A large, versatile industrial property occupied by a market-leading national tenant has been put on the market for sale in the heart of the sought-after North Harbour Industrial Park.
The approximately 5,062sq m freehold site at 124 Bush Road houses a high-quality modern building which is fully occupied by a leading national manufacturing business with over 30 years of industry experience.
The tenancy generates annual net rental income of $580,756 plus outgoings and GST, with built-in two-yearly market rent increases.
Commencing on 1 April 2021, the current lease runs through to 2027, with two further six-year rights of renewal and a final expiry in March 2039.
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Colliers has been exclusively appointed to market 124 Bush Road, North Harbour, for sale by deadline private treaty closing at 4pm on Wednesday 14 April, unless it sells earlier.
Shoneet Chand, Investment Sales Director at Colliers, says the site contains a building made up of three adjoining units with a total lettable area of some 3,292.5sq m, along with 50 on-site car parks. The units have floor areas of approximately 1,409.2sq m, 559.8sq m and 1,323.5sq m respectively.
“Each unit contains a mix of high-stud warehousing and office space, along with a canopy and open and covered car parking. The front unit also incorporates a bin store area. This configuration, with its modern and functional layout, lends the property the flexibility to be easily split for diversified future uses.”
The Bush Road site was developed by Northpoint properties in 2003, with construction of the additional third unit completed in 2007. The building is designed by respected architect Terry Randell, who has designed many other quality buildings in the area.
“The three units with adjoining offices are of a high quality, providing column-free clear span warehousing with a high stud of 7-8m.
“The building is constructed with concrete foundations and floor slabs. The warehouse areas have concrete panel boundary walls, the front wall being concrete panel to a height of 2m with coloursteel above.
“Roofing is channel section long-run steel over white paper/foil insulation and wire mesh, supported by a clear span portal frame. Translucent roof panels at regular intervals provide the interior with natural light,” says Chand.
The site for sale is zoned Business – Light Industry under the Auckland Unitary Plan, which supports the efficient functioning of light industrial activities in fields such as manufacturing, production, logistics, storage, transport and distribution.
Matt Prentice, Industrial Sales and Leasing Director at Colliers, says the surrounding area accommodates a number of modern standalone industrial properties and high-quality multi-unit developments. These house tenants spanning diverse sectors including electronics, food and beverage and home building supplies.
“The property for sale is positioned on the western side of Bush Road within the North Harbour Industrial Park, a relatively new but established industrial precinct.
“This precinct has proven very popular for progressive companies due to the high standard of surrounding development, quality working environment, access to transport links and proximity to a number of affluent suburbs.
“The site for sale lies about 200m from the intersection of Bush and Rosedale roads. These are main arterial routes for the North Harbour area, linking the new Albany Regional Centre, Albany Village, the East Coast Bays and Upper Harbour Drive,” says Prentice.
The Bush Road location also benefits from excellent access to the Northern Motorway, with Auckland’s central business district about 15 minutes away under normal driving conditions. Takapuna is around 10 minutes away.
“Approximately five minutes to the north, the Albany commercial centre is home to key amenities such as Westfield Albany shopping centre and Massey University. The area is home to a wide range of national and international-brand businesses – such as The Warehouse, PAK’nSAVE, ASB Bank, Briscoes, Chemist Warehouse and McDonald’s.
“Located within one of the Auckland region’s most sought-after industrial locations, with superb transport links and an established market-leading national tenant, the property at 124 Bush Road will be of interest to buyers seeking a quality investment in the high-performing industrial property sector,” says Prentice.
