The standalone building at 11 Colway Pl is split into three separate units. Photo / Supplied
A fully leased, multi-tenanted investment property in the Wairau Valley industrial precinct is on the market for the first time in 37 years.
The 1716sq m freehold property at 11 Colway Pl, comprises an 803.2sq m standalone building split into three separate units with excellent warehouse to office ratios.
Colliers International North Shore directors Euan Stratton, Matt Prentice and Shoneet Chand are marketing the property for sale by auction at 11am on September 5.
Stratton says it earns a solid split-risk income of $102,109 in net annual rent.
"Medium-sized industrial units very rarely come to market in Wairau Valley, let alone three, making this an outstanding opportunity to acquire a multi-tenanted investment in a tightly held area. On a busy cul-de-sac off Ashfield Rd, the property has access to the Northern Motorway interchange at Tristram Ave via Diana Dr and Wairau Rd.
"The site has ample off-street car parking, low site coverage and versatile Business Light Industry zoning, giving it abundant redevelopment potential.
"With the vacancy rate in Wairau Valley remaining low, this is a chance to secure a foothold in one of the North Shore's most sought-after industrial locations."
Prentice says each of the adjoining industrial units has two levels of office space with amenities, a clear span warehouse with a medium stud height of 3.5m and a small yard at the rear.
"Unit 3 has access to the yard via a roller door while all units' offices have separate entrances, with stairs leading to the first floor.
"Built in the 1970s, the property has an A-grade IEP [Initial Evaluation Process] rating of 100 per cent. It is constructed of concrete block walls on reinforced concrete foundations, with steel beams supporting the long run iron roof."
Chand says the property occupies a prominent road front position at the end of Colway Pl. The building has about a 17m setback from the road, allowing for off-street parking.
"The property is well located within Wairau Valley, one of the longest-established industrial areas on Auckland's North Shore.
"It is 9km north of Auckland's CBD and 10 minutes' drive from central Takapuna under normal traffic conditions.
"The area remains an attractive and strong location due to the large surrounding residential population and excellent transport links north and south via Tristram Ave.
"Redevelopment has become prevalent as stock ages. A multitude of big name brands have established themselves in area in recent years including Bunnings, Mitre 10 Mega and Pak'N Save.
"The area is also home to numerous small trade businesses, including a cluster of automotive and engineering businesses around Colway Pl and Ashfield Rd."
Unit 1 is tenanted by RA White Signs and Plaques Limited, which is signed to a two-year lease expiring in July next year. It earns $37,040 in net annual rent, with no further rent reviews.
The unit has a net lettable are of 297.9sq m including a 214.3sq m warehouse, 23.4sq m ground floor reception and amenity area, 60.2sq m first floor office and amenity area, and five car parks.
Unit 2 is tenanted by About Cars Limited, which is signed to a four-year lease that commenced in March. Two rights of renewal of three years each extend the total lease term to February 2028. The lease earns $29,372 in net annual rent, with two yearly rent reviews.
The unit has a net lettable area of 200.9sq m including a 140.9sq m office, 19.5sq m ground floor reception and amenity area, 40.5sq m first floor office and amenity area, and four car parks.
Unit 3 is tenanted by Terry Darby Autos Limited, trading as Showcars North Shore, which is signed to a two-year lease expiring in January 2020.
It earns $35,697 in net annual rent, with no further rent reviews.
The unit has a net lettable area of 304.4sq m including a 215.7sq m warehouse, 31.8sq m ground floor reception and amenity area, 56.9sq m first floor office and amenity area, and six car parks.
Stratton says the property will not be sold prior to auction.