A fully leased modern industrial unit, with a high warehouse-to-office ratio, is for sale in Auckland's North Harbour Industrial Estate.
Built to a high standard in the late 1990s, Unit A, 5 Airborne Rd, Albany, comprises a well-presented 1113sq m office and warehouse facility.
The strata-titled standalone building, part of a three-unit body corporate, occupies the only road frontage position on the 3787sq m stratum in freehold site.
An extensive sealed concrete yard provides space for up to 20 off-street car parks plus a certified container devanning hardstand area.
Colliers International directors Matt Prentice and Shoneet Chand are marketing the property for sale with Gary Seekup and Bruce Jiao of Barfoot & Thompson.
It's for sale by deadline private treaty closing at 4pm on October 30, unless it sells earlier.
"This is a prime industrial investment property in one of Auckland's most desirable business locations," Prentice says.
"Built to a contemporary, practical design in about 1998, it has a warehouse-to-office ratio of 79 per cent. The road front location, which links to the main arterial route of Rosedale Rd, benefits from being close to the motorway interchanges, local amenities and a large residential catchment.
"The property is signed to a three-year lease to a longstanding tenant, trading as Saddlery Warehouse, which has occupied the building for about 13 years. The lease earns $170,500 in net annual rent, with three rights of renewal of three-years-each, extending the final expiry date to July 2029.
"As bottom-drawer passive investment properties go, this one really ticks all the boxes," Prentice says.
Seekup notes that the property comprises an 880sq m warehouse and 233sq m of associated office and amenity space, over two levels.
"Built of concrete foundations, floors and walls, the property has a 100 per cent New Build Standard seismic rating.
"The internal walls are of plasterboard while the external finishing is of aluminium joinery, long-run steel roofing, and aluminium composite panels to the road front elevation."
The warehouse is rectangular in shape with a stud height of about 6.1m to 6.9m.
Goods access is provided via two motorised roller shutter doors at the rear and midway along the warehouse, the latter one not used at present.
Seekup says office and amenity areas are located at the front of the property.
"The front entrance leads to a foyer, offering access to the large warehouse facility and the first-floor offices via a stairway. On the ground floor is an office area, lunchroom, outdoor courtyard, amenities, and a storage and utility area. The first-floor offices are a mix of partitioned and open plan with associated amenities. All office areas are air conditioned."
Chand says the property has good roadfront exposure to traffic passing on the eastern side of Airborne Rd, just south of its intersection with Rosedale Rd.
"Rosedale Rd links the Albany Highway with East Coast Rd, and with an interchange at Greville Rd giving access to the Northern Motorway and the Upper Harbour Motorway. Development in the area is predominantly industrial and commercial, mostly built from the 1980s to today. There's also some residential development, retail shops, nearby reserves and local schools."
Chand says the tenant supplies an extensive range of saddlery equipment to the region.
It is part of the Saddlery Warehouse franchise established in 1999, and is now the country's largest distributor of saddlery equipment.