"There is a substantial amount of land around the existing building, especially at the rear where there is a massive amount of car parking providing space for over 120 vehicles over the whole site," Healey says.
"In the future, given the location and shortage of available development land nearby, it may be possible to increase the property's income with more building area.
"Under the proposed Auckland Unitary Plan, it may even be possible to redevelop it longer term into a mixed-use retail, office and industrial property."
The site is currently zoned Business 9 under the Auckland Council's District Plan which permits a wide range of business activities including light to medium industrial and office use.
SmartPay Ltd has a seven year lease from 2009 and, with two rights of renewal of three years each, the final expiry date could be 2022. The property is producing net annual rental income of $481,760 with annual rent reviews linked to the Consumer Price Index (CPI) on SmartPay's lease. The total income also includes the lease of 45 parking spaces by Mitre 10's head office, located adjacent to SmartPay's premises.
SmartPay provides a range of technology services for retailers with a database in excess of 30,000 merchants in New Zealand who use its payment products, wi-fi services, internet banking products, in-store marketing media products or telephony services.
"SmartPay is a market leader in the delivery of the latest technology services for retailers including managing New Zealand's largest wi-fi network, as well as providing other value added telephony and payment services and key point of decision marketing tools such as Retail Radio," says Healey.
The building the company occupies has approximately 1990sq m of air conditioned offices on two levels at the front of the site; a low stud, 969sq m workshop and warehouse plus 473sq m of higher stud warehousing at the rear. Burt says it would be hard to find a similar building of this size and configuration in the lower North Shore area, especially one that provides so much flexibility with its mix of office, workshop and warehousing space.
The office layout is modern with a central open plan work area and surrounding perimeter offices and meeting rooms on the ground floor along with a substantial cafeteria which opens on to an outdoor wooden deck.
Burt says the property is strategically located in an elevated position on the northern side of Wairau Rd close to the State Highway 1 motorway interchange at Tristram Ave.
"Vacancy levels are very low in the Wairau Valley as the result of a pick up in demand for industrial property from both tenants and owner occupiers and because of the continuing expansion of bulk retailers and leisure and entertainment businesses," Burt says.Another Wairau Valley property being marketed for sale by Mimmack and Healey along with Ashton Geissler of Bayleys North Shore Commercial is a modern industrial facility of about 1133sq m at 6 Target Court.
For sale by deadline private treaty closing on September 19, this property is producing net annual rental income of $198,224.
It is tenanted by Speedscan Ltd (previously Datacap Ltd) with a lease expiring in November 2017, but there are two rent reviews in the meantime, one in December this year and one in 2015, both linked to CPI or 2 per cent per annum whichever is greater. Headquartered in Sydney and with offices also in Wellington and Christchurch, Speedscan offers document process outsourcing services in Australia, New Zealand and the Philippines.
Designed by Design Architectural and completed in 1993 by the Kea Property Group, the Target Court building is more of a conventional warehouse and office configuration. It comprises 409.5sq m of good quality partitioned executive offices; open plan work stations and a sorting area at the front of the property; a 408.5sq m warehouse containing a mix of low and high stud space at the rear; and a 315sq m first floor workroom.
Mimmack says the building is located on a 3265sq m site with ample room for parking for up to 28 cars and is part of the Target Court estate, a complex of modern industrial buildings just 200 metres from Link Drive and therefore close to the State Highway 1 motorway on and off ramps.
Next door at 10 Target Court, the former New Zealand distribution centre of electrical trade supplier HPM is being converted into an extreme entertainment facility.
The 4067sq m building has been leased to Coin Cascade Ltd by Bayleys North Shore's Christina Heaven.
