Long-term lease with international tenant
The 974.9sq m warehouse and office at 4A Rothwell Ave is identified by a blue border. Photo / Supplied
A North Harbour property on long-term lease to a solid multinational tenant is “hard to fault” as an industrial investment, says Jimmy O’Brien, manager of Colliers International’s North Shore office.
The 974.9sq m warehouse and office at 4A Rothwell Avenue is being marketed for auction by O’Brien and colleagues Matt Prentice and Shoneet Chand and will go under the hammer at the Colliers’ head office in Queen St at 11am on Wednesday, March 22.
O’Brien says the property’s high warehouse-to-office ratio, along with its excellent access and exposure, will make it highly sought after.
“It is leased to longstanding, solid multinational tenant Clariant NZ, with worldwide revenue of about $8 billion. With two and a half years remaining on the lease and net annual rental returns of $120,640, investors can expect stable results from a solid industrial offering.”
O’Brien says the stratum-in-freehold property, zoned for Light Industry, comprises 806.4sq m of factory and warehouse space, and 168.5sq m of office space over two levels.
“Such a high warehouse-to-office ratio is hugely desirable, especially in a quality building like this,” O’Brien says.
Prentice says the main building, constructed in 1987, has undergone recent upgrades including complete replacement of the joinery, which is a great feature of the property.
“The property is very well-presented, with an attractive aluminium exterior and roller doors at either end of the warehouse, giving great flow for materials and finished products in and out of the building,” he says.
“Intensive use of anodised aluminium joinery forms an impressive, near-full-height glass curtain wall to the street-facing office while mature landscaping by the roadside enhances the overall quality of the property.”
The clear-span warehouse has a stud height of 6.4m which is supported by a steel frame on concrete foundations and floor slabs.
The roof has recently been replaced in the last few years with long-run steel laid over netting and foil insulation, supported by double flat lattice-type trusses and metal purlins.
“The recent roof and joinery work means external maintenance on this hard-working industrial property should be right for some time,” Prentice says.
Chand says the property is in the North Harbour industrial estate, an established but still relatively new commercial subdivision.
“It is central to the surrounding and expanding North Shore urban areas.”