Prominent industrial property in a low-vacancy area that remains hotly in demand
A highly visible industrial property on North Harbour’s main arterial is for sale with a lease expiring next year, providing a chance for investors to negotiate new terms or for occupiers to secure space in a tightly held area.
The distinctive, brightly painted warehouse and office building at 1/2 Cebel Place occupies a commanding road front position with huge exposure and access to busy Bush Road, which has thousands of passing vehicles each day.
It is within a pocket of automotive users, including Pit Stop and Albany Panelbeaters, in one of the best established and most sought-after industrial precincts on Auckland’s North Shore.
The tenant, Albany WOF Centre, subleases part of the 683sq m property to complementary business Bush Road Tyres.
The lease, returning $119,000 in net annual rent, expires in October 2020, providing multiple options for add-value investors or owner-occupiers.
Colliers International is marketing the property for sale by deadline private treaty, closing at 4pm on Tuesday 30 July, unless it is sold prior.
Director Matt Prentice says it is a significant opportunity to acquire a prominent industrial property in a low-vacancy area that remains hotly in demand.
“Perfectly positioned on the high-profile corner of Bush Road and Cebel Place, this generic industrial building is ideal for both investors and occupiers,” Prentice says.
“The well-established tenant has occupied the building since 2010 and has indicated their willingness to remain following lease expiry, presenting an opportunity for upside during lease renegotiations.
“Alternatively, owner-occupiers have the chance to secure new premises with the benefit of $119,000 per annum in holding income before taking possession after lease expiry in October 2020.
“Whichever option you pursue, the property’s outstanding location and versatile configuration are bound to appeal.
“The building benefits from a very low office ratio, with 493sq m of clear-span warehousing accessed by dual wide roller doors.
“It is one of only two strata-titled freehold units on the site, which offers dual street access, ample parking for 14 cars, and massive exposure to passing traffic.
“Occupiers who want their business to be noticed, or investors seeking a solid bottom-drawer earner, need look no further.”
Shoneet Chand, Director at Colliers International North Shore, says industrial properties of this calibre are seldom offered for sale in the area.
“With the North Shore industrial market currently experiencing record low levels of vacancy, functional high-profile buildings like this are in demand.
“This is a rare opportunity to acquire a building that will allow automotive uses in a tightly held North Harbour location.
“The property is within a cluster of well-known neighbours including Crown Relocations, Hydroflow, RV Super Centre and Glasscorp, among others.
“Combined with this, the property provides easy access to many key Albany landmarks as well as both the Northern Motorway and State Highway 16.”
Chand says the road front corner site has huge exposure to passing traffic on Bush Road, while enjoying the benefits of dual access through Cebel Place at the rear of the site.
“Bush Road is the primary thoroughfare for the popular North Harbour Industrial Estate in Albany, which is a well-established industrial precinct.
“It is some 11km north of the Auckland Harbour Bridge, putting it within 20 minutes’ drive of Auckland CBD and 15 minutes’ drive of central Takapuna in off-peak times.
“Massey University, Westfield Albany and the Albany Mega Centre bulk retail outlet are all nearby.”
Current tenant Albany WOF Centre is a New Zealand owned and operated vehicle testing station. It provides warrant of fitness inspections for vehicles, motorcycles, boat trailers, caravans, horse floats and trailers.
Subtenant Bush Road Tyres is also locally owned and operated. Its services include wheel balancing, alignment, and the sale and fitting of new and used tyres from a range of top international brands.
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