Modern North Harbour industrial

The warehouse property at 8 John Glenn Ave is described as a strategic buy for occupiers, investors and developers. Photo / Supplied

A modern North Harbour industrial property is for sale with a short-term tenant and plenty of room for expansion.

"This is one of the best warehouses on the North Shore," says Shoneet Chand of Colliers International who, with colleague Matt Prentice, is marketing 8 John Glenn Ave for sale by deadline private treaty closing at 4pm on Tuesday June 11, unless it sells earlier.

"The property presents multiple options for owner-occupiers, investors or developers seeking a foothold in this popular business precinct," says Chand.

Built in 2013, the complex features a 1766sq m warehouse and office on a 4442sq m freehold site with 1265sq m of developable land.

Centrally located on John Glenn Ave, a cul-de-sac off the main North Harbour arterial route of William Pickering Drive, it has easy access to Auckland's motorway network via Upper Harbour Drive or Tawa Drive to the South.

Chand says a short-term lease, which expires in August 2020, earns $270,000 in annual contract rent. Tenant TreasureBox is an online retailer selling a range of goods via its own website and Trade Me.

"With the benefit of short-term holding income, owner-occupiers will have plenty time to prepare for their move, while investors can start planning to add value via rental uplift."

He says the functional high-stud warehouse, has low office ratio of only 14 per cent – "which is practically unheard of within industrial buildings of this era".

"The large area of undeveloped land to the west of the site will also appeal to developers looking to add buildings in a highly sought-after location with very low vacancy rates; along with owner-occupiers looking to future expansion."

Prentice says the property was built by highly regarded KEA Property Group, which has been among the most prominent industrial developers on the North Shore since 1980.

"The structure is of a superior quality, with a 10m to 11m stud warehouse, a substantial canopy and two well-appointed office levels.

"The site is well configured with a hard stand yard area, 20 off-street car parks and a good area of future development land."

Prentice says the 1268.5sq m warehouse is accessed via three roller doors under a 281sq m canopy.

The North-facing office and amenity area has 216.7sq m of space finished to a high standard.

The undeveloped land to the west of the building comprises well-kept lawn and would be suitable for a building expansion of up to about 1100sq m.

Prentice says there is scope for a future extension to be tenanted on a separate lease, providing an additional income stream.

Chand says North Harbour's industrial vacancy rate has dipped to a new low of 1.4 per cent as of February 2019 – down from 1.9 per cent a year earlier.

New builds have been snapped up by national and international brand occupiers, including Sky TV, EBOS, EasiYo, Gurit, Inmarsat, ICT and CDB Goldair, among others.

"All of this makes the property for sale at 8 John Glenn Ave a strategic buy for occupiers, investors and developers."