A newly refurbished commercial investment property with a multinational head tenant and huge exposure to the main route from Auckland International Airport is on the market.
Colliers International has been exclusively appointed to market 14 Amelia Earhart Avenue, Airport Oaks, for sale by deadline private treaty.
Offers on the 3887sq m freehold property close at 4pm on Tuesday May 29, unless sold prior.
Situated in the heart of Auckland's highly sought-after airport precinct, the property comprises a 1257sq m office building over two levels and 59 car parks.
Agency director Brad Johnston, who is marketing the property with colleagues Paul Jarvie and Matthew Barnes, says investors will be attracted to the property's solid fundamentals.
"This is a chance to acquire a top-tier commercial property investment with strong tenant covenant, built-in rental growth, and a superb location with huge exposure to passing traffic.
"The head tenant is dual-listed services company Downer, which has more than 56,000 employees worldwide. The property is sublet to Fortlock Security Systems, which provides security management services to some of New Zealand's largest organisations.
"The 12-year lease earns $336,186 plus GST in annual rent, with annual rent reviews to the Consumer Price Index. Two rights of renewal of five years each extend the total lease term until mid-2032.
"This is an outstanding opportunity to acquire a high-profile investment property that really does tick all the boxes."
Jarvie says the property is well located on Amelia Earhart Avenue – a commercial road that runs off Richard Pearse Drive, 3.3km from the airport and 25km from the CBD.
"The property backs onto George Bolt Memorial Drive, which is the main arterial route between the Southwestern Motorway (State Highway 20) and the airport," he says.
"Sub-tenant Fortlock has signage rights, giving the company unbeatable exposure to thousands of vehicles travelling to and from the airport each day."
Jarvie says the two-level office building was recently refurbished and presents very well.
"The building has a tidy reception and foyer area on the ground floor, with stairs and a lift providing access to the first floor," he says
"The office space is a mix of open plan and partitioned offices with meeting rooms, amenities and a large lunchroom.
"The site has full drive-around capabilities with plenty of parking for staff and customers. With a total of 59 car parks, there is one park per 21sq m of office space."
Barnes says access to the airport precinct has been greatly improved by the recent completion of SH20, which links SH1 to the south with SH16 to the northwest via the Waterview Tunnel.
Upgrades to George Bolt Memorial Drive (SH20A), including a new overbridge and controlled intersection, have also improved traffic flows.
"The airport precinct is a well-established industrial, logistics and commercial area that is occupied by a large number of national and international firms," Barnes says.
"The area is particularly well-suited to occupiers that specialise in importing/exporting, distribution or freight forwarding.
"DHL, DB Schenker, Hellmann Worldwide Logistics, Freedom Furniture and Maui Camper Vans are just a few of the large international businesses operating in the area."
Barnes 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."