Food distribution centre in Albany

1:22 PM Tuesday July 19, 2016 True Commercial

The building at 7 Armstrong Rd has two levels of offices and a dry store.

An Albany building designed for wholesale food distribution is described by brokers as a quality investment in a low vacancy area, within a tightening market.

Colliers’ broker Paul Jarvie says the 6177sq m standalone site, at 7 Armstrong Road, Albany, is for sale offering 2615sq m of net lettable area.

The freehold property will be sold by Deadline Private Treaty through Colliers International, final offers being due on August 3, unless sold earlier by negotiation.

Jarvie, who is marketing it with colleagues Andrew Hooper and Matt Prentice, says it represents a rare opportunity for investors.

“There are limited numbers of investment properties available on the Shore, which is an increasingly popular investment sector,” says Jarvie.

“This one sits in a premium location near two motorways, with a long-standing international tenant making it a superb package deal.”

Bidvest NZ Limited has occupied the building since 2006, having new six-year lease with market rent reviews every three years.

The property currently returns $532,000 net per annum, plus GST.

“Sitting in the heart of the North Harbour industrial estate, the property runs directly off the main arterial road of William Pickering Drive, making it exceptionally convenient,” says Prentice.

Purpose-built about 20 years ago to be occupied by Bidvest for its New Zealand operations, the property is for sale for the first time in its history.

Bidvest NZ is a wholly owned subsidiary of Bidcorp, an international broad-line foodservice group, listed on the

Johannesburg Stock Exchange, and one of New Zealand’s leading wholesale food distributors.

“One of the main features of this property is its drive through access for trucks, making it unique and ideal for logistics based operations. It comprises a purpose-built food storage and distribution facility, incorporating dry goods storage, cool stores, and office accommodation.”

The building provides two levels of offices, dry store with a stud height of nine metres.

The cool store and chillers are built adjacent to the offices, with the dry store at the rear of the property.

Five loading docks are accessed via a full concrete/asphalt sealed and secured yard, with cantilevered canopies above.

An asphalt sealed driveway along the northern elevation also provides access to Bush Road.

The property is now zoned Business 10 which provides for a wide range of business activities, which will change to Light Industrial under the Proposed Auckland Unitary Plan.

“The property is well situated to a lot of public amenity such as gyms, bars and cafes.

“It is only a few minutes away from the northern and western motorways, which makes this area particularly appealing to many operators,” says Hooper.