A stand-alone property due for construction in the rapidly developing Hobsonville industrial precinct offers buyers the opportunity to purchase a brand-new building that includes an incoming tenant signed to a long-term lease.
9 Inanga Street, Hobsonville will soon be home to a 2,815sq m warehouse and office building on a 4,555sq m site that is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
Once a building consent has been issued, well-known developer Kea Property Group will begin construction with completion expected in November 2023.
Inanga Street is the newest industrial street in the area and runs parallel with Hobsonville Road, with the subject site sitting at the end of the cul-de-sac, facing east.
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The incoming tenant of the property is a well-known New Zealand brand, and their initial six-year lease term includes two further rights of renewal for six years each.
Their lease agreement will provide $548,560 plus GST in net annual rental income and includes annual CPI reviews plus 2 per cent (capped at a maximum increase of 4 per cent), and a market review on the third anniversary of the lease commencement.
Colliers Directors Matt Prentice, Josh Coburn, and Jimmy O’Brien have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Tuesday 11 October, unless sold prior.
The building at the site will be constructed with function in mind and will feature a 9m stud height to the underside of the portal knee, a clear span warehouse, three roller doors, and 400sq m of canopy.
The warehouse will span 2,015sq m, while the ground floor office will measure 174sq m and the first floor office will be 226sq m. The property will also include 24 dedicated on-site car parks.
Prentice, Director of Industrial Sales and Leasing at Colliers, says all the pieces are in place that make this a highly desirable purchasing opportunity.
“With a national brand tenant ready to move in and construction set to get underway imminently, this represents a prime investment for buyers who will have the opportunity to acquire a low maintenance trophy asset in Hobsonville,” Prentice.
“Given the building is being constructed from scratch it will be crafted with the latest materials and Kea Property Group have an excellent reputation for delivering high-quality developments.
“There is also the added bonus of fixed rental growth through the CPI and market reviews, which is another major selling point for buyers.”
Coburn, General Manager at Colliers West Auckland, says the building will occupy a prominent road front position in an area that is continuing to undergo significant growth.
“In recent years a number of large landholdings near the subject property have been developed into industrial subdivisions, including Workspace Drive and Westpoint Drive to the west,” Coburn says.
“Hobsonville Point, which is only six minutes away, has been heavily developed with new housing, shops, and schools being built to accommodate Auckland’s population growth.
“This continued development has led to upgrades to the nearby motorway network resulting in State Highway 18 linking with State Highway 1, which has improved connectivity to the wider Auckland region.”
O’Brien, Director at Colliers Auckland North, says the property is a perfect addition to the portfolio of any astute investor.
“Having the opportunity to purchase a brand-new building with an incoming tenant in a sought-after area that is experiencing continued commercial investment is an opportunity not to be missed,” O’Brien says.
- Article supplied by Colliers
