"The combined annual income of this property is around $82,000 plus outgoings and GST for an 8-8.5 per cent return on investment.
The essentially level site has a 48.7m frontage on The Concourse, which runs roughly adjacent with the north-western SH 16 motorway, and is close to a motorway off ramp.
"The area has high levels of occupancy and demand with the reconfiguration of the Lincoln Rd Interchange to State Highway 16 allowing for higher traffic volumes," Alfassi said.
The part of the site not occupied by the warehouse buildings is sealed, giving parking for 12 cars and manoeuvring space.
The building is in two separate units.
Unit One is fitted out to accommodate a long-term established tenant, a drying cleaning company, which leases a 234sq m warehouse, 41sq m mezzanine office and 33sq m plant room totalling 308sq m for $32,000 annually plus operating expenses and GST.
The 12-year lease started on December 1, 2010 and has a final expiry of November 30, 2022.
"With this lease into four years of a 12 year term that has two-yearly rent reviews, this tenancy is a bonus for any investor but especially if the purchaser is an owner occupier in the second unit," Alfassi said.
The second unit with about 386sq m in office, warehouse, mezzanine and amenities space, is occupied by an importer on a one-year lease with two rights of renewal and paying $50,000 a year plus GST and outgoings.
Alfassi says the dual tenancy makes 30 The Concourse a good split-risk investment or an ideal opportunity for the buyer to occupy the second unit and draw income to offset a mortgage from the adjoining unit leased to the dry cleaning company.
The building has concrete foundations and ground floor, concrete block walls, roof steel beams fixed to concrete walls/pilasters, timber purlins, foil and profile metal roof.
The mezzanine level has particle-board flooring. The exterior cladding is also predominantly concrete block with small areas of timber weatherboard and flat fibrolite sheet, aluminium joinery, mansard styled metal roof and a vehicle access roller door.
Alfassi said industrial and commercial leasing in West Auckland had improved, and many vacant buildings were being leased or being sold to owner-occupiers.
"The location lends itself to many types of businesses and there is an option to create a new title and separate the two units to stand-alone properties to increase value.
"Central Auckland is only a 10 or 15-minute drive away during off-peak hours and the opening of the Western Ring Route, with the completion of the SH16 Northwestern Motorway upgrade and the Waterview connection on SH20, will raise the profile of this area even higher."
The surrounding locality was established industrial in nature, with warehousing, manufacturing and yard-based interests.
"Lincoln North, Central Park Drive, the new Universal Drive extension and Henderson retail areas are minutes away."
The land is zoned Working Environment by the Auckland Council.
What's on offer?
The property: Two attached Henderson warehouses.
Location: 30 The Concourse, Lincoln North.
Agency: Harveys Te Atatu Peninsula.
Sales method: Expressions of interest, closing November 13.
Features:
Split-risk investment with two tenancies.
Two attached warehouses with office space.
Combined annual rental income of $82,000.
Return on investment of 8-8.5 per cent.
Close to motorway access.
