A tenanted trade retail unit that occupies a prominent corner position in the established Tawa Drive Trade Centre development in Albany on Auckland’s North Shore is available for purchase.
Unit 9, 2 Tawa Drive is a 355sq m stratum in freehold property that benefits from a high level of visibility to passing traffic.
Nationally renowned Resene paints is the tenant, and their current lease runs through until 1 October 2027.
There is one further right of renewal for three years, creating a final expiry of 30 September 2030.
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These lease terms mean investors and owner-occupiers will have an interest in the property given there is scope to occupy the premises in the future.
The current gross annual rental income from the property is $118,000 plus GST and operating expenses.
There are market rent reviews scheduled for October 2027 and 2029.
Motorway access is only 500m away via the Greville Road interchange and Auckland’s CBD can be reached in approximately 15 minutes during off-peak conditions. There are 10 dedicated car parks at the property.
The property is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
This designation allows for manufacturing, production, logistics, storage, transport, and distribution activities.
Colliers Directors Matt Prentice and Shoneet Chand have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Tuesday 2 June, unless sold prior.
The premises is part of a modern 13-unit development that has a complementary mix of retailers.
The functional property includes a high stud bulk retail showroom with rear warehouse, small office, lunchroom, and amenities.
There is also an electric roller door with side vehicle access and one loading bay, offering convenience for customers and suppliers.
Prentice, Director of Sales and Leasing at Colliers, says the asset will hold appeal for a range of buyers and the vendor is motivated to see offers presented.
“The tenant, Resene, is a household name in the building and homeware industry and has occupied the premises for nearly 25 years, making them firmly entrenched in the location,” Prentice says.
“Investors will appreciate the future market rent reviews on the horizon and the strength of the tenant covenant that comes from an established presence in the property.
“Meanwhile, those buyers with a medium-term view may wish to acquire the property and enjoy the steady rental stream before utilising it for their own purposes when the existing tenant’s lease agreement ends in 2030.”
The Tawa Drive Trade Centre sits on the busy corner intersection of Tawa Drive and Rosedale Road.
Tawa Drive forms a feeder road from the Greville Road interchange to the Albany Basin, while Rosedale Road is a key arterial route linking the area with nearby industrial hubs and the residential suburbs of the East Coast Bays.
Chand, Director of Investment Sales at Colliers, says the location of the subject property means it is only a few minutes away from key amenities and transport links.
“This is a proven location that is home to a wide range of showroom and homeware brands such as Carpet Court, Kresta Blinds, Chesters, and Curtain Studio. It enjoys excellent exposure in this high-profile spot,” Chand says.
“Westfield Albany and its surrounding shopping options is less than 2km away, while the motorway network is reachable in moments.
“This is an asset that has appealing investment fundamentals with the potential to occupy in the future.”
- Supplied by Colliers
