A high-profile office and warehouse building in the tightly held Interplex Business Park in Albany has been placed on the market, offering buyers the opportunity to acquire a prime asset with established tenants.
6 Canaveral Drive, Albany has 3,297sq m of total net lettable area on a 6,417sq m freehold site that is zoned Business – General Business Zone under the Auckland Unitary Plan.
The modern industrial property is highly functional and has generous stud heights with a high warehouse ratio of 84 per cent. The building can be accessed via three roller doors, while there are 66 on-site car parks and plenty of room for containers.
Two tenants occupy the property – QEP Co NZ Limited and Eziswap Gas – and both firms have long-term leases in place. The total net annual rental income from the property is $512,000 plus GST.
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Canaveral Drive is a short distance from the motorway network, which offers access to the north, south, and west of Auckland. The 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 by deadline private treaty closing at 4pm on Tuesday 11 October, unless sold prior.
QEP, an established and recognised brand who specialise in installation tools and accessories for tile, porcelain, and natural stone, leases 508sq m of office space, 890sq m of warehouse area, 36sq m of canopy, and has access to 23 car parks.
Their products can be found in more than 80 countries around the world, and they recently began a new three-year lease at the property that runs until 1 September 2025 and has one further right of renewal for two years leading a final expiry of August 2027. Their lease provides $262,000 plus GST in net annual rental income.
Eziswap Gas is a 100 per cent New Zealand owned gas supplier that has been supplying industrial gases to commercial, hospitality, and private users across the country since 2009.
They lease 418sq m of low stud warehouse area, 1,410sq m of high stud warehouse space, 34sq m of canopy and have access to 43 car parks.
The firm are in the middle of a five-year lease that runs until 1 November 2025 with two further rights of renewal for five years each leading to a final expiry of 31 October 2035. Their lease provides $250,000 plus GST in net annual rental income.
Prentice, Director of Industrial Sales and Leasing at Colliers, says the prominently positioned property is in exceptional condition.
“This is a high-calibre industrial offering that offers outstanding investment fundamentals for prospective purchasers given the property includes established tenants who are signed to long-term leases,” Prentice says.
“Having two existing tenants provides a diversified income stream that will be highly appealing for buyers. There are also rent reviews scheduled for every two years, providing built-in growth, which adds to the overall strength of the tenant covenant.”
Chand, Director of Investment Sales at Colliers, says industrial vacancy rates are at notable lows throughout Auckland and the North Harbour area is no exception.
“Recent research from Colliers shows prime industrial vacancy rates are at 1 per cent in North Harbour,” Chand says.
“There is also very little developable land in the surrounding area near the subject property, which is why the Interplex Business Park remains such a sought-after precinct for buyers.
“We encourage all interested parties to contact us immediately to ensure they don’t miss out on the opportunity to acquire a premier industrial asset with established tenants and imminent rental growth in a tightly held area.”
- Article supplied by Colliers
