Split-risk industrial in evergreen East Tamaki

Multi-tenanted warehouse and office property for sale

A multi-tenanted warehouse and office property for sale in Auckland’s ever-popular East Tamaki industrial precinct is being described as a “classic split-risk investment opportunity”.

The 5,927sq m freehold property at 43-47 Stonedon Drive comprises three separate buildings that are currently occupied by two tenants.

The solid leases return $462,000 plus GST in net annual rent.

Industrial specialists Paul Higgins, Greg Goldfinch and Andrew Hooper of Colliers International are marketing the property for sale by deadline for offers closing at 4pm on Wednesday 10 April, unless it is sold earlier.

Higgins says it is an ideal addition to any serious investor’s portfolio.

“This versatile industrial property boasts well-established tenants and a highly flexible layout, representing a classic split-risk investment opportunity.

“Built in the 1980s and 1990s, the three well-maintained buildings are on a single title that could easily be split into three tenancies in the future.

“Tenant ACM is a privately owned importer and distributor of predominately bathroom fixtures, while MSugar manufactures liquid sugar and supplies unrefined raw and refined sugars nationwide.

“Located in the established and ever-popular East Tamaki industrial precinct, the property is superbly positioned only minutes to State Highway 1 and surrounded by blue-chip businesses.”

Higgins says all three buildings comprise two levels of offices and amenities at the front of the site with warehouses at the rear.

ACM occupies a total of 2,018sq m across two buildings at 45 and 47 Stonedon Drive, both of which were built in 1996.

The company is signed to five-year lease returning $240,835 plus GST in net annual rent.

A five-year right of renewal extends the final expiry to 28 February 2027. Market rental reviews are every two years from March 2022.

MSugar occupies the 2,135sq m property next door at 43 Stonedon Drive, which was built in 1988.

The company is on a six-year lease returning $221,165 plus GST in net annual rent.

Two rights of renewal of five years each extend the final expiry to 30 April 2033. Market rental reviews area every two years.

The warehouse at 43 Stonedon Drive comprises a clear span space of 1,585sq m with a 5.2m stud height.

Access is via four roller doors; one to the frontage and three covered by a 194sq m canopy that leads to a generous side yard. The property also offers some 355sq m of office and amenity space.

The warehouses at 45 and 47 Stonedon Drive are also of clear span construction with 5.75m stud heights.

Both are accessed via roller doors – one each to the front, plus one each to a shared rear yard. A right of way gives access to additional yard space.

The larger property at 45 Stonedon Drive offers some 901sq m of warehouse space plus some 217sq m of office and amenity space.

The smaller property at 47 Stonedon Drive provides 739sq m of warehouse plus 161sq m of office.

The overall site offers excellent exposure to Stonedon Drive, with some 90m of total road frontage.

Positioned on the southern side of Stonedon Drive, the property has excellent proximity to the Southern Motorway via both the East Tamaki and Manukau interchanges.

Goldfinch says easy access to nearby industrial areas such as Wiri, Auckland Airport and Mount Wellington makes this location extremely desirable.

“The East Tamaki area is popular with companies small and large due to its excellent connectivity and established amenity.

“Significant businesses in the surrounding area include Fisher & Paylel Appliances, Steel & Tube and DHL, among others.”

The site is zoned Light Industry, which allows for activities including manufacturing, production, logistics, storage, transport and distribution activities.

MSugar is a 100 per cent New Zealand owned and operated company that was established in 2009.

The company operates nationwide with storage locations in Auckland, Tauranga, Napier, Nelson and Christchurch. It has occupied its East Tamaki premises since 2017.

Established in 1994, ACM is an Australian-owned family business run out of Melbourne.

Initially specialising in adhesives and chemical manufacturing, the business expanded into third-party logistics and has specialised in plumbing and bathroom products since 2008.

The company has since sold its manufacturing business.

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The Waikato forest, Tregoweth, is located on 347ha just south of Te Kuiti in the King Country. It is easily accessible from Waimiha Road, which bisects the forest some 200m from State Highway 30.

“The King Country is well known for producing large trees and Tregoweth Forest, which is planted solely with radiata pine, is no exception,” says Searle.

“The crop mostly comprises older first-rotation stands, with a smaller area of mid-rotation stands.”

The Waikato forest, Tregoweth, is located on 347ha just south of Te Kuiti in the King Country. It is easily accessible from Waimiha Road, which bisects the forest some 200m from State Highway 30.

“The King Country is well known for producing large trees and Tregoweth Forest, which is planted solely with radiata pine, is no exception,” says Searle.

“The crop mostly comprises older first-rotation stands, with a smaller area of mid-rotation stands.”

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