Warehouse with office keeps on giving

The North Shore headquarters of KidsCan, at 7 Beatrice Tinsley Crescent - identified by a blue border. Photo / Supplied

The North Shore headquarters of popular local charity KidsCan is for sale, offering investors a chance to acquire a fully refurbished warehouse and office property with locked-in rental growth.

Colliers International directors Matt Prentice and Jimmy O'Brien are marketing 7 Beatrice Tinsley Crescent, Rosedale, for sale by deadline private treaty. Offers on the 2325sq m freehold property close at 4pm on July 17, unless sold earlier.

Prentice says investors with an eye for detail will appreciate the property's strong fundamentals.

"This perfectly positioned industrial investment property ticks every box, from its superb location and quality improvements, through to its strong tenant covenant and guaranteed rental growth," he says.

"It comprises a 1316sq m standalone warehouse and office building with road frontage in the established Albany Industrial Park.

"A fastidious landlord fully refurbished the property and undertook a warehouse extension in 2011, making this a great hands-free investment that will suit the discerning passive investor.

"With a renewed three-year lease to KidsCan, the property earns $188,500 in net annual rent, with guaranteed rental growth to $193,500 in 2020.

"This solid offering will no doubt appeal to first-time investors seeking a 'bottom drawer' investment, as well as established investors looking to expand their portfolios."

Built in about 1997, the property comprises a mix of low and high-stud warehousing with associated office and amenity space over two levels.

The building is primarily constructed of concrete foundations and floor slabs, ribbed Colorsteel and concrete external walls, aluminium joinery, and long-run steel roofing.

Generous car parking with 22 spaces is available within the large sealed yard.

O'Brien says the warehouse comprises 586.7sq m of high-stud space, 172.5sq m of low-stud space and 64.5sq m of mezzanine storage.

"Access is via two roller doors, one of which is sheltered by a 24m canopy. There is good natural lighting throughout the high-stud space thanks to translucent panels in the roof."

O'Brien says the refurbished offices and amenities at the front of the property are immaculately presented, both inside and out.

"The road front exterior features full-length glazing that is framed on either side by aluminium composite panels, with an attractive curved deck extending from the first floor.

"The ground floor has 192.5sq m of showroom, office and amenity space, while the first floor has 300.4sq m of office and amenity space.

"The offices are carpeted, while the lunchroom and amenity areas have vinyl floor coverings. Both floors have surface-mounted fluorescent lighting."

O'Brien says tenant KidsCan Charitable Trust is dedicated to helping New Zealand children who are living in hardship.

"The charity gives Kiwi kids in need food, clothing and health items at school, allowing them to focus on their learning in the classroom."

KidsCan is signed to a three-year lease that commenced in April this year. A three-year right of renewal extends the final lease expiry date to March 31, 2024.

The property is zoned Business Light Industry, which allows for a range of uses including manufacturing and distribution.

O'Brien says Beatrice Tinsley Crescent is midway between Bush Rd and William Pickering Drive, both of which are primary thoroughfares in the area.

"The property is ideally located in Albany Industrial Park — an established low-vacancy business precinct with excellent motorway access.

"The precinct enjoys a good central location within the North Shore's expanding urban area, providing a good source of labour."

Prentice says accessibility to the area will be greatly improved by planned upgrades to the Northern Motorway and Upper Harbour Motorway. "To be completed in 2022, the upgrades will include a new interchange between the two routes, extra motorway lanes, and new busway infrastructure."