Go Bus Transport's Auckland Airport depot is on the market, offering investors a chance to secure a 1.58ha industrial property on long-term lease to an established national tenant.
Colliers International is marketing 12 Penihana Place for sale by deadline private treaty closing October 25, unless sold earlier.
Paul Jarvie, who is marketing the freehold property with colleagues Brad Johnston and Josh Coburn, says Go Bus is signed to a new nine-year lease earning $654,400 per annum.
He sees an opportunity to acquire a substantial investment property within Auckland Airport's recently developed Airpark 2 industrial precinct.
"The property has a large modern warehouse that occupies only about 20 per cent of the site, providing ample yard and car parking space," says Jarvie.
"The site's modest built coverage also offers abundant long-term redevelopment potential, giving the property good future upside."
Johnston says the secure site is dominated by a substantial 5576sq m sealed yard with multiple bus parks. An additional 30 carparks are also available. The property features a modern 3293sq m building with a mix of warehouse and office facilities.
"The 2047sq m high-stud warehouse is accessed via multiple roller doors," Johnston says.
"The building also has 1094sq m office space, which is extremely well presented. Some is located on the ground floor, with an additional 152sq m on a mezzanine."
The tenant Go Bus Transport Ltd is a New Zealand-based transport operator jointly owned by Tainui and Ngai Tahu. It is signed to a nine-year lease, commencing upon settlement, with an additional nine-year right of renewal.
"Go Bus is New Zealand's largest passenger service operator with a fleet of vehicles and over 1700 vehicles and 2000 employees located nationally," Johnston says.
"The company delivers high-quality urban, school, charter, aged care, disability and touring services throughout the country.
"Headquartered in Hamilton, the company has more than 30 depots nationwide, from Auckland through to Invercargill. Most services provided are through long-term contracts with organisations such as Auckland Transport, local councils and the Ministry of Education."
Coburn says the Penihana Place depot is within the airport's recently developed Airpark 2 industrial precinct, a well-established and modern industrial park that is home to many national and international firms.
"The property is zoned Light Industry under the Auckland Unitary Plan - allowing for a range of industrial activities, including light manufacturing, production, logistics, storage, transport and distribution."