One of Albany’s last developable motorway profile sites
An expansive yard property with massive profile to the Northern Motorway is for sale with two month-by-month leases providing maximum flexibility for occupiers, investors or developers.
The 2,034sq m freehold property at 18 Cowley Place, Albany, is well located in one of the most sought-after industrial precincts on Auckland’s North Shore.
It is for sale for the first time in 17 years, as vacancy rates across the North Shore remain extremely low.
Colliers International is marketing the property for sale by auction at 1pm on Wednesday 3 July, unless it is sold prior.
Directors Shoneet Chand and Matt Prentice of Colliers’ North Shore office say it is a superb add-value opportunity with holding income.
“Perfectly positioned metres from the Northern Motorway interchange, this is one of the last remaining developable sites in the area offering motorway profile,” Chand says.
“The securely fenced, flat site benefits from massive exposure to thousands of vehicles passing daily.
“It sits in a low vacancy area along with well-known brands such as Hirepool, Hynds, National Mini Storage, Mico and Carters.
“Month-by-month leases to two secure, long-term tenants ensure maximum flexibility.
“Whether you choose to enjoy the holding income or prefer to occupy or redevelop, the options are seemingly limitless.”
The Business Light Industry zoned property returns $101,894 per annum in net annual rent.
All Safe Scaffold Limited occupies 1,034sq m of secured yard plus 36.1sq m of office and amenities and 69.5sq m of storage.
The company is on a month-by-month lease from 1 June returning $51,974 in annual contract rent.
Founded almost 10 years ago, the family-owned company was originally called Albany Scaffolding but later changed its name to All Safe Scaffolding as its customer base grew throughout the Auckland region.
Supercity Towing Limited occupies 1,000sq m of secured yard plus 60sq m of office and amenities and 19sq m of storage.
A month-by-month lease from 1 June returns $49,920 in annual contract rent.
Supercity Towing provides vehicle towing services throughout the Auckland metropolitan region, operating a network of secure depots and a 24/7 contact and dispatch centre.
Prentice says Albany remains an extremely popular location, as evidenced by its extremely low industrial vacancy rate.
“The wider North Harbour area has only 1.9 per cent vacancy, according to the latest Colliers International survey. This shows continued demand for industrial property in the area.
“The surrounding location is going through significant transformation, with the planned $70 million Rosedale Busway Station due for completion by 2022.
“This will provide significant benefits to commuters and businesses in the area.”
The property lies to the eastern side of Cowley Place – a short cul-de-sac which extends from the southern side of Rosedale Road.
The site is relatively regular in shape, with some 41.7m of frontage to Cowley Place and a 29.2m boundary at the rear facing the Northern Motorway.
Surrounding development includes a number of modern industrial properties, although directly to the south are two adjoining properties which comprise predominantly yard space.
“The property benefits from close proximity to the Auckland motorway system with connections at either Constellation Drive to the south or Greville Road, a short distance to the north,” Prentice says.
“Auckland’s CBD is within 20 to 25 minutes’ drive during normal traffic flows, while Takapuna is only about 15 minutes to the south.”
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