Warehouse and office likely to fly out door

By Colin Taylor

The office and warehouse property for sale at 93 Richard Pearse Drive at the Airport Oaks business precinct.
The office and warehouse property for sale at 93 Richard Pearse Drive at the Airport Oaks business precinct.

Top quality property at airport industrial zone is near to major motorway and air links.

A modern, A-grade industrial warehouse and office building in the popular Airport Oaks business precinct near Auckland International Airport has been placed on the market following a decision by the owners to pursue other business interests.

The property at 93 Richard Pearse Drive is being marketed for sale by deadline private treaty closing on August 2 through Brad Johnston and Paul Jarvie, of Colliers International, unless it is sold prior to the offer deadline.

The facility is occupied by transport company Roadstar, on a lease running until June 30 2014. Roadstar is part of the Express Couriers group following a 2007 acquisition and Express Couriers is owned by New Zealand Post.

The existing lease, which provides $413,000 in net annual rental income for the next 23 months, offers great flexibility for the future owner, says Johnston.

"The strong tenant covenant and secure income stream provide comfortable breathing space for the new owner while they make plans for the future use of the property."

Johnston says the 4845sq m office and warehouse on 7500sq m of land comprises highly functional and well-presented industrial accommodation and he expects the property to appeal to owner occupiers in the freight, logistics or distribution sectors.

"Alternatively, an A-grade property such as this would also suit investors, with the holding income giving ample time to install a new tenant," he says. "Auckland Airport is a sought-after industrial area for companies seeking a location close to road and air transport links, so it will be easy to let."

The office/warehouse building was purpose-built six years ago for Roadstar. It comprises a 2109 clear span warehouse with a 7.5m high stud at the knee and six roller doors. Offices and high-quality staff amenities make up 562sq m over two levels.

Generous canopy areas of 2174sq m on both sides of the warehouse, including a large enclosed canopy, provide full drive-through access for trucks, Jarvie says.

"The huge, fully-enclosed canopy on the eastern side of the warehouse is a feature which gives ample space for sheltered loading and unloading."

Concrete yards to the rear and side of the property provide further space for trucks or containers, with off-street parking also available.

The property is in Airpark 1, a well-established industrial precinct home to occupiers such as NZ Van Lines and Archives New Zealand. The area's popularity has been such that there is now no freehold land left to buy in Airpark 1, Jarvie says.

"We have noted a significant uplift in activity on the part of owner occupiers and tenants within Airpark 1 and also the wider airport industrial area recently, among the many businesses which have recognised the location's benefits."

Significant upgrades to local roading infrastructure are among these benefits, Jarvie says. "Two motorways - the Southern and Southwestern - are now linked at nearby Manukau, which provides a smooth connection and eliminates navigating several sets of traffic lights as was the case previously. The Waterview extension to the Southwestern Motorway will also provide a quick alternative link right through to Albany on the North Shore."

Jarvie notes that Auckland Airport is only 20km from Auckland's central business district and only 12km from central Manukau, a growth hub for the Auckland region.

"Nearly every single industry in New Zealand is reliant on air travel in some way making the sale of a location at the airport a valuable business opportunity," he says.

Recent activity in the airport industrial precinct includes the sale of a 6000sq m warehouse and the construction of a 7000sq m design-build facility for CEVA Logistics and four freehold sites recently having gone under contract.

The airport precinct is home to the largest tract of industrial zoned land in Auckland, Johnston says. "The airport is a significant and strategically located land asset and is no longer just a point of arrival or departure. It is the central connection between Auckland, the rest of New Zealand and the world."

- NZ Herald

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