A recently refurbished East Tamaki warehouse investment property with Heavy Industrial zoning and a new long-term lease is for sale.
Tenanted by established window and door manufacturer Rylock, the 3363sq m freehold property at 10 Blackburn Rd has a good mix of medium-stud warehousing and quality office space.
Colliers International industrial sales and leasing brokers Todd Kuzmich and Jolyon Thomson are marketing the property for sale by deadline private treaty closing at 4pm on Wednesday May 2, unless sold earlier.
"This is a great opportunity to acquire an outstanding and superbly-located 'bottom drawer' investment property with excellent tenant covenant on a new six-year lease," Kuzmich says.
"Commencing from settlement, the lease will earn $215,000 in net annual rent plus GST, making this a relatively affordable investment.
"The property has been recently refurbished to a very high standard, including new roofing and an office fit-out that showcases the tenant's premium aluminium joinery.
"The property's sought-after Heavy Industrial zoning, low office-to-warehouse ratio, and closeness to main arterial and motorway routes, makes it an ideal base for manufacturing and distribution."
The property comprises a 1775sq m standalone building with 1447sq m of warehouse and factory space; and 308sq m of office and amenity space.
The versatile warehouse has a concrete floor, steel portal frames, metal profile cladding and long-run roofing. It has a stud height of 6.4m at the knee, rising to 7.4m at the apex.
Access is via four metal roller doors, each with about 4.8m of clearance. The front corner of the warehouse is serviced by a gantry crane and rails.
Thomson says the warehouse is in good condition and has undergone some refurbishment in recent years.
Along with the warehouse, the property has about 175sq m of front office and amenities, 58.5sq m of warehouse amenities, and 75sq m of mezzanine, deck and stairs.
Thomson says the front office has been partitioned into four separate offices and a boardroom.
"This area has been fully refurbished in recent years including the glazed partitions, floor coverings, ceilings and lights," he says.
The mezzanine floor extends over the warehouse and comprises a well-appointed office, meeting room and kitchenette.
Outside, a secure concrete and asphalt paved yard is located to the rear of the warehouse.
A telecommunications cell tower occupies a small portion of the southwestern corner of the yard, providing additional rent.
Most of the exterior of the building was recently repainted and new concrete footpaths and landscaped garden areas were added to the street frontage.
Thomson says the property has excellent profile to Blackburn Rd and is situated only 200m from Allens Rd, providing quick and easy access to the Southern Motorway via the Highbrook Dr interchange.
The location also offers easy access to nearby industrial areas such as Mount Wellington, Wiri and the airport.
"The immediate surrounding locality comprises a mixture of small, medium and large scale industrial premises with the eastern end of East Tamaki expanding towards Te Irirangi Dr."
The property's Heavy Industry zoning offers more relaxed controls than the other industrial zones under the Auckland Unitary Plan, providing greater flexibility for occupiers.
Tenant Auckland Aluminium Sales Limited, trading as Rylock Windows and Doors, is a family-owned company that has been operating across the wider Auckland region under its current ownership for 13 years.
Thomson says Rylock has been manufacturing aluminium joinery since 1954. It is a brand of Altus NZ, a joint venture of Fletcher Aluminium and NALCO.
"Rylock's Blackburn Rd premises serve as a head office and manufacturing facility," he says.