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News Release

Auckland

East Tamaki gem with new five-year lease

JLL marketing 10 Andromeda Crescent, East Tamaki


 

 

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10 Andromeda Cres small-min.jpgA freehold investment opportunity has become available in sought after East Tamaki. ​

JLL agents Henri Yeoman and Tim McGoldrick, in conjunction with David Goodhue of Barfoot & Thompson, are marketing 10 Andromeda Crescent in East Tamaki, a 3,045sqm site with 1,090sqm warehouse, 410sqm office/showroom and 270sqm hi-load concrete mezzanine.  

“This property represents a small percentage of properties available in East Tamaki and as of January 2018 will be leased to new tenant Alchemis Limited, who have committed to a five-year term, allowing for a return of $235,000 pa. It is an ideal opportunity for a passive investor,” says McGoldrick. 

Built in the 1990s, the property benefits from dual access, good perimeter fencing, seven roller doors and with Business 5, or light industrial zoning, it would suit a range of uses. 

“The building was originally constructed for use by a national automotive parts chain.  However, the generic configuration of the property opens it up to a variety of applications,” says McGoldrick.

Positioned in close proximity to Highbrook Business Park, and being just off one of the main roads of East Tamaki, the location ensures superb access to main arterial routes and SH1. 


The JLL Industrial Pulse Report released last month, showed that East Tamaki had a vacancy rate of only 2.4%. 

Tom Barclay Associate Director of Research and Consulting comments, “East Tamaki has the lowest level of vacancy across all South Auckland industrial precincts. Overall South Auckland vacancy sits at 2.8%, which is remarkable given the level of greenfield development that has been completed over the last two years. This is a testament to the strength of the industrial occupier market in Auckland. We expect that given the constraints in the market, rental growth is set to continue which will drive capital value growth moving forward.”  

“The figures from the JLL Pulse Report show the popularity of South Auckland and in particular, the East Tamaki area. South Auckland has one of the highest concentrations of industrial property in New Zealand. Rental levels for prime and secondary industrial properties in South Auckland have grown considerably post GFC and it is expected that, due to the shortage of availability, rental levels in the area will continue to increase,” says Yeoman. 

The property will be sold through a Deadline Private Treaty campaign closing Wednesday 13 December 2017 (if not sold prior).