A cool store facility in the tightly held North Harbour Industrial Estate is being presented to the market for sale or lease and will appeal to occupiers, investors, or developers.
7 Armstrong Road, Rosedale has 2,690sq m of net lettable area and includes a cool store facility with a high stud warehouse that sits on a 6,177sq m freehold title.
The property is the long-time home of high-profile food service firm Bidfood.
They have given notice they will vacate the premises in September 2024 meaning there is holding income in place until then.
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The total net annual rental income from the property is $654,381 plus GST.
As well as road-front exposure in a cul-de-sac, there is drive-through access from Armstrong Road to Bush Road and the property also offers 20 on-site car parks.
The Constellation Drive motorway interchange is approximately 2km away, providing access to State Highway 1, while Albany Highway is nearby leading to State Highway 18.
To the north, Albany is only five minutes away with services including Westfield Albany, Massey University, and a range of big-name retailers as well as hospitality options.
The property is zoned Business Light Industry Zone under the Auckland Unitary Plan.
Colliers Directors Matt Prentice, Shoneet Chand, and Josh Coburn have been exclusively appointed to market the property for sale or lease with the deadline for offers closing at 4pm on Wednesday 8 November, unless sold or leased prior.
The purpose-built development was constructed in the 1990s and the dry goods storage area, which spans 928sq m, was further developed in 2006 and has a stud height of 9.7m to 9.8m.
The freezer is temperature controlled and measures 656sq m. The chiller area is 249sq m. There is 218sq m of office space, as well as storage space and a separate plant room.
The environmental loading bay has five loading docks and is accessed via a full concrete/asphalt sealed and secured yard with cantilevered canopies above. An asphalt sealed driveway along the northern elevation provides access to Bush Road.
Prentice, Director of Industrial Sales and Leasing at Colliers, says there s a range of options on the table that will be appealing to prospective occupants or buyers.
Vacancy rates for cool stores across Auckland remain at record lows due to a lack of supply in the market, Prentice says.
" This highly functional property provides an opportunity for an interested party to either buy and occupy the facilities for their own operations or a firm may wish to tenant it. Investors may choose to purchase and lease the property, while developers could intensify the usage of the site and unlock its true value."
Chand, Director of Investment Sales at Colliers, says the North Harbour Industrial Estate is one of the North Shore s most sought-after industrial locations.
Research from Colliers notes industrial floorspace in the North Harbour precinct is increasingly challenging to come by with the vacancy rate for prime properties in the area sitting at 0.4 per cent, Chand says.
The overall vacancy rate for industrial property across Auckland is only 1.7 per cent.
Coburn, Director of Capital Markets and Site Sales at Colliers, says this property has a string of positive qualities that makes it stand out.
The dry store area has a generous stud height, and the accessibility of the site makes it a desirable proposition for occupants, plus there is generous yard space. Motorway access is nearby, while the centre of Albany is easily reachable, Coburn says.
The opportunity to either purchase or lease a cool store in this area is rarely seen and we encourage all interested parties to contact us immediately.
- Article supplied by Colliers
