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New tenanted units offer investors a slice of Northwest growth zone

Three brand-new tenanted warehouse/business units for sale offer a unique investment in a premium gated development in one of Auckland’s key growth hotspots.

The fully-leased units of more than 700 square metres each feature an attractive mix of modern warehouse, office and showroom accommodation with dedicated parking.

They sit within a new master-planned business park being developed in the Westgate Town Centre catering to demand amid a chronic shortage of industrial/business premises.

Five of a planned 16 units have been completed in stage one of the development on Northside Drive.

The three units for sale are fully leased to a beer logistics business, a car dealership and a leading glass repair company.

Units 3, 4 and 5 at 14 Northside Drive, Westgate, Auckland, are now being marketed for sale through Stuart Bode and Craig Smith of Bayleys Northwest. They will each be sold by deadline private treaty closing on Monday 4 December, unless sold prior.

“Industrial development land is virtually exhausted in the Westgate area,” said Bode.

“The three units available in this premium business park are a rare opportunity to purchase brand new, first-rate industrial investments with quality tenants on good lease terms and built-in annual CPI rental growth.”

Each of the units for sale encompasses an approximately 500-square-metre clear-span warehouse with a seven-metre stud, motorised roller door and small canopy, along with showroom and office space and dedicated parking.

“The units are constructed to a high quality with concrete tilt-slab walls, attractive exterior cladding and full-height glass panelling.

“The buildings front onto a central car park with each property having allocated parks. All units have secure and dedicated loading positions, and the site dimensions provide for a mix of light to medium sized truck access,” Bode said.

The approximately 714-square-metre Unit 3, with 11 car parks, is leased to beer logistics business Beer Fridge Limited on a current lease that runs through to 2027 with a further five-year right of renewal. The lease generates an annual net rental return of $169,646 plus outgoings and GST plus fitout repayments of $5,833 per month. The lease agreement locks in annual CPI rent reviews, replaced by a market review on renewal.

Also spanning some 714 square metres, with 10 car parks, Unit 4 is occupied by car dealer XT Motors. The current lease extends to 2026 with a further four-year right of renewal. The lease returns a net rental of $165,837 plus outgoings and GST per annum, with annual CPI rent reviews capped at 5 percent and a market review on renewal.

Unit 5 spans some 706 square metres, with 11 car parks. It is home to Nguyening Limited, trading as windscreen repairer NOVUS Glass. The tenant pays an annual net rent of $190,816 plus outgoings and GST on a current lease that runs through to 2026 with two further four-year rights of renewal. The lease agreement provides for annual CPI rent reviews capped at 5 percent and a market review on renewal.

Business – Light Industry zoning under the Auckland Unitary Plan provides for an array of on-site activities such as manufacturing, production, logistics, storage, transport and distribution, provided they do not generate objectionable odour, dust or noise.

Smith said the Northside Drive development benefited from a strategic location in one of Auckland’s leading hotspots for urban growth.

“The northwest corridor is one of Auckland’s strongest growth areas and is undergoing a $15 billion transformation with public amenities, schools and a major transport upgrade, along with massive development and expansion in Westgate Town Centre and adjacent residential areas along Fred Taylor Drive and Redhills in Massey,” Smith said.

The units for sale sit around 200 metres from the proposed connection of Northside Drive to the Northwestern Motorway, with existing motorway connections allowing for easy access to Auckland’s CBD, airport and North Shore.

The development is in a high-profile position opposite Mitre 10 MEGA and close to the newly opened Costco and Costco Fuel outlets and the 100-plus shops of NorthWest Shopping Centre. Other neighbouring brands include PAK’nSAVE, Bunnings, Harvey Norman and Briscoes.

“The strategic significance of this location is illustrated by the massive investment it is now seeing from local and international businesses.

“The investment in Westgate by Costco, the world’s second-largest retailer, will be in excess of $100 million. Microsoft has bought land in nearby Kakano Road, and construction is nearing completion on a major data centre. Amazon has also bought a large Westgate landholding and site works are underway,” said Smith.

Click here for more information on the listing.

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