Chance to buy office and warehouse in popular area
Elevated view of 329A Ti Rakau Drive, East Tamaki, to be sold by auction.
A modern, multipurpose office and warehouse with a long standing, high profile motor vehicle industry tenant is for sale in a popular industrial area of East Tamaki.
The unit titled property at 329A Ti Rakau Drive is occupied by Manukau Toyota’s service centre which has operated from the location for the last 14 years.
Marketed by Jolyon Thomson and Chris Upright of Colliers International, the property will be auctioned at 11am on Wednesday March 18 at Colliers’ auction room at 151 Queen St, Auckland, unless it sells by negotiation before auction day.
Thomson says this is a very affordable investment property with the added bonus of having a branded tenant in a modern, well located building.
“It is not often investments in this price range are available with such strong fundamentals,” Thomson says.
“As such we see this sale as representing a good opportunity for entry level individuals or family trust type investors.” However, he says it could also appeal to experienced buyers looking to add a smaller attractive property to their portfolios.
The unit with a net lettable area of 320 sq m earns a net annual income of about $61,400 and is leased to Howard Trading Limited trading as Manukau Toyota Service Centre and offering after sales service to both private and fleet vehicle owners.
Street level view of property leased to Manukau Toyota.
Thomson says Manukau Toyota has, for the past five years, won the Toyota New Zealand Service Cup which is awarded annually to the best Toyota service dealer in the country.
“The current lease runs until 2019, including a two year right of renewal, but given the tenant’s happy and long standing relationship with the location, there is strong potential for further rights of renewal by negotiation,” he says.
The property is the front tilt-slab warehouse unit within a large, purpose built automotive development.
The single level unit consists of a tidy office and amenity spaces leading into aclear span box warehouse set up as a vehicle workshop. Two roller doors provide access from the warehouse to a common drive in area that includes six dedicated car parks for the unit.
Upright says the undoubted appeal of the building is its current placement within a busy automotive hub that provides a strategic destination for Manukau Toyota’s clientele.
“But it is also a very adaptable, multi-purpose facility,” he says.
Neighbouring businesses include Firestone Tyres, a Warrant of Fitness centre, another vehicle workshop and a café.
Located on an industrial causeway between Harris Rd and Greenmount Drive, 329A Ti Rakau Drive is just off Ti Rakau Drive proper which is a main arterial road in the East Tamaki precinct.
Upright says the site has excellent road linkage to the State Highway One motorwayh via Highbrook Drive interchange, a short distance to the west.
“The industrial areas of Highbrook, Manukau City and Mt Wellington are a few minutes’ drive away and the property has excellent access to the wider East Auckland region.
“The nearby Botany Town Centre offers a wide range of goods and services, and the surrounding suburbs enable businesses to source their employees from a large labour pool of residents.”
The locality comprises a mixture of small, medium and large scale industrial premises including national brand companies such as Fisher & Paykel, Steel & Tube, OfficeMax, NZ Post and United Industries.
Upright says recent large scale developments in the Highbrook Business Park and Eastfield Industrial Park are increasing the area's desirability.
“This very accessible property sale is a timely one for an investor looking to secure a position in the fast improving East Tamaki district,” says Upright.
What’s on offer?
The property: modern office and warehouse complex.
Location: 329A Ti Rakau Drive, East Tamaki.
Agency: Colliers International.
Sales method: auction at 11am Wednesday March 18.
Where: Colliers’ auction room, 151 Queen St, Auckland.
- Occupied by Manukau Toyota for 14 years.
- Earns net annual income of about $61,400.
- Located within a busy automotive hub.
- An ‘affordable’ investment property.
- Ideal for new individual investors or family trusts.
Chris Upright of Colliers.