Penrose freehold standalone warehouse and office to be auctioned

This Penrose property (left) and the industrial complex (white building) in Pukekohe go under the hammer on Thursday. Photo / Supplied

Two industrial buildings, one in the heart of the Penrose industrial area and the other to the south of Auckland in Pukekohe, will be sold by auction next Thursday at 1pm at the offices of Colliers International, 52 Highbrook Drive, Manukau.

A 1078sq m standalone warehouse and office building on a freehold 1452sq m site at 19-21 Fairfax Ave is being marketed by Ben Herlihy and Dwayne Warby; while a 1560sq m warehouse on a 3346sq m site at 35-39 Crosbie Rd, Pukekohe, is being offered by Warby and Paul Jarvie.

Herlihy says the Fairfax Ave property is in a top Penrose location, just off busy Station Rd and close to the Southern Motorway. "It has a road frontage of 22.79 square metres and an average depth of 63.23 square metres, with superior staff and client carparking space," he says.

The building, which was erected in the 1970s, comprises a 820sq m warehouse with a 5.5m stud height and 258sq m of offices and amenities.

"Zoned Business 4 under the Auckland City District Plan, the property has all the attributes of a quality, hard working industrial premises.

"The property has great access, a large yard, good parking, ample stud height and strong warehouse-to-office ratio. Having been an owner-occupier property for the past eight years, the property remains in excellent condition."

Warby says tenants are showing a preference for properties like the Fairfax Ave complex to insulate their businesses against the downturn.

"Sales figures collected by Colliers International show that land values in Penrose stabilised over 2009 and in general terms, values range between $325 per square metre and $400 per square metre in the Penrose-Onehunga area."

The Crosbie Rd, Pukekohe property is on two titles of business zoned land in the Franklin District Plan.

Warby says it's a high-quality freehold industrial offering with solid income and development potential.

Owner Baltrese Holdings is selling the property on a sale and lease-back basis to allow the firm to focus on its core business and inject capital into the operations, including that of subsidiary Vernon & Vazey Truck parts, which has just taken a new six-year lease on the complex.

"Vernon & Vazey has been a tenant for seven years and has operated in the area for over 32 years. It is one of the largest suppliers of truck spare parts in the Southern Hemisphere and, with a new six-year lease, the building will also become a high-profile corner site when the new Pukekohe Eastern Arterial route is formed," Jarvie says.

"It has full drive-around access, multiple roller doors and concrete yards and is the type of property that will suit family trusts and investors.

"Not only is the property in two titles but the building is set up to be divided into four units, allowing for rental development and future flexibility."

Vernon & Vazey markets itself as one of Australasia's largest suppliers of new and second-hand truck parts for Japanese, European and American models.

The new six-year lease for 35-39 Crosbie Rd began on February 1, 2010, with three rights of renewal of three years each and returns $164,000, plus GST, per annum with outgoings.

Warby says the property is in "a sought-after industrial address in Pukekohe, sandwiched between the busy Manukau and Station Rds and around the corner from Pukekohe's A&P Showgrounds".

It is surrounded by a number of new developments along with longstanding occupiers.

"Countdown has just opened a brand new supermarket nearby and PGG Wrightson, Rebel Sports, Briscoes and Harvey Norman are among a number of national brands that have outlets close to the property. Additionally, the Pukekohe railway station is close by."