An A-grade warehouse and office building on one of the few remaining pocket-sized pieces of land just 3km from Auckland Airport in the popular Auckland Airport Oaks district will go under the hammer next month.
"To our knowledge there are no other titles of this size left in the Airport Oaks area," says Andrew Hooper of Colliers International who, with colleague Brad Johnston, is marketing it for sale by auction at 11am on Thursday, March 13, at Colliers' auction rooms at 151 Queen St, unless it sells before that date.
The property, featured in Colliers' first portfolio of the year, is at 52 Pavilion Drive, Airport Oaks in the Airpark 2 industrial precinct.
Hooper says the property is in one of the city's most sought-after industrial areas, where vacancies are limited and buildings of this size and quality rarely become available.
It was built by its owner seven years ago as an office and warehouse for the upmarket houseware retailer Citta Design.
Because it has added new stores around New Zealand, Citta Design needs to increase the size of its warehouse operation and has sourced another premises with more space, so the property is being sold with vacant possession. The property for sale comprises a warehouse of 1362sq m, a light-filled office of 278sq m and land of 3648sq m.
"It has an attractive outlook and special features for staff including a barbecue area out back with water views," Hooper says. "It is also oriented away from the prevailing winds, offering workers a sheltered and pleasant work space under a 156sq m canopy."
Hooper says the building was purpose built and solidly constructed by its owner to a high specification. "The A-grade office space is on par with a central business district office for professional clients."
Designed by noted Auckland architecture firm Jasmax, the property has high-stud, clear-span warehousing with an efficient narrow-isle racking system for 1500 pallet spaces, high-quality fittings and a secure concrete yard space. It is zoned Business 5, offering the buyer wide flexibility in its usage.
Hooper says the property is unusual in its smaller size for the Airport Oaks, giving the new owner a chance to secure a premium property with few comparable competing options.
"It is very hard to find a standalone warehouse and office building on a freehold title in this area. It is more common to see three small units on land of this size. Furthermore, because the property was built by the owner for their own use, it features a better construction specification than usual. It would appeal to a buyer with a growing business seeking to benefit from the transition to owning from renting."
Johnston expects the property will attract strong interest from private investors or owner occupiers involved in retailing, distribution, or export and import.
"The building is in a high demand area where vacancy rates are very low. Large neighbouring businesses include Rinnai, Honda, Giltrap Group and Foodstuffs. For a buyer this is a good opportunity to purchase a high- grade facility that is vacant and ready to go, without the need for a 12-month design build cycle," Johnston says.
"The precinct has also seen strong leasing activity."
What's on offer?
The property: A-grade warehouse and office building
Where: 52 Pavilion Drive, Airport Oaks
Agency: Colliers International
Sales method: Auction 11am Thursday, March 13