New complex handpicked by international tenant
Artist’s impression of new spec office, warehouse and factory complex at 4 John Glenn Ave, North Harbour.
A long term international tenant handpicked the location and building design of a new ‘spec’ built office, warehouse and factory that is for sale in North Harbour.
Construction on the 4867 sq m prime corner site at 4 John Glenn Ave is due for completion the middle of next year, says Matt Prentice of Colliers International who, with colleagues Shoneet Chand and Brad Visser, is selling it by deadline private treaty closing at 4 pm on December 4, unless it sells earlier by negotiation.
The tenant is Integrated Control Technology (ICT), a world leading manufacturer of integrated electronic access control and security solutions that enable organisations to protect staff, operations and information. The firm has a 10 year lease with two, six-year rights of renewal.
“This property offers investors gilt edged security with a locked-in blue chip tenant for 10 years minimum and is located in North Harbour’s fastest growing business location.” Prentice says.
“The building will comprise a made-to-order commercial complex that encompasses the latest in office, warehouse and manufacturing space with an A-plus seismic rating.
“There’s also a major add-value opportunity with ICT leasing 1425 sq m of the site that it has earmarked for future office and warehouse development. The value-add potential in rental for that area once developed, would be significant,” says Prentice.
He says the initial construction includes a two level 720 sq m office, 495 sq m of manufacturing space and more than 450 sq m of warehouse and canopy coverage. The total lettable area of 1671 sq m will generate an annual net income of $411,690 with annual built-in reviews adjusted to the Consumer Price Index.
The project is being undertaken by Kea Group, a major industrial developer on the North Shore, which has completed numerous nearby large scale projects for national and international clients.
The two level offices will include prominent exterior glazing and aluminium louvre features, over a precast concrete structure along with horizontal, Colorsteel metal wall cladding. Access between floors will be by internal stair access with provision for a future elevator. The warehouse and manufacturing premise will have a minimum 9 metre stud, long-run styled iron roofing and roller doors.
Shoneet Chand of Colliers International.
Chand says industrial vacancy across Auckland is less than three per cent “so this is a very secure sector to invest in right now”.
The property is Zoned Business 9 under the Operative District Plan and has same wide ranging status intended under the Proposed Auckland Unitary Plan.
“The property also offers dual street access from both John Glenn Ave and Unity Drive and has 61 onsite car parks,” says Chand.
“An easily accessible site, it will benefit from its corner location and runs adjacent to William Pickering Drive, the main arterial road in the North Harbour business estate. This is one of the best streets in the area for businesses as it is close to the Albany Highway as well as the State Highway 18 motorway extension,” says Chand.
The property is surrounded by modern commercial developments occupied by well-known local and multinational companies.
Prentice says North Harbour, along with neighbouring Rosedale and Albany, has undergone significant development in recent years.
“The wider Albany Basin is one of the fastest growing business localities in New Zealand, with substantial commercial, retail and industrial development such as the Interplex Business Park and major projects in Albany City. This activity means there has been continual growth around the area, and any investors coming into 4 John Glenn Avenue can take a lot of comfort from that.”
Matt Prentice of Colliers International.