Modern building has a beauty tenant
The modern office and warehouse building at 26 Vestey Drive. Photo / Supplied
The national headquarters centre of cosmetics giant Estee Lauder is for sale in Auckland’s industrial suburb of Mt Wellington.
The modern, standalone 2051sq m office and warehouse building on a 3283sq m site, at 26 Vestey Drive, is in Bayleys’ latest Total Property portfolio.
Estee Lauder has occupied the distribution centre since 2000 and its six-year lease is generating net annual income of $307,646.
The property is for sale by tender, closing on December 7, unless sold earlier and is being marketed by Sunil Bhana and Mike Houlker, Auckland and Ranjan Unka, North Shore.
“This property provides the combination of a very strong tenant covenant, with the lease guaranteed by Estee Lauder International, and a prime location in a high profile position on Vestey Drive, considered one of Auckland's best industrial streets,” says Bhana. “Industrial property investment opportunities of this calibre are rare.”
The building comprises two levels of A-grade office space, totalling 1024.5sq m which is surrounded by an attractively landscaped parking area for 39 vehicles, plus 855sq m of high-stud tilt slab warehousing and a 73sq m canopy.
Bhana says the air-conditioned offices have a high standard of fit-out with a mix of partitioned offices, board and meeting rooms and open plan space plus a cafe, lunch room and 98sq m courtyard.
The warehouse is accessed via two roller doors at the rear of the property with a yard area for unloading containers.
“This is a superbly located industrial investment opportunity in what is widely recognised as one of Auckland’s foremost industrial precincts due to its central position, excellent roading linkages and good access to labour,” Bhana says.
Vestey Drive runs between Great South Rd and Mt Wellington Highway with easy access to and from the southern motorway and southeastern highway.
These links provide good connections to the CBD, Ports of Auckland and Auckland International Airport.
Estee Lauder renewed its lease for six years in December 2013 and has one further three-year right of renewal option in December 2019 with a rent review also due at that point.
Founded in 1946, the company focuses on prestige makeup, skin care, fragrance and hair care products which are sold in over 150 countries. Listed on the New York Stock Exchange, the multinational reported sales of US$11.82 billion for its 2017 financial year, with net operating income of US$1.25b.