Multiple income streams in Manukau
The large multi-tenanted commercial property for sale at 12 Lambie Drive, Manukau.
A large multi-tenanted commercial property offering a range of options within Manukau’s business and retail area is for sale as a solid investment holding or with a view to its future redevelopment.
“It is a significant fully leased leased property that has real appeal for developers,” says Andrew Hooper of Colliers International who, with colleagues Greg Goldfinch and Dwayne Warby, is marketing 12 Lambie Drive for sale by deadline private treaty closing at 4 pm on Wednesday, May 20 unless it sells earlier by negotiation.
Hooper says the 7218 sq m property with a floor area of 4894 sq m earns $547,856 net annually from 11 rental income streams making it an excellent spread risk consideration for potential investors.
“The two major tenants with long term leases are government funded departments ensuring a degree of stability and reliability,” he says. “There is also real add value possibility with rent reviews pending.”
The property includes a two-storey, concrete block construction, office building with a net lettable area of 1603 sq m along with an attached warehouse on the non-road frontage side and 100 on-site car parks.
The warehouse, with a net lettable area of 3291 sq m, is occupied by six units including an auto repair service and a mix of wholesale distributers.
The two top floor offices are accessed by an elevator or internal stairs, and there are three further ground level offices. The offices have been significantly refurbished and the layout provides good natural light and space. Kitchens and amenities are on both levels
Goldfinch says long term re-development potential underpins the land value.
“The site is in a location where developable land is increasingly scarce, so we are expecting high levels of interest..”
“This sale represents a smart opportunity for serious developers who can earn substantial holding income from existing tenants while plans are mapped out for the site. It is also in an area where retail, office and industrial operations have combined well to create a destination location.”
Warby says Lambie Drive carries a heavy flow of traffic and is close to Westfield Manukau City mall, making it an ideal arterial route for businesses seeking high profile exposure.
“It also has easy access to the city’s motorway network and Auckland Airport.”
Recent developments have been mostly retail in nature but there are also large areas of multi-unit industrial developments in adjacent Ryan Place and in the surrounding region.
“Manukau and neighbouring Wiri have become sought after industrial and commercial areas with many leading companies like PB Technology, Pak’nSave and The Warehouse located here,” he says..
“The central Manukau location is ideal for businesses, not just because of its excellent transport links, but because the town centre’s retail precinct provides shopping, entertainment and dining options for staff.
“Growing surrounding residential catchments like Papatoetoe also furnish an increasing pool of retail customers.”
From left to right: Andrew Hooper, Greg Goldfinch, Dwayne Warby of Colliers.