A property with low site coverage in the sought-after industrial suburb of Penrose in Auckland is available for sale or lease with vacant possession and will appeal to occupiers, investors, or developers.
65 Walls Road, Penrose has 1,328sq m of total net lettable area on a 4,563sq m freehold site that is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
The property offers more than 60m of street frontage to Walls Road and has low site coverage due to its expansive 2,600sq m sealed yard that is fully fenced.
A market estimate from Colliers suggests the potential total annual rental income that could be generated from the property is approximately $384,000 plus GST.
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Walls Road is only a few minutes away from the main arterial routes of Station Road and Great South Road.
Shopping complex Sylvia Park is 4km from the subject property and the motorway network is readily accessible, providing connectivity across the wider Auckland region.
Colliers Directors Hamish West, Greg Goldfinch, and Ben Cockram have been exclusively appointed to market the property for sale or lease via deadline private treaty closing at 4pm on Wednesday 3 July, unless sold prior.
Built in approximately 1980, the three-level property includes a 419sq m basement workshop that is accessible through one roller door.
The ground floor comprises a 299sq m workshop and there is 234sq m of office and amenities space.
The upper level has 376sq m of office and amenities space. The overall office area includes a mix of open plan spaces, partitioned offices, a boardroom, storage, and a kitchen.
There is a 37sq m canopy at the property and multiple decks on the upper level.
The asphalt sealed yard provides ample space for car parking, storage, or truck movements depending on the requirements of the future occupier.
West, Director of Industrial at Colliers, says it is rare to find a functional property in this tightly held location with vacant possession.
“As the property can be acquired for sale or lease there are a multitude of options available,” West says.
“Owner-occupiers will be compelled to acquire this property for their own operations and not be bound to a lease, while a prospective tenant may deem this as the right location for their business needs.
“Given the low site coverage and substantial yard space, the property could be developed or repositioned to intensify the usage of the site.”
Goldfinch, National Director of Industrial at Colliers, says industrial property remains a keenly sought asset class among investors.
“The long-standing underlying fundamentals that are synonymous with the industrial property market in Auckland mean these assets remain in high demand,” Goldfinch says.
“This property could serve as an excellent addition to the portfolio of an astute investor who may look to tenant it accordingly.”
Penrose is a popular industrial location for businesses owing to its central location meaning key transport infrastructure can be quickly accessed such as Auckland Airport, Wiri Inland Port, and the Port of Auckland.
Recent research from Colliers notes the overall vacancy rate for industrial property across Auckland is only 1.75 per cent. For prime property in the Penrose/Onehunga precinct, that figure drops considerably with next to no available space.
Cockram, Director of Industrial at Colliers, says Penrose and the surrounding industrial hubs of Onehunga and Mount Wellington are proven locations that appeal to occupiers and landlords.
“Industrial operators of all kinds covet these spots and this is backed by the vacancy rates, which remain low,” Cockram says.
“Properties with this level of potential are seldom seen on the open market.”
- Supplied by Colliers
