East Tamaki split-risk industrial

5:00 AM Saturday July 1, 2017 True Commercial

The 1.2ha freehold property, identified by a blue border, spans two titles at 38 Harris Rd and 73 Crooks Rd. Photo / Supplied

A split-risk industrial investment on a large corner site in sought-after East Tamaki is on the market through Colliers International.

The 1.2ha freehold property, spanning two titles at 38 Harris Rd and 73 Crooks Rd, is for sale by deadline private treaty closing at 4pm on Wednesday, July 26, unless sold earlier.

Colliers International Industrial Sales and Leasing Director Paul Jarvie is marketing the property with colleague Greg Goldfinch.

Jarvie says it is an excellent opportunity to acquire a multi-tenanted investment with solid fundamentals.

“This property has a high-profile corner site, national and international tenants, dual street frontages, rare heavy industry zoning, a great location and future redevelopment potential,” he says. “Diversified income streams are earning $649,139 per annum net.”

The southern end of the site comprises two parallel industrial premises which are split into two units, Jarvie says.

“Unit A features a modern clear-span warehouse with a stud height of 6.5m at the knee rising to 8m at the apex. It is accessed via four roller doors.

“Unit B comprises a 7.5m stud warehouse with a 5 tonne gantry crane. The offices are located at the front of the unit, with excellent exposure to Harris Rd.”

The two units are separated by a yard with storage space and car parking. The northern border of the site comprises three tenancies including a standalone secure yard and two smaller industrial buildings.

“A medium stud warehouse with a well-presented retail unit is located on the corner,” Jarvie says.

“The other building comprises a clear span warehouse with ample office and amenity space. Both tenancies have ample yard space”

All four tenants have two and half years remaining on their leases.

The anchor tenant is Glen Dimplex Australasia Ltd, which is the largest wood fire manufacturer in the region, producing wood fires for the domestic and export markets.

The company occupies a net lettable area of 4870.9sq m.

Remaining tenants Hirepool, Steel K Recycling Ltd and Alpha Labs occupy net lettable areas of 1423.3sq m, 585.8sq m and 1235sq m respectively.

Goldfinch says the property is well located on the corner of Harris Rd and Crooks Rd, giving it exposure to 27,000 passing vehicles a day.

“The property is close to the Southern Motorway via the East Tamaki and Manukau interchanges,” he says.

“It is also conveniently near other nearby industrial areas including the Highbrook Business Park, Manukau and Mt Wellington.”

The property’s Heavy Industry zoning allows for a wide range of heavier industrial uses, Goldfinch says.