The land and buildings of a large-scale office and warehouse facility in Albany on Auckland’s North Shore are available for sale or lease.
The asset at 45 Constellation Drive is one of Albany’s most substantial commercial and industrial offerings.
The property includes two distinct industrial buildings with a combined net lettable area of approximately 8,838sq m.
There are 164 total car parks with 117 situated in a stand-alone parking building. The total landholding measures 2.448ha.
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Building A, the former Blue Star facility, spans 2,133sq m and comprises a stand-alone industrial building originally constructed in the mid-1990s, with a significant fit-out completed in 2017. Prior to occupation, the building underwent significant refurbishment works and upgrades. This building is currently vacant.
Building B, the Candida building, was originally constructed in 1987 and expanded in 1995. It measures 6,705sq m and includes a large industrial facility with manufacturing, warehouse, office, amenities, and storage areas, together with a self-contained caretaker’s flat. The lease term expires in March 2027, offering short-term holding income.
A market analysis suggests the total facility could generate over $1.86 million in net annual rental income when fully leased.
The wider property also benefits from significant yard and circulation areas, with access from both Constellation Drive and Parkway Drive.
The facility benefits from immediate access to the motorway network, while the Constellation Bus Station and supporting park and ride are within easy walking distance.
The freehold property is zoned Business – General Business Zone under the Auckland Unitary Plan.
Colliers Directors Shoneet Chand, Matt Prentice, and Janet Marshall have been exclusively appointed to market the property for sale or lease and are taking expressions of interest closing at 4pm on Wednesday 23 September, unless sold or leased prior.
The warehouse in Building A spans 1,113sq m, and the facility includes an office and separate production area. Building B has 2,373sq m of high stud warehouse space, while there is a 1,994sq m manufacturing warehouse.
Chand, Director of Investment Sales at Colliers, says the property will attract interest from buyers of all kinds given there is genuine flexibility to occupy, lease, add value, or explore future redevelopment opportunities.
“Benefitting from its elevated location, this property is one of the most eye-catching that will be presented to the open market on the North Shore this year,” Chand says.
“There is holding income available from Building B, meaning a buyer can strategically plan their next steps for the asset that has considerable potential.
“Meanwhile, prospective tenants will be drawn to the facility given its significant scale that will allow a business to establish a major presence on the North Shore.”
Prentice, Director of Industrial Sales and Leasing at Colliers, says Constellation Drive is recognised as one of the North Shore’s premier commercial and trade retail locations.
“The surrounding area is home to a diverse range of national retailers, service providers, office occupiers, and large format firms,” Prentice says.
“The property offers excellent access to transport infrastructure and provides convenient connectivity to the East Coast Bays, Albany, Takapuna, and Auckland CBD, which can be reached in approximately 15 minutes outside of peak traffic periods.
“Nearby Albany is home to Massey University, North Harbour Stadium, and a Westfield shopping centre that is supported by an extensive range of cafes, restaurants, and gyms.”
Marshall, Director of Sales and Leasing at Colliers, says the property benefits from a commanding street presence and there are redevelopment considerations that provide future upside.
“The favourable zoning means there is scope to develop the asset further and enhance its profile while growing its income potential,” Marshall says.
“This area of the North Shore continues to benefit from strong occupier demand and limited new land development, making this a sought-after opportunity that is not to be missed.”
- Supplied by Colliers
