The land and buildings of a major cool store facility in the sought-after industrial location of Wiri in Auckland are being presented to the market for sale, offering buyers the rare chance to secure a cold store complex of significant scale.
This well-maintained chilled and frozen distribution centre sits at 17 Nesdale Avenue and offers excellent access to the motorway network, which is less than 1km away.
There is 16,123sq m of total net lettable area on a freehold site that spans 46,205sq m and the low site coverage will provide future development opportunities to the new owner.
The existing occupant, Foodstuffs North Island, will commence a two-year lease on settlement that will provide $4,503,881 plus GST in net annual rental income, making for a strong source of cashflow while the purchaser strategically plans their next moves. The lease agreement also includes 2 per cent fixed annual increases.
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Approximately 96 open car parks are situated at the front of the property and the generous yard areas are sealed with concrete and used for site manoeuvring providing convenience for suppliers. Security fencing encloses the perimeter of the site and a large water tank is positioned along the eastern boundary.
The centre of Manukau is a short drive from the subject property, while the Wiri inland port is less than 3km away. Auckland Airport is also readily accessible.
The property is zoned Business - Light Industry Zone under the Auckland Unitary Plan.
Colliers Directors Greg Goldfinch and Todd Kuzmich have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 12 November, unless sold prior.
The developed portion of the site is improved with a specialised industrial facility primarily configured for cool store and freezer storage with an ammonia refrigeration system, along with ancillary office and amenity areas.
The original improvements were constructed in 1996, with a significant extension completed around 2008.
Goldfinch, National Director of Industrial at Colliers, says properties such as this one are rarely made available to the open market for sale.
"It is incredibly scarce to see a specialised facility like this one available for purchase. With chiller and freezer areas, it will be keenly sought by buyers seeking this type of property given there is a shortage of cold storage complexes across Auckland," Goldfinch says.
"With a steady rental stream in place that will provide holding income for the new buyer, this facility represents the chance for an owner-occupier to acquire a premium facility where they can conduct their future operations while not being bound to a lease agreement.
"Investors will also recognise the appeal of the offering and could acquire the asset and lease it accordingly.
"With a vast amount of surplus greenfield land at the property there is also scope to further develop the asset to unlock additional value."
Wiri is an established industrial location in South Auckland that offers convenient access to important transport infrastructure and is home to a swathe of high-profile businesses such as The Warehouse, NZ Post, and Americold NZ.
During the past few years, the area has seen key roading improvements that have further enhanced access to this industrial spot and it remains one of the most in-demand locations for businesses seeking a prime location.
Kuzmich, Director of Industrial at Colliers, says Wiri remains a tightly held hub that plays a vital role in Auckland's economy.
"The area makes a considerable contribution to the GDP generated by the city given its diverse base of industrial and manufacturing facilities, which have received substantial investment," Kuzmich says. "Large-scale industrial operators seeking a cool store facility should seriously consider this offering."
- Supplied by Colliers
