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Substantial commercial office and warehousing block for sale

The land and building housing a substantial dual-tenanted office and warehouse complex in one of Auckland’s foremost industrial suburbs has been placed on the market for sale.

The expansive property at 9 Prescott Street in Penrose houses a mix of high-stud warehouses and adjoining office space with leases assigned to two large companies, and containing 4,684 square metres of buildings sitting on 5,623 square metres of freehold land.

The L-shaped Prescott Street block has an A-grade seismic rating and will shortly be generating annual rental revenue $646,194 plus GST. The split commercial tenancy schedule within the property consists of:
• Telecommunications systems design and installation company UCG on a five-year lease beginning in December and running through until 2023, with two further four-year rights of renewal, paying annual net rental of $500,000 plus GST
• Supply chain firm Reynolds Group on a lease running through until 2024 with three further three-year rights of renewal, paying annual net rental of $146,194 plus GST

UCG’s presence within block encompasses 1,906 square metres of medium-stud warehousing space accessed by two large roller doors, 1,463 square metres of office and showroom space, 59 car parks. UCG ‘s pending new occupancy replaces and engineering firm and a commercial refrigeration installation company which had been onsite.

Meanwhile, Reynolds Group occupies a 418 square metre warehouse, 405 square metres of recently refurbished open-plan office space – including staff amenities, a 43.8 square metre dangerous goods space, and 18 car parks.

The land and two-storey buildings at 9 Prescott Street are now being jointly marketed for sale by private treaty through Bayleys Auckland and Colliers International, with offers closing at 4pm on October 17. Bayleys Auckland salespeople Greg Hall and James Hill said the land in Prescott Street was zoned business – heavy industry under the partly operative Auckland Unitary Plan.

Auckland Council’s business - heavy industry zoning allows for tenancies whose business activities may produce dust or noise emissions, and for businesses with heavy vehicle or high traffic volumes requiring to be near to freight routes.

“This appropriate zoning dovetails exactly into the activities of both UCG and Reynolds Group - which is why both entities have committed to long leases on their respective office and warehouse spaces,” said Mr Hall.

“Concurrently, the site’s angled car parking configuration allows for a highly efficient use of forecourt space – maximizing rental returns from the available area and meaning staff do not have to park their vehicles on the road. There is also additional UCG staff parking underneath its warehouse.”

Mr Hill said the Prescott Street property has been well maintained throughout its life-span, most recently with the refurbishment of some of the office space to accommodate UCG moving into the site. This policy had enabled the current owner to ensure per square metre rental rates were in line with averages for the location and type of building.

Colliers International salesperson Ben Herlihy said the Prescott Street cul-de-sac predominantly contained similarly-styled medium to large industrial premises.

“Properties of this nature in this locale have long been prized because of their close geographical position close to main arterial routes and motorway links north, south, and to the airport,” Mr Herlihy said.

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