A highly visible property that is prominently positioned in one of Auckland’s most desirable industrial locations in the heart of East Tāmaki is available for purchase and offers buyers the chance to acquire a premium site with a first-class tenant.
91 Harris Road has 2,823sq m of net lettable area across two stand-alone buildings. The structures sit on an 8,049sq m freehold level site on a main arterial. Its features include prolific corner profile and four egress points from both Harris Road and Greenmount Drive.
Nationally renowned building supplies firm Carters has occupied the property since 2007, and their current lease runs through until 1 April 2028. With further renewals available the agreement could extend to a final expiry in 2040.
The property returns $631,332 plus GST in net annual rental income and there are three-yearly market reviews in place, providing potential rental growth for the new owner.
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The regular-shaped site benefits from a total of 186m of road frontage and with 35 per cent site coverage it lends itself to upside in the future.
Highbrook Business Park is approximately 2km away from the subject location, while the motorway network is also readily accessible, providing connectivity across the wider Auckland region.
Colliers Directors Mitch Broderson, Josh Franklin, and Paul Higgins have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 16 July, unless sold prior.
The premises comprises two freestanding industrial buildings that were purpose-built for their existing use as a building supplies yard.
One of the buildings has 1,178sq m of warehouse space, while the other, which is used for bulk storage, has 865sq m of space. There are also offices, a showroom, and canopy space at the property.
Broderson, Director of Industrial at Colliers, says the strength of the tenant covenant is a highly appealing aspect of this purchasing opportunity that will capture the attention of investors.
“Carters has been in operation for more than 150 years, after starting out as three separate businesses and they have a reputation for supplying high-quality materials and advice to builders,” Broderson says.
“They are one of the largest building supplies merchants and frame and truss manufacturers in New Zealand and have more than 50 branches and nine manufacturing plants nationwide.
“Carters has an established presence in this location having been here nearly 20 years and represent a first-class tenant. The functional nature of the site and its low site coverage will give new owners comfort that it would suit a wide range of tenants in the future.”
Franklin, Director of Industrial at Colliers, says East Tāmaki is a popular industrial location that is populated by a number of well-known firms.
“Industrial assets in East Tāmaki continue to attract interest from buyers and the area has long been known as a strong performer in the industrial sector. Sites of this nature are very hard to come by in such a desirable location,” Franklin says.
“The most recent research from Colliers notes that East Tāmaki has a vacancy rate of only 0.9 per cent for prime industrial property, underscoring the level of demand for space in the suburb while industrial land in the area that is available for purchase is scarce.
“As well as being only 4.6km from State Highway 1, the property also provides connection to Pakuranga, Botany Town Centre, and the extensive residential catchments of Auckland’s southern and eastern suburbs.”
Higgins, Director of Industrial at Colliers, says given the property’s considerable yard space there is scope to potentially intensify the usage of the site in the future.
“Buyers with a long-term outlook will be able to make the most of the steady rental stream on offer and take advantage of this premier location with repositioning plans down the line,” Higgins says.
“It is incredibly rare to find properties of this size and scale that offer such promising future potential.”
- Supplied by Colliers
