"The four separate freehold units have six individual leases, providing multiple income streams totalling $174,376 a year. Built by well-known developers Kea Property Group in 2001, the property comprises a single building made up of four medium-sized stratum in freehold units. Each of the units has a warehouse and two levels of office space, with the ground floor offices able to be used as a showroom space."
Ryan says the property is close to a range of businesses and amenities.
"The North Harbour Industrial Estate has easily developable land, pleasant outlook and a quality working environment," he says.
The property is close to the intersection with the Upper Harbour Highway (SH18), which provides easy access to Auckland's growing northwest and an alternative route south via the Western Ring Route. NZ Transport plans to realign and improve the intersection as part of its Northern Corridor Improvements project.
The property is only 1km from the Northern Motorway interchange.
"The CBD is only 15 minutes' drive away at non-peak times, while central Takapuna is about 10 minutes' drive south. The location is close to Albany Mega Centre, Westfield Albany shopping centre and North Harbour Stadium."
Colliers' Matt Prentice says the units are on a level site with good vehicle access.
"The overall design and appearance is attractive, featuring extensive tinted glazing and recessed entrances to the warehouses. The building is on concrete foundations and floor slabs, with fire-rated concrete panel walls on the boundaries. Offices have glass curtain walls and plastered fibre cement panelling, while the warehouse walls are horizontal Colorsteel. Access is via large roller doors."
Prentice says the roofs are of long run steel with translucent panels at regular intervals providing natural light.
The offices have a mix of fluorescent lighting and recessed downlights, while high bay lighting is installed in the warehouses. Fibreglass insulation is installed in the roofs above the offices, and the units have various air conditioning systems.
• Unit A has a net lettable area of 325sq m leased to two tenants. Speedy Signs occupies 213sq m on the ground floor and four car parks, while Netsoft leases the 112sq m first floor office and two car parks. The tenants pay $41,726 and $23,923 respectively in annual rent.
• Units B and C have net lettable areas of 167sq m each. The Canvas Company leases Unit B and four car parks, while Privilege NZ leases Unit C and three car parks. Both leases return $31,869 in annual rent.
• Unit D has a net lettable area of 190sq m and three car parks. Tenant Go Hockey pays $35,000 in annual rent.
• A cellphone tower leased to Vodafone earns an additional $9,989 in annual rent.
Prentice says it is an opportunity to acquire a split-risk investment on separate freehold titles in a sought-after Shore location.
