily.
“With five tenancies across two quality buildings, this property is essentially a mini commercial estate, making it an excellent split-risk investment.
“It is currently returning $761,658 plus GST in annual rent, with an additional $42,000 currently under negotiation, making for a total potential rental income of $803,658 per annum.”
The property comprises two freehold titles with two generous commercial buildings that take full advantage of their profile to the motorway.
“The site has been developed to provide the ideal combination of office accommodation, showroom space and warehousing,” says Hooper.
“The property currently has three tenants– Elite Fitness, CareFusion and JFK Powersports – plus two vacant units, offering the potential for upside.”
Hooper says the smaller title, at 11 George Bourke Drive, is leased to Elite Fitness Limited.
With a net lettable area of 2,676sq m, the property comprises a 2,305sq m warehouse with 641sq m of well-presented office space over two levels.
“The L-shaped warehouse has a stud height of 5.9m at the knee and is accessed via one full-height and one half-height roller door. Access to the office is via the showroom on the ground floor.”
West says the larger title, at 14 George Bourke Drive, provides a net lettable area of 3,587.7sq m.
“The property’s four units feature a mixture of warehouse and office accommodation,” he says.
“Located at the northern end of the property, Unit 14A offers 1,064sq m of office space split over two levels, with a mixture of partitioned offices and open plan space. This unit is currently vacant.
“The 1,134sq m centre unit, 14B, is occupied by medical technology company CareFusion.
“The unit provides 486sq m of clear span warehouse accommodation, with a stud height of 6.8m, which is accessed through a single roller door or via the ground or first floor offices.
“Split over two levels, the 648sq m of office and reception space is extremely well presented.”
West says the remaining two units, 14C and 14D, are located at the southern end of the property. The larger unit, 14C, is leased to motorcycle retailer JFK Powersports.
“Unit 14C offers a net lettable area of 1,204sq m, comprised of a 694sq m warehouse and a 510sq m office and showroom area.
“The warehouse has a stud height of 6.2m at the knee, rising to 7.6m at the apex, and is accessed via a single roller door.
“The smaller unit, 14D, offers an additional showroom area of 185.3sq m.”
West says the Light Industry zoned site benefits from fantastic access to Auckland’s road and motorway network, being right next to SH1 and just minutes from the southeastern arterial route.
“The Mount Wellington area is regarded as Auckland’s prime industrial precinct and is highly sought after by a range of commercial occupiers due to its location halfway between the airport and Auckland’s CBD and port,” he says.
“It is consistently one of the best performing areas in terms of investment performance due to the tightly held land supply and the limited geography of the area.
“Investors seek exposure to this market as the dynamics invariably lead to rental and capital appreciation in the long term.”
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