The industrial property at 7 Airborne Rd is in the heart of the North Harbour Industrial Estate.
The industrial property at 7 Airborne Rd is in the heart of the North Harbour Industrial Estate.
A freehold, road-front site with two quality tenants and new lease terms make this an attractive 'hands-off' investment proposition.
The site is in the heart of the North Harbour Industrial Estate.
A modern, standalone industrial property with dual tenancy has come to market in the Auckland suburb of North Harbour.
"The beauty of this property is the split risk that comes with dual tenancy," says Matt Prentice of Colliers International.
Along with colleague Shoneet Chand, Prentice is marketing 7 Airborne Rd for sale by deadline private treaty closing at 4pm on Tuesday, March 15, unless it sells earlier by negotiation.
"It is rare to find such high quality, standalone building on a freehold, road-front site with two quality tenants with new lease terms - attributes that make this an attractive 'hands-off' investment proposition."
The 1277sqm office/warehouse occupies a high-profile 1603sqm site in the heart of the North Harbour Industrial Estate.
"This property offers investors an excellent location - where vacant industrial space remains in short supply - and a strong tenant covenant. When it comes to key attributes that industrial property investors are looking for - including location, building quality and tenants - this one is extremely hard to beat," Prentice says.
The Airborne Rd property for sale is defined by a red border.
The two tenants include multinational company Gencom Technology, and Pacific Hygiene, a manufacturer and importer of hygiene consumables in Australasia. The tenancies, both with new four-year lease terms, return a total of $206,545 per annum net.
"Gencom provides expertise and technology solutions to the broadcasting and multimedia industry, which it has done since its formation in New Zealand 1969.
"In 1999, Gencom expanded its operations overseas and the company currently has offices in New Zealand, Singapore and South Africa."
The property was purpose-built for Gencom in 2003 and comprises two levels of high quality offices together with high-stud warehousing, with an Initial Evaluation Procedure (IEP) report assessing it at 100 per cent of National Building Standards (NBS), Prentice says.
"Buildings purpose-built by owner-occupiers tend to have a higher quality of construction and Gencom have clearly gone the extra distance, which is visible the moment you enter the foyer," Prentice says.
"The building was also configured to provide for two separate tenancies, with the warehouse and office areas being divided by a full height pre-cast concrete wall."
The generic rear warehouse has been occupied by Pacific Hygiene Limited since late 2015, Prentice says.
An interior view of 7 Airborne Rd, North Harbour.
"The warehouse is constructed with a clear-span and a minimum stud height of approximately six metres at the underside of the portal knee, rising to seven metres at the apex of the roofline.
"Overall the warehouse provides a functional and versatile accommodation suited to a variety of uses, with access through two roller doors - between 4.4 metres and 5.5 metres in width."
The offices are constructed over two levels across the front elevation and comprise a ceramic tiled entry way with timber stairs leading to the mezzanine level, which provides a reception and executive offices, Prentice says. "This area is divided into 13 separate offices and meeting rooms, along with the reception area and a small deck."
The ground level largely contains laboratory, offices and staff amenities which contains vinyl floors, suspended ceiling and vented air-conditioning.
Matt Prentice, Colliers International.
Situated on a highly-visible street-front site on the eastern side of Airborne Rd - about 72 metres north of the junction between Airborne Road and Tarndale Grove - the property is in close proximity to the popular Constellation Drive, Northern Motorway interchange and plenty of local amenities, Chand says.
"North Harbour is a popular hub for business, and with limited land supply and low vacancy rates, rental rates are only increasing. "The industrial estate is also in very close proximity to Albany City - a heavily expanding residential catchment."
