The freehold industrial building for sale at 30 Hillside Rd, Glenfield.
A standalone road front industrial property in one of the most popular and tightly held industrial locations on Auckland's North Shore is for auction next month as part of Barfoot & Thompson latest Insite portfolio.
"This is a superbly located industrial property occupied by two long established industrial tenants," says Simon Farland of the agency's North Shore Commercial office who, with colleague Tom Taunt, is marketing 30 Hillside Rd, Glenfield, for sale by auction at 10.30 am on Thursday, November 12, at Barfoot & Thompson's auction room at 34 Shortland St, in the Auckland CBD.
Farland says the property is being offered to the market for the first time in 33 years and will appeal to owner occupiers and investors alike. It has excellent exposure to a high vehicle count along Hillside Rd and future subdivision potential.
"This is a freehold commercial property held on one title with significant potential for rental upside. Originally built in 1973 it was designed as five units but was subsequently converted to accommodate the two long term occupiers. However, it could be reinstated back into five units to provide a greater split risk investment in a market where there is strong demand for properties to lease in this low vacancy location."
The total building area of 935 sq m occupies a 1618 sq m flat rectangular site and generates annual income of $103,680 per annum plus GST. The frontage to Hillside Road is 20.12 metres and the site has a depth of 80.47 metres.
Novus Auto Glass occupies Unit A comprising a total 300 sq m warehouse and office area paying annual rent of $35,540 while injection moulder Autoplas pays rent of about $68,140 for the lease of a total industrial and office area of 635 sq m.
"Both are on monthly leases and a purchaser would need to discuss with the incumbent tenants any desire they have for longer lease terms," Farland.
"An owner occupier could consider purchasing this property with its impressive but conservative holding income. It could be occupied in its entirety or to suit the size of the buyer's business with the balance leased out to allow for future business expansion."
Taunt says both tenancies share access off Hillside Rd and have a yard area that can also be used for car parking. "The building has a good recent maintenance record including its roof and is in a prime position less than 400 metres from State Highway One on and off ramps at Tristram Avenue."
The property is zoned Business 10 under the North Shore District Plan Operative and Light Industry under the Proposed Auckland Unitary Plan.
Taunt says Hillside Rd's closeness to North Shore business districts and the ease of hiring skilled and stable employees from the surrounding residential suburbs of Glenfield, Takapuna and East Coast Bays, has ensured its popularity among occupiers and investors.
"Being close to the Wairau Rd auto industry strip the area still maintains a very strong appeal to more traditional industrial and automotive users of all sizes and scale but in recent times this popular location has experienced strong resurgence and regeneration with many brands opening retail outlets and showrooms in the area."
Nearby businesses now include: Mitre 10 Mega; Bunnings Warehouse and Pak'nSave, Storage King; Clearlite Bathrooms and the head office Electronic Navigation Ltd (ENL).
Taunt says specific instructions to sell the property have been received from the vendor.
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Simon Farland, of Barfoot & Thompson.