Property in superior North Shore business park on the market

8.7.2019
Property in superior North Shore business park on the market for sale

A substantial office/showroom/warehouse building in the North Shore's established Interplex Business Park at Albany is on the market for sale.

The 1013 square metre building with a 28.4 square metre canopy area and 17 car parks at 14 Canaveral Drive, Albany has been built to a high quality design using blue ribbon materials externally and internally - setting it above the level of developments in the locality.

Built in 2004, adhering to the business park's strict land use controls and encumbrance package to control building quality, the 426.9 square metre ground floor showroom and offices have extensive glass walling, while the 587 square metre warehouse and mezzanine area has a high stud and features concrete panelling. Access is through a single roller door.

Described as a “passive industrial investment with punch,” the freehold property is being marketed for sale by Bayleys North Shore salespeople Laurie Burt and Matt Mimmack by private treaty closing on July 18.

“This is a prime road-front industrial property in a desirable business park,” said Mr Burt.

“With a new lease generating yearly rent of $197,000 plus GST from the tenant, who has occupied the building since 2004, this is a clean and passive purchase.”

The property's elevated position gives the building prominence from Canaveral Drive and it has its own designated parking spaces. Attractive landscaping surrounds the property and business park.

Surrounding development in the Albany Heights industrial area is predominantly superior quality offices, retail and office/warehouse properties, the majority of which were built in the mid-2000s.

Interplex Business Park became a benchmark when it sprung into life in 2001. At the time the market was flat and the location was seen as secondary.

The four-and-a-half year project on 47 hectares set a point of reference for business park subdivision on the North Shore, while the successful planning and completion of major earthworks included a balanced cut to fill over the whole site with more than one million cubic metres being shifted.
To create and maintain a high standard of business park development, Interplex adopted a comprehensive suite of land use controls to ensure a high quality product as well as an encumbrance package managed through an Owners' Association controlling architecture, site planning, building form, signage and landscaping.

From a development perspective this was seen as critical to the success of the project and demand for sites was reflected in land sale values that started at $179 a square metre for the first sale, to $650 a square metre in a final stage lot on sale.

The business park land commanded a premium of at least 40 percent over neighbouring land of identical physical nature.

Built to a high specification by Kea Property, the 14 Canaveral Drive property comes with an extensive fitout which presents well, said Mr Burt.

The park is in an area that has an Auckland Council general business zoning allowing for businesses from light industrial to limited office, large format retail and trade suppliers. Large format retail is preferred in centres but it is recognised that this is not always possible, or practical.

Although the application of the zone within Auckland is limited, it is an important part of the Unitary Plan’s strategy to provide growth in commercial activity and manage the effects of large format retail.

Interplex Business Park is in a central position in relation to the surrounding and expanding North Shore urban areas. Canaveral Drive is off Triton Drive which accesses Rosedale Road and Arrenway Drive. There are good connections to the Northern Motorway by the Greville Road or Constellation Drive interchanges.

The area benefits from its closeness to the Wairau Valley, urban areas and motorways.

“Strong demand from investors and tenants has developed over the past couple of years because of expansion of the surrounding urban areas, completion of numerous new developments and the area's proximity to the Albany sub-regional centre, which incorporates Massey University, bulk retail outlets and a substantial Westfield shopping centre,” Mr Burt said.

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