Long time owners sell Mt Roskill industrial
An elevated view of two industrial buildings for sale 40 Carr Rd, Mt Roskill.
Two fully leased buildings occupying a significant land holding in the heart of Mt Roskill, Auckland, have been put up for sale by the family owners for the first time in over 70 years.
“After holding onto it, for decades the owners have decided to cash in on this great investment property and they have instructed it must be sold,” says Nick Wilson, commercial and industrial agent with Barfoot & Thompson Commercial, who is marketing 40 Carr Rd for sale by auction at 10.30 am on Wednesday September 10 at the agency’s 34 Shortland St auction room in the Auckland CBD – unless it sells earlier by negotiation.
Wilson says the property with a total net lettable area of 1365 sq m is in two titles with three tenants leasing the two buildings for a total of $113,000 plus GST in passing net annual income and with 100 per cent of outgoings paid for by the tenants.
Unit 40A is leased to SOA International occupying 467 sq m and paying annual rent of $44,300 on a four lease commencing July 1, 2014 with no rights of renewal. SOA also leases 279 sq m in Unit 2/40 for $24,000 per annum on the same terms.
Unit 1/40 comprises an area of 619 sq m leased to Component Sheet Metals for $44,700 annual rent on a lease commencing January 1, 2012 for two years with two two-year rights of renewal. Part of the area is sub-leased to Bakerfield Automatics for $23,965 per annum on the same terms. All the leases have a provision for rent reviews to market next year.
“The multiple mixed tenancies provide a split risk income while investors, developers or owner occupiers consider their options. The future is bright for Carr Road with significant developments on the horizon,” he says.
“In recent years this location has grown in popularity with many businesses and residents due to the character, vibrancy and the increasing wide range of high quality amenities and services.
A warehouse with the Carr Rd industrial complex.
“Close by at the southern end of Carr Road, Bunnings has recently built a bulk warehouse
store while next door at 4 Carr Road, a property was sold in June for a prospective retail
development. On nearby Stoddard Rd the Roskill Retail Centre was developed two years ago with 20 of the biggest tenants in New Zealand including McDonalds, The Warehouse, Countdown, Subway, Coffee Club and a Mad Butcher.”
The two buildings encompass a building area of 1354 sq m with an 11 sq m canopy on a freehold 2331 sq m site.
Wilson says the rear building, Unit 40A, was built around 1991 and refurbished in 2008. It has a floor area of 466.8 sq m and has an Initial Evaluation Procedure (IEP) report assessing it at 100 per cent of National Building Standards (NBS).
The front building, divided into two tenancies Unit 1/40 and Unit 2/40, was previously used as an engineering workshop with the original building constructed in two parts. The rear was constructed around 1955 and has a lower stud height while the front is dates to about 1965. The building was divided into two tenancies circa 2003-2005.
The entry canopy is to Unit 1 and the property has off road parking for 10 vehicles.
A workshop area in the building for sale at 40 Carr Rd.
“IEP reports for the front building assess it at 34 per cent of NBS which is above the threshold - meaning it is not earthquake prone according to the Building Act,” Wilson says.
Overall construction of the buildings, with stud heights of 5.8 metres and 3.4 to 4.6 metres. is of concrete foundations and floors, concrete block walls, steel and timber framing, aluminium joinery and steel roofing.
The property is situated on the southern side of Carr Rd in the heart of the industrial sector of Mt Roskill which is home to 114 industrial zoned properties surrounded by a large residential catchment.
“Most people prefer to work and invest close to their homes so Mt Roskill is a highly sought after location for business and investment,” Wilson says.
The land is zoned Business 4 under the operative Auckland district plan with the zoning applying to areas throughout the city where low to medium intensity light industrial and service uses are the dominant activities with the controls discouraging heavy or noxious industries.
Wilson says the pending completion of the extension of State Highway 20 from Mt Roskill through to Point Chevalier will be of huge benefit to commercial properties in Mt Roskill by increasing the business economy in the area.
Mt Roskill is 15 km from Auckland Airport and eight kilometres from Auckland CBD.