Auckland, 8 June 2013 - A significant, fully-leased industrial facility in Auckland’s premier industrial precinct has come up for sale at 100 Harris Road, East Tamaki.
Marketed by Tim Boyle, Bruce Catley and Claus Brewer of CBRE on behalf of Centralbridge (NZ) Limited, as part of a wider Trans-Tasman portfolio divestment process, the property is for sale by formal Expressions of Interest, closing at 4pm Friday 14th June 2013.
“100 Harris Road is an exceptional long-term investment opportunity,” says Tim Boyle. “The property is fully leased to a blue chip international tenant on a 12 year term, and the lease offers a sought-after rental review structure.
“In addition, the property has full drive-around capability and is in a desirable location in Auckland’s premier industrial precinct, with easy direct access to Auckland's motorway system.”
Boyle says that there is a wide range of target purchasers looking for long term cashflow with built-in growth.
“We see this offering being attractive to syndicators who are seeing a resurgence of demand from investors recently, as well as many of the larger institutions and funds and high net worth private investors who all have an appetite for Industrial property at the moment after the sectors relatively strong performance through the GFC.”
Claus Brewer says that the opportunity at 100 Harris Road is for someone to buy a large land holding in sought-after East Tamaki with guaranteed income growth for a significant lease term.
“This is a true example of an investment to put in the bottom drawer. East Tamaki has been a high growth area over the last few years as Highbrook attracts more and more new development opportunity, so with it grows the amenity offered, which we see a lot of companies in the greater East Tamaki area piggybacking off. Its proximity to the city, port, airport and main arterials South mean it is ideally positioned to attract a wide variety of businesses.”
Occupying a 22,374sqm Business 6-zoned site, 100 Harris Road was originally constructed in the 1970s, with multiple additions since.
The warehouse is split into three main components, comprising the main warehouse, a southern warehouse and a south-western warehouse.
Claus Brewer says that the facility offers a gross lettable area of 16,553 sqm, is fully sprinklered and benefits from full drive around access.
“Stud heights range from 8.2 metres to 10.25 metres at the apex of the main warehouse. In addition, the preparation area is air conditioned and includes a gantry crane.”
He adds that the office space is provided over two levels and comprises a mixture of open plan and partitioned space at the frontage of the original warehouse.
VIP Plastic Packaging (NZ) Limited leases the property and a new 12-year net lease is proposed which will come into force upon settlement.
Catley says that VIP Plastic Packaging is a subsidiary of the Pact Group, the leading supplier of rigid plastic and industrial metal packaging in Australia and New Zealand, employing more than 3,000 staff.
“As a market leader in the development and supply of high quality plastic packaging, VIP’s products include plastic PET wine bottles, plastic bottles and jars, jerrycans, plastic drums, tubes, crates, and intermediate bulk carriers.
“VIP’s clients cover a range of industries, including food & beverage, pharmaceutical, cosmetic, household consumer and the industrial and chemical sectors.”
100 Harris Road is a premium grade industrial location in East Tamaki, approximately 16km from the Auckland Central Business District.
Located on the western side of Harris Road, access to major arterial roadways within the region is easy and direct, with Highbrook Drive connecting to State Highway 1 and a short distance from the State Highway 1 and 20 interchange.
As a result, Boyle says that East Tamaki is seen as one of Auckland’s premier industrial precincts. “Not only does it have outstanding motorway access via both the Highbrook Drive and East Tamaki Road interchanges, but the inland port at Wiri is close at hand and there is unrivalled access to a skilled labour force.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
