A building comprising office, showroom, warehouse in the North Shore's Interplex business park, at Albany, is on the market.
The 1013sq m building, with a 28.4sq m canopy area and 17 car parks at 14 Canaveral Dr, has been built using blue ribbon materials inside and out, , setting it above other developments in the locality.
Built in 2004 to meet the business park's strict control of land use and building quality, the 426.9sq m ground floor showroom and offices have extensive glass walling, while the 587sq m warehouse and mezzanine has a high stud and features concrete panelling. Access is through a single roller door.
Described as a "passive industrial investment with punch", the freehold property is being marketed by Bayleys North Shore salespeople Laurie Burt and Matt Mimmack by private treaty, closing at 4pm on July 18. The property features in Bayleys latest Total Property portfolio magazine.
"This is a prime road-front industrial property in a desirable business park," says Burt. "With a new lease generating yearly rent of $197,000 plus GST from the tenant, who has occupied the building since 2004, this is a clean and passive purchase."
Development in the surrounding Albany Heights industrial area is predominantly quality offices, retail and office/warehouse properties, the majority of which were built in the mid-2000s.
Interplex business park sprung into life on a 47ha site in 2001. At the time the market was flat and the location was seen as secondary, but the four-and-a-half year project set a point of reference for business park subdivision on the North Shore.
Interplex adopted a comprehensive suite of land use controls to ensure a high quality product, as well as an encumbrance package managed by an owners' association, controlling architecture, site planning, building form, signage and landscaping.
From a development perspective, this was seen as critical to the success of the project, and demand for sites was reflected in land sale values that started at $179sq m for the first sale, to $650sq m in the final stage. The business park land commanded a premium of at least 40 per cent over identical neighbouring land.
The 14 Canaveral Dr property, which was built by the Kea Property company, presents well, says Burt, and has Auckland Council
General Business zoning.
This allows for businesses from light industrial to limited office, large format retail, and trade suppliers. Large format retail is preferred in centres, but this is not always possible, or practical.
Although the application of the zone within Auckland is limited, it is an important part of the Unitary Plan's strategy to provide growth in commercial activity and manage the effects of large format retail.
Interplex business park is in a central position to the surrounding and expanding North Shore urban areas. Canaveral Dr is off Triton Dr, which accesses Rosedale Rd and Arrenway Dr. There are good connections to the Northern Motorway by the Greville Rd or Constellation Dr interchanges. The area benefits from its closeness to the Wairau Valley, urban areas and motorways.
"Strong demand from investors and tenants has developed over the past couple of years because of expansion of surrounding urban areas, completion of new developments and the area's closeness to the Albany sub-regional centre," Burt says.