A modern industrial building in the sought-after Auckland location of East Tāmaki is being offered to the market for sale or lease and will draw the interest of owner-occupiers, investors, and tenants given the existing tenant will vacate the premises next year.
40 Neales Road has 4,189sq m of net lettable area on a prime corner site that spans 8,110sq m. The property has approximately 175m of road frontage and is zoned Business – Heavy Industry Zone under the Auckland Unitary Plan.
There are high levels of functionality at the property with full drive-around access, three egress points, 60 on-site car parks, and a generous 1,235sq m concrete yard that provides convenience for vehicle movements and containers.
MiTek, a diversified supplier of software, engineered products, services, and automated manufacturing equipment, is the long-term tenant but they have confirmed they will leave the property at the conclusion of their lease on 22 December 2026.
Start your property search
The current lease agreement for MiTek provides $767,002 plus GST in net annual rental income but market estimates from Colliers suggest a higher rental rate could be achieved in the future.
The highly visible property sits on a prominent corner location in the heart of the East Tāmaki industrial precinct, a popular suburb due to its central positioning.
Colliers Directors Hamish West, Josh Franklin, and Paul Higgins have been exclusively appointed to market the property for sale or lease via deadline private treaty closing at 4pm on Wednesday 3 September, unless sold prior.
The building has 2,786sq m of warehouse space with a stud height of approximately 7.6m at the knee alongside supporting offices and amenities.
The main office area spans 1,050sq m and is spread over two levels, while there is additional storage space. Access to the warehouse can be gained via one of four roller doors, each of which has a canopy.
West, Director of Industrial at Colliers, says this is a top-quality offering that will draw considerable interest among prospective purchasers.
“With the existing tenant vacating the premises there is considerable scope for an owner-occupier to acquire the property and enjoy holding income before they plan their future move to the premises,” West says.
“Alternatively, an investor may look to add this to their portfolio and tenant it accordingly. There is potential to grow the rental income from the property based on current market estimates.
“The overall functionality of this modern facility makes it one that will suit a wide range of business operations.”
Franklin, Director of Industrial at Colliers, says with high construction costs and a lack of available land in East Tāmaki, this is a purchasing opportunity that warrants serious consideration.
“There is a distinct shortage of available land for development in East Tāmaki and building from scratch may not be a viable option for certain firms, so this high-quality asset provides buyers with an appealing option,” Franklin says.
“The latest research from Colliers highlights the continued demand for floorspace in the area with the vacancy rate for prime industrial space sitting below 1 per cent, indicating the enduring appeal of East Tāmaki as an industrial hub.”
Higgins, Director of Industrial at Colliers, says East Tāmaki is home to a range of high-profile firms such as Komatsu, Steel & Tube, and Higgins, among others, who benefit from the surrounding amenities and transport infrastructure.
“The key arterial routes of Cryers Road and Harris Road are readily accessible from the subject location and State Highway 1 is less than 4km away,” Higgins says.
“The Botany commercial precinct can be reached in less than 10 minutes, while Highbrook also boasts a collection of services such as cafes, a gym, and childcare centres.”
- Supplied by Colliers
