An industrial building in Albany on the North Shore is available for purchase, offering buyers the opportunity to acquire an asset that is home to a longstanding tenant.
9 Ascension Place, Rosedale has 1,196sq m of total net lettable area on a 2,223sq m freehold site. The property is zoned Business – General Business Zone under the Auckland Unitary Plan.
Vistalite Windows & Doors, a trusted firm that has served New Zealand customers since 1973, has tenanted the property for over 20 years.
They recently began a new three-year lease and have a further three-year right of renewal available, leading to a final expiry in 2031.
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The current contract rental income from the property is $227,000 plus GST and operating expenses.
Vistalite’s lease agreement includes market rent reviews in September 2026 and 2029.
The property has benefitted from refurbishments completed during the past three years, including a new roof on the warehouse portion of the property and full replacement of the internal gutter. There are also 17 dedicated car parks.
Ascension Place sits directly off Constellation Drive, a key arterial route that connects the subject location with the motorway network, providing access to the wider Albany area and all corners of Auckland. The CBD can be reached in approximately 15 minutes in normal traffic conditions.
Colliers Brokers Matt Prentice, Shoneet Chand, and Jack Tuson have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Tuesday 2 December, unless sold prior.
Originally constructed in the 1980s, the property has 945sq m of warehouse space with supporting offices, a mezzanine lunchroom, and storage space.
Prentice, Director of Industrial Sales and Leasing at Colliers, says this functional stand-alone asset provides stable cashflow from an established tenant that has been in operation for over 50 years.
“Vistalite has made a firm commitment to the site and began a new lease in September. Their agreement will extend to the next decade if their right of renewal is enacted,” Prentice says.
“Future market rent reviews also have the capability to provide income growth that will be attractive to buyers.”
Chand, Director of Investment Sales at Colliers, says the North Harbour hub is one of the most tightly held industrial locations on the North Shore.
“The latest research from Colliers notes the vacancy rate for prime floorspace in the North Harbour industrial precinct is only 1 per cent. The overall vacancy rate for industrial space across the wider Auckland region is only 2.2 per cent, underscoring the continued demand for industrial property,” Chand says.
“Despite the economic challenges being felt in New Zealand, industrial assets remain desirable for discerning investors who recognise the strong underlying investment fundamentals and long-term performance of the asset class.”
Tuson, Associate Director of Industrial at Colliers, says this offering represents a rare chance for buyers to purchase a mid-sized industrial asset in a proven location that is populated by a range of well-known firms.
“The property has a high warehouse ratio of 81 per cent that is sought-after among industrial tenants, and the motorway is only a short drive away making this an accessible property in a strategic location,” Tuson says.
“There is also a collection of amenities along Constellation Drive, including hospitality and retail businesses, ensuring tenants have access to key services.”
- Supplied by Colliers
