Versatile East Tamaki industrial

The industrial property at 35 Lady Ruby Drive is indicated by a blue border. Photo / Supplied

A versatile industrial property on one of East Tamaki's most popular streets is for sale with three years remaining on the lease, presenting an opportunity for add-value investors and owner-occupiers.

"It has an excellent combination of high-stud warehouse, office and showroom space," says Andrew Hooper of Colliers International who, with fellow industrial specialists Jolyon Thomson and Greg Goldfinch have been exclusively appointed to present the property to the market.

The deadline for offers closes at 4pm on Wednesday December 12, unless 35 Lady Ruby Drive sells earlier.

Hooper says the 3417sq m facility is well positioned on a 6000sq m freehold site with 60-plus car parks and space for truck and container movements, making it a functional property.

Tenant Electropar Limited, a subsidiary of a US company, is signed to a six-year lease paying $427,000 plus GST in net annual rent.

"The final lease expiry is in September 2021, which provides flexible options for investors looking to add value or owner-occupiers requiring plenty of time to prepare for the move to new premises," Hooper says.

It's an ideal property for investors or occupiers looking for flexibility and functionality in a superb industrial location.

"The high-profile property offers massive exposure to traffic with 75m of frontage to Lady Ruby Drive, which is arguably the most sought-after street in East Tamaki.

"The regularly shaped site and versatile layout make it ideal for a range of uses, from manufacturing to logistics and distribution.

"Built in the 1990s, the property was expanded in 2002 and in 2008 was refurbished with a new fit out and extension to the first-floor office.

Thomson says the property has about 1898sq m of warehouse space with a 7m stud height at the knee rising to 8.5m at the apex. Access is via two roller doors.

The building has about 587sq m of office space on the ground floor, including a cafeteria. The office is mostly open plan with some partitioned office space.

The 535sq m first floor has a mixture of open plan and partitioned offices as well as staff amenities.

Thomson says a separate 199sq m office and amenity area is located within the warehouse, along with a 198sq m storage mezzanine.

"The property's tenant, Electropar, is a leading Australasian provider of electrical engineering solutions for the electrical transmission and distribution, defence and industrial sectors," he says.

"Electropar's lease contains one final market rent review in September 2019, offering scope for rental uplift before final lease expiry two years later."

Goldfinch says the property's Lady Ruby Drive location is close to the Southern Motorway via both the East Tamaki and Manukau interchanges; and it has easy access to nearby industrial areas such as Wiri, Auckland International Airport and Mt Wellington.

"The wider East Tamaki area is an established industrial area that is considered one of the best in New Zealand, due to its accessibility to key North Island markets," Goldfinch says.

The site is zoned Light Industry, which allows for industrial activities that do not generate objectionable odour, dust or noise. This includes manufacturing, production, logistics, storage, transport and distribution activities.