A substantial site anchored by multinational tenants is available for sale in a commanding location within a key Auckland industrial hub.
The high-profile site on Harris Road, East Tamaki, contains nine separate tenancies as well as offering significant development potential.
The property is anchored by four trade retail tenants, offering long tenure and strong investment fundamentals.
Fronting Harris Road are industrial and safety products supplier NZ Safety Blackwoods, which is owned by Australian retail giant Wesfarmers. This building also contains tenancies leased to Ideal Electrical Suppliers, part of the Rexel International Group, plus flooring specialist Floor Décor and Food Culture Café.
The balance of the site encompasses short-term industrial tenancies and two vacancies, supporting the possibility of future potential development.
The property currently generates a diversified total net rental return of some $671,221 plus outgoings and GST per annum.
“With an attractive split-risk income stream and just 38 percent site coverage, this property will appeal to a range of investors, owner-occupiers and developers,” said Bayleys salesperson Tim Bull.
“East Tamaki industrial land supply is all but exhausted. Brownfield sites such as 107 Harris Road offer purchasers a rare opportunity to secure future development sites in the area.”
The freehold land and buildings at 107 Harris Road, East Tamaki, Auckland, are being offered for sale by Bull and colleagues James Hill and Sunil Bhana of Bayleys South Auckland.
The property will be sold by deadline private treaty closing on Wednesday 6 December, unless it is sold prior.
Hill said the property encompassed buildings of some 3,034 square metres on approximately 8,093 square metres of land zoned for heavy industry.
The rear yard and buildings are subject to short-term tenancies allowing a new owner to explore possibilities for further development.
“Exposed to over 25,000 passing vehicles per day, this standout site sits on the key arterial between East Tamaki and the eastern suburbs.
“Business – Heavy Industry zoning under Auckland’s unitary plan provides for a wide variety of larger-scale industrial activities,” said Hill.
Bhana said the growth of nearby Botany, Ormiston and Howick assured the area of an abundant labour force while the addition of the Highbrook connection to State Highway 1 had significantly improved the accessibility and amenity offering.
“East Tamaki is one of Auckland’s industrial powerhouses with a mix of storage, distribution, and light and heavy manufacturing businesses supported by a mix of commercial and office users.
“Nearby developments such as Botany Town Centre, Ormiston Township, Highbrook and Flat Bush have created major growth opportunities for East Tamaki which houses over 2,000 businesses and 40,000 employees,” Bhana said.