Airport Oaks property should fly off the shelf
Exterior elevated view of office and warehouse property for sale at 22 Rennie Drive, Airport Oaks.
A standalone office and warehouse property for sale with vacant possession in Auckland’s popular Airport Oaks business precinct is expected appeal to both owner-occupiers and investors.
“Buildings of less than 1200 square metres are usually only available in unit-titled developments in this area,” says Brad Johnston of Colliers International, who with colleagues Paul Jarvie and Ash Vincent, is marketing 22 Rennie Drive for sale by auction at 11 am on Wednesday, May 20.
The property consists of a 484 sq m, two-level office building with a 634 sqm warehouse attached at its rear. There is an internal access between the office building and warehouse which occupy the freehold 1500 sq m site.
Vincent says excellent road frontage allows for easy access to a generous yard with two roller door entry points to the warehouse.
“This yard provides ample room for container maneuverability,” he says.
The L-shaped warehouse with a maximum stud height of 5.25 metres has translucent roof panels allowing for good natural light.
“Recent refurbishments to the open plan office building have been completed to a high standard by an interior designer including paint, carpets and tiles,” Johnston says. “The north facing offices are naturally lit and are air-conditioned with kitchenettes and amenities available on both levels accessed by an internal staircase.”
Johnston says the combination of the site’s freehold status and size sets it apart.
“For an owner occupier to have a suitably-sized, freehold property like this gives the benefit of being able to operate in a private, secure yard without needing to accommodate other business, as is often the case with unit-titled developments.
“Tenants are also scrambling for space in this market so having the opportunity to purchase a multi-functional facility in a very sought after location should also appeal to an investor - along with an August settlement date following the sale.
“A period of over two months post-sale allows investors plenty of time to find a suitable tenant, particularly given the current record low vacancy rates within the industrial sector.”
The Business 5 zoned property within Manukau’s Airport Oaks industrial estate is less than five minutes from Auckland Airport.
Jarvie says the precinct is highly sought after by owner occupiers and also experiences strong leasing activity.
“A significant vote of confidence for this location is that the existing owners are only selling in order to get a larger facility within the same location,” he says.
“We have also started seeing businesses move to the airport district from other industrial areas that don’t necessarily have to be here, simply because the area’s connectivity and infrastructure is improving so rapidly.”
Neighbouring brand names now include Burnard International, Adidas, DB Schenker and Air New Zealand.
The property is also conveniently located near to restaurants and shopping precincts and the recently completed State Highway 20 link that connects the airport to Manakau and State Highway One.
“This road upgrade significantly reduces travel times to State Highway One and the CBD – which is just 20 minutes’ drive away,” Johnston says.
“Once the Waterview Connection is also completed in 2017, the airport area will be even more accessible to the CBD and north and west Auckland.”
From left to right; Brad Johnston, Paul Jarvie and Ash Jones of Colliers.