Low vacancy boosts Albany building’s appeal

5:00 AM Saturday February 18, 2017 True Commercial

The property at 52B Arrenway Drive comprises a warehouse, showroom and office, with 19 car parks. Photo / Supplied

Brokers predict a modern industrial Albany building will attract high interest as low vacancy rates in the area drive demand.

The 1134sq m strata freehold office, showroom and warehouse — at Unit 2, 52 Arrenway Drive, Rosedale — is being marketed by Colliers International brokers Matt Prentice and Shoneet Chand. It will be sold by deadline private treaty, closing March 8, unless sold earlier by negotiation.

Prentice says the property is being sold as vacant possession or the possibility of the current occupier to remain in the first floor office, which makes it attractive to both owner-occupiers and investors.

“The limited supply of industrial developable land on the North Shore has kept vacancy rates extremely low,” he says. “Very rarely are modern, high-exposure, stand-alone buildings of this calibre available for purchase with vacant possession.”

Colliers International research and consulting director Chris Dibble says the North Shore vacancy rate has stayed extremely low in recent years.

“Our most recent data shows the industrial vacancy rate is about 1.8 per cent and the overall vacancy rate has remained below 2 per cent over the past two years.

“Tenant and occupier demand for industrial property on the North Shore remains consistently strong.”

Prentice says investors shouldn’t have to wait long to find good tenants, while owner-occupiers would be able to take possession of a modern, standalone road-front unit in a high exposure site.

The property was developed in 2006 by Kea Property Group, which has been responsible for other quality buildings in the area, many of which are also about a decade old.

Prentice says Kea is also responsible for several brand new developments across north and west Auckland, all of which have been extremely popular.

“This is a chance to buy an immaculate warehouse, showroom and office which is both modern and attractive,” he says. “It not only looks the part, but is in very good condition, with a number of improvements made by the current owner, both inside and out.”

Chand says there is ample parking on-site, with 19 car parks available.

52B Arrenway Dr 12.jpg

Arrenway Drive offers access to Apollo Drive, the principal thoroughfare linking Rosedale Rd and Constellation Drive. Photo / Supplied

The road-facing front of the building features a 215.4sq m showroom with access via double doors at ground level and a 248.15sq m office on the first floor.

Chand says the main entrance is via a single glazed door into the foyer, which allows the ground and first floor spaces to be kept separate.

“The office space is carpeted and air-conditioned, with an open plan layout.”

The 558.4sq m warehouse has a functional rectangular floor plan and a high stud height of 6.5m. Access is via two electric roller doors, one of which is sheltered by a cantilevered canopy.

Additional storage is available in a 40.2sq m ground floor storeroom and a 41.8sq m first floor file room.

“It’s a very generic building that can be split to house a single or dual tenants,” Chand says.

Investors have the option of leasing out the whole building or only the ground floor, with the current tenants continuing to lease the first floor office.

Chand says the building is in a high-profile position within the Interplex commercial and industrial development area, and is zoned Business under the proposed Unitary Plan.

“With easy access to motorway interchanges, this property's location is sought after by national and multinational tenants.”

Many large and well-known companies are in the area, including Wallace Cotton, Ideal Electrical, Ingram Micro, Plastic Systems, and the head office of Burger King.

location offers convenient access to adjacent Apollo Drive – the principal thoroughfare linking Rosedale Rd and Constellation Drive.

The Northern Motorway is easily accessed via the Greville Rd interchange to the north or the Upper Harbour Highway interchange to the south. Recent road improvements mean the travel time to the city is about 15 minutes outside peak.

The broader area is home to the Westfield Albany shopping centre, Event Cinema complex, North Harbour Stadium, Massey University, and a good range of cafes, restaurants, bars, gyms, and businesses.