A multi-tenanted office and warehouse building in the tightly held North Harbour Industrial Estate presents prospective purchasers with the opportunity to acquire an asset with established tenants and a steady rental stream.
7 Airborne Road, Albany has 1,277sq m of total net lettable area on a 1,603sq m freehold title that is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
The property is home to two longstanding occupants who began new four-year leases in July and a new office tenancy that will begin a two-year lease term on settlement. The total annual net rental income from the property is $272,281 plus GST.
The highly visible building enjoys excellent street exposure, while its strategic location means the motorway network is readily accessible and only a few minutes away, providing connectivity north and south.
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The property has a 100 per cent seismic rating and offers 23 dedicated on-site car parks.
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 12 September, unless sold prior.
Gencom Technology, specialists in the broadcasting and multimedia industry, occupies the front tenancy of the property with a mixture of office space, warehouse, storage, and amenities that spans 405sq m. They also have nine car parks.
Their lease agreement provides $80,042 plus GST per annum in net rental income and includes a market review in July 2025.
The front tenancy also includes the new office tenancy, which spans 281sq m of first floor office space and includes eight car parks.
Meadowood, trading as Saddlery Warehouse, is the rear tenant and occupies 595sq m of total space, including ground and first floor offices, and a functional 413sq m warehouse. They have access to six car parks.
Saddlery Warehouse is New Zealand’s largest saddle store, and their lease provides $115,724 plus GST in net annual rental income with a CPI review in July 2024.
With built-in rental growth from two of the tenancies, the new owner will have future rental income increases to look forward to.
Prentice, Director of Industrial Sales and Leasing at Colliers, says the property has been well maintained and offers an inviting work environment for the existing occupants.
“The offices are constructed over two levels across the front elevation and comprise a ceramic tiled entry way with timber stairs leading to the mezzanine level, which provides a reception and executive office,” Prentice says.
“The warehouse is constructed with a clear span and a minimum stud height of approximately 6m at the underside of the portal knee, rising to 7m at the apex of the roofline. Access to the warehouse is gained via two roller doors located in the southern and eastern elevation. These range in width from 4.4m to 5.5m.”
Chand, Director of Investment Sales at Colliers, says properties in this area of Auckland are tightly held and rarely presented to the open market for sale.
“Recent research from Colliers notes the industrial vacancy rate for prime properties in Albany is only 0.4 per cent,” Chand says.
“There is a considerable need for more industrial space across the wider Auckland region given the area has an overall industrial vacancy rate of only 0.7 per cent.
“This pent-up demand is placing further strain on supply so properties such as this one will be highly appealing for discerning investors.”
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
