Warehouse, showroom in Rosebank
The warehouse, office-showroom complex at 507 Rosebank Rd, Avondale. Photo / Supplied
A large industrial property in a high exposure position on one of Auckland’s most sought-after industrial streets is for sale with vacant possession.
The 4899sq m freestanding warehouse, office and showroom complex is on a freehold site of 6983sq m — at 507 Rosebank Rd, Avondale.
It offers an owner-occupier or investor the rare opportunity to secure a prime road front site in the tightly-held West Auckland industrial precinct, says Bayleys Auckland’s Stuart Bode. He is marketing the property with Scott Campbell, Bayleys’ national director, industrial & logistics, by way of private treaty closing August 1, unless sold earlier by negotiation.
Bode says the property was developed in stages, with an original 6m stud warehouse thought to have been built in the late 1970s, or early 1980s. A newer 8m stud warehouse was built in the early 2000s. It was attached to the existing warehouse to form a single warehouse complex of about 3557sq m, with multiple roller door access along its southern side.
A third 1279sq m two-level building in front of the warehouse space combines ground floor showroom premises with offices above.
There’s ample parking at both the front and side of the level site for up to 41 carparks and an A-grade seismic rating. An Initial Evaluation Procedure (IEP) of the three buildings has assessed them as between 90 and 100 per cent of New Building Standard (NBS) says Bode. “The premises has also been well maintained with ongoing refurbishment of the office and showroom space which has a good standard of fitout.”
He says the property could suit a single occupier or could be split into more than one tenancy. “The warehouse addition has its own office space and could be leased separately from the two-level showroom and office building at the front of the property which offers showroom and brand exposure to Rosebank Rd’s very high traffic volumes.
“This would enable an investor to maximise rental return from the property. Or an owner-occupier looking for predominantly warehouse space could generate good income from leasing the front building, to help cover any mortgage outgoings.”
Campbell says the Rosebank Rd industrial precinct offers a solid surrounding workforce plus ease of access to CBD and the port, via the northwestern motorway. This motorway also provides easy access to West Auckland, or to the north via its link with the Upper Harbour Highway.
“With the recent opening of the nearby Waterview tunnel, Rosebank Rd also benefits from better access to the southeast and the airport .
“We anticipate the tunnel will put even more pressure on the Rosebank Rd industrial precinct’s already very low vacancy rate and make it more challenging for tenants and owner-occupiers to secure premises.”
Bayleys Research’s latest survey of Auckland’s main industrial precincts put Rosebank Rd vacancy at just 1.5 per cent, well under the historically low overall Auckland industrial vacancy rate of 3.47 per cent. The survey showed uptake of 22,500sq m of industrial space since early last year, predominantly across three buildings, with no new vacancies.
The property at 507 Rosebank Rd has a Business-Light Industry zoning under the new Unitary Plan and a July 2014 capital valuation of $7.4m.