North Harbour WOF centre warrants inspection

The brightly painted warehouse and office building, occupies a commanding position. Photo / Supplied

An industrial property leased to a warrant of fitness business on North Harbour's main arterial route is for sale.

The lease expires next year, says Matt Prentice of Colliers International who, with colleague Shoneet Chand, is marketing 1/2 Cebel Pl for sale by deadline private treaty, closing at 4pm on Tuesday July 30, unless it's sold earlier.

Prentice says the sale represents a significant opportunity to acquire a prominent industrial property in a low-vacancy area.

With the lease expiring next year, the sale provides a chance for investors to negotiate new terms or for occupiers to secure space in a tightly held area, he says.

The brightly painted warehouse and office building, occupies a commanding position, with huge exposure and access to busy Bush Rd.

It is within a pocket of automotive users, including Pit Stop and Albany Panelbeaters, in an established industrial precinct 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, generating $119,000 in net annual rent, expires in October 2020, providing multiple options for add-value investors or owner-occupiers, Prentice says.

"Perfectly positioned on the high-profile corner of Bush Rd and Cebel Pl, this generic industrial building is ideal for both investors and occupiers.

"The tenant has occupied the building since 2010 and has indicated a willingness to remain following the lease expiry - presenting an opportunity for rental upside during 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 is pursued the property's outstanding location and versatile configuration are bound to have 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 has dual street access, ample parking for 14 cars, and massive exposure to passing traffic."

Chand, director at Colliers North Shore, says industrial properties of this calibre are seldom for sale in the area.

"With the North Shore industrial market 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 businesses including Crown Relocations, Hydroflow, RV Super Centre and Glasscorp.

"Combined with this, the property has easy access to many key Albany landmarks as well as the State Highway 1 Northern Motorway and State Highway 16."

Chand says the road front corner site has huge exposure to passing traffic on Bush Rd, while having the benefit of dual access through Cebel Pl at the rear of the site.

"It is 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."