An industrial property on the North Shore with multiple tenants signed to long-term leases offers prospective purchasers the chance to acquire a highly functional asset in a tightly held location.
10 Tait Place, Albany has 1,490sq m of total building area split into six units on a 2,605sq m freehold site that is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
The property offers car parks for all of the tenants and the buildings have 100 per cent seismic ratings.
The total annual rental income from the six existing tenants, which include plumbing, electrical and, engineering firms among others, is $279,244 with all tenancies providing built-in rental growth for the duration of their agreements through varying lease terms.
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With record low vacancy rates across Auckland, industrial properties remain highly sought-after among buyers, which is compounded by a lack of available land that is suitable for development.
The subject property is strategically located, and Tait Place is considered a premium industrial location given its proximity to high-profile operators such as Resene, Hirepool, Bridgestone, and Carpet Court.
Access to the Northern Motorway is only a few minutes’ drive from Tait Place and Auckland’s CBD can be reached in approximately 15 minutes outside of peak hours.
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 28 March, unless sold prior.
The six units range in size from 128sq m to 345sq m and all include office and warehouse space of varying sizes, as well as yard space.
Prentice, Director of Industrial Sales and Leasing at Colliers, says recent research from Colliers has revealed just how hard it is to find industrial property to lease.
“The vacancy rate for prime industrial properties in the North Harbour industrial precinct is only 0.4 per cent and purchasers will have the opportunity to acquire an asset well below replacement value,” Prentice says.
“There is a notable lack of supply of available industrial property across Auckland and this is leading to significant demand for properties such as this one as investors are able to acquire assets with established tenants.
“Due to the dearth of available leasing options, there’s always strong demand among prospective tenants for functional properties of this nature.”
Chand, Director of Investment Sales at Colliers, says the property provides a split-risk investment for buyers.
“With some of the tenancies extending at least six years into the future when considering the available rights of renewal there is a strong tenant covenant underpinning this outstanding purchasing opportunity,” Chand says.
“The lease agreements have been signed with favourable terms given the various built-in rental increases on offer, including fixed, market, and CPI reviews.
“I encourage all interested parties to contact us immediately to ensure they don’t miss out on this outstanding passive investment opportunity.”
The Business – Light Industry Zone anticipates industrial activities that do not generate objectionable odour, dust, or noise. This includes manufacturing, production, logistics, storage, transport, and distribution activities.
- Article supplied by Colliers
