Exterior wide horizontal view of three retail properties for sale in Warkworth at 26-50 Morrison Drive.
Three retail trade properties in the rapidly expanding Warkworth industrial area north of Auckland are up for sale for the first time since they were completed in 2012.
Fully leased to a mix of nine commercial tenants, including well known national and international trade retail brands Resene Paints, Corys Electrical, and Repco, the freehold properties are generating total net annual rent of $335,150 plus GST.
Located at 26-50 Morrison Drive, Warkworth, and in three contiguous freehold titles, the entire portfolio includes 8082 sq m of land, 2371 sq m of high-stud warehouse and retail showroom space and 96 parking spaces.
"All have an A-plus seismic rating and have been very well maintained," says Bruce Whillans of Ray White Commercial who, with colleague Stuart Bode, is marketing the properties for sale by tenders closing on Tuesday, September 16.
Whillans says the complex was designed and well constructed by the current owners to meet the demand of the local market for an industrial and trade retail centre.
Bode says the properties were put into three separate titles which is unusual because many industrial complexes offer unit title ownership only.
"They can be purchased individually or as one parcel with the latter giving the new owner more flexibility in being able to on-sell them when they need to free up capital, rather than having to offload the whole three of them at once," he says.
Lot 1 at 26-42 Morrison Drive comprises four warehouse units of 225 sq m each - all identical in size. Tenants of the units, which feature individual pedestrian and roller door access, include Monaghan Enterprises, NZ Couriers, Express Couriers and George Weston Foods - a subsidiary of Tip Top.
Lot 2 at 44-48 Morrison Drive has three tenants and a total building area of 988 sq m with Corys Electrical having a rectangular shaped middle tenancy between Curves Gym and Resene Paints. A main roller door provides goods access on the eastern elevation and the unit has separate main and secondary pedestrian entries. The unit contains four offices, two toilets and a staff room with a small kitchenette.
Unit 3 is a Curves Gym that has been fitted out as a woman's health and fitness centre with the general configuration open plan with a suspended ceiling. Changing rooms, toilets and showers are situated at the rear of the unit with a separate staff room and kitchenette adjacent to the changing rooms.
Unit 4 on the north eastern corner of the development is occupied by Repco and benefits from a high level of exposure. The main entry is provided via a recessed entry foyer with goods access via a separate roller door. The unit includes a small staff room and toilet.
Lot 3 at 50 Morrison Drive has two road frontages with access from both Morrison Drive and Gumfield Drive and has two tenants and a total building area of 483 sq m.
Unit 1A is a corner cafe with a glazed shop frontage featuring good levels of natural light. The unit includes an outdoor courtyard area used for additional seating with two pedestrian entrances and a roller door for goods access.
Unit 1 accommodates Resene Paints and is a large L shaped tenancy of 349 sq m which wraps around Unit 1A. The unit has a high quality retail showroom space with suspended ceiling, carpeting and air-conditioning throughout. The rear portion of the tenancy includes a manager's office, staff room, washnroom and warehouse space with trade access via a roller door fronting to Gumfield Drive.
Whillans says the property is just 45 minutes' drive north of Auckland CBD in Warkworth's main light industrial precinct which is set to benefit from a rapidly growing residential catchment. The surrounding area is earmarked for future residential housing.
"The immediate area has undergone a significant level of public and private investment over the last five years including a new Mitre10 Mega, a 150 unit Sommerset Retirement Village at Mansel Drive and the widening of Woodcocks Road," he says.
While still a largely rural area, Warkworth is the largest settlement in North Rodney and acts as a commercial hub for the surrounding district which is home to about 32,000 people.
He says the properties for sale are located in the Woodcocks Industrial Estate, an important development that supports Warkworth and the surrounding area and home to a range of businesses including automotive and service providers VTNZ and Honda, trade outlets such as Flooring Xtra, Hynds and Micro Plumbing.
"Four square kilometres of land to the south and west of the industrial has been re-zoned future urban land under the Transitional Unitary Plan and will provide a major source of employment and residential growth over the medium and long term," Whillans says.