A high-profile property leased to long-standing tenant Carters Building Supplies is for sale on one of East Tamaki's busiest roads.
"It's not often that such a large and prominent site comes up for sale in East Tamaki where properties of this scale are very tightly held," says Scott Campbell, Bayleys' national industrial and logistics director who, with colleagues Dave Stanley and James Hill, is marketing 91 Harris Rd for sale by tender
closing at 4pm on Wednesday, September 19, unless sold earlier.
Featured in Bayleys' latest Total Property portfolio, the property, on the corner of Harris Rd and Greenmount Drive, encompasses 8094sq m of freehold land with wide frontages to both roads, two warehouse/showroom buildings totalling 2827sq m and a spacious yard.
"It has huge potential with longer-term, add-value and development prospects given its strategic, corner position, multiple access points, and location in one of Auckland's most sought-after industrial precincts," Campbell says.
Carters' lease commenced in 2005 and runs until April 2022, with one three-year right of renewal. The national company, which recently celebrated its 150th anniversary and focuses on supplying the building trade, uses the property for the display and sale of a wide range of building products.
Hill says there are two buildings on the site. The main 2022sq m warehouse and showroom premises occupies the Harris Rd/Greenmount Dr corner and accommodates the main retail area, administrative offices and a products storage warehouse.
"The warehouse has a functional clear-span layout with a basic despatch area and multiple roller doors, providing excellent flow to and from Greenmount Drive which is the main point of entry for trucks," says Hill. "A smaller rear warehouse on the western boundary at the rear of the site, was built at a later date and has 805sq m of clear span warehousing with an approximate stud height of 7m. It also has multiple roller door access."
Between the two buildings is a wide access area which leads to a 2986sq m fenced yard fronting Harris Rd. Also fronting onto Harris Rd, with access from both roads, is a customer parking area with 30 vehicle spaces.
The property is generating net annual rent of about $322,000 plus GST. "The next market rent review is in April next year when a new owner would be able to put forward a strong case for a rent increase based on a comparison with similar properties in the area which has seen a good level of rent growth in recent times," says Campbell.
Dave Stanley says the dual carriageway Harris Rd has become a major arterial route in East Tamaki running from nearby Ti Rakau Dr to East Tamaki Rd and Otara. Greenmount Dr is a loop road which also connects with Ti Rakau Drive.
Stanley says the property's standalone, split buildings, multiple roller doors with large canopies totalling 484sq m and extensive yard space increases its appeal for future redevelopment with a possible subdivision into smaller tenancies enabling higher rent to be achieved.
"The site's Business – Heavy Industry zoning also increases the range of tenancies that could be targeted for the site."