The Property

• Freehold, standalone high-stud industrial property on a 1,250sqm corner site

• Offering 641.26sqm of well-maintained office/warehouse space with three roller doors for easy access

• Nine onsite car parks

• Prime frontage on a main arterial road

• Strategically positioned near major motorway interchanges, offering excellent accessibility for transportation and logistics

• Sold with vacant possession.

Quick Look

• National Total Property marketing campaign – sold by deadline private treaty

• Interest generated via Bayleys’ databases and Total Property magazine

• 28 inspections and five offers received by the deadline date

• SOLD with sale price confidential

• Purchased by a local owner-occupier in the construction sector

The Story

Standalone freehold properties like this are reasonably rare on the North Shore so marketing agents Richard Moors, Matt Mimmack and Laurie Burt of Bayleys North Shore Commercial knew they had a sought-after offering for discerning investors and owner-occupiers.

“Given that the property was being sold with vacant possession, we always knew it was going to resonate with owner-occupiers who are typically prepared to go above and beyond to secure the right site,” said Richard.

“Investors would carry the risk of needing to find a suitable tenant, and although the leasing market has been fairly active, owner-occupiers are increasingly looking to secure their futures with a property they own and where they can confidently plan their business path ahead.”

Richard said it’s no secret that the commercial and industrial property sector has had a more sluggish time of late, but enquiry and sales are tracking upwards and having flexible, realistic vendors who were prepared to listen to the market was a pleasure with this sale.

“I believe that the price achieved was commendable in the current quieter market, and we genuinely haven’t seen prices like that in the last 18 months.

“The purchaser is an established business within the construction sector and this Albany property is fit-for-purpose for their immediate and ongoing needs.”

Vendor Comment

One of the vendors Rod Coleman said after a recommendation from an acquaintance, they opted to sell with Richard and were pleased with the process – and the result.

With the tenants deciding not to renew their lease after 20 years onsite, Rod says it made sense to divest the Bush Road asset and had no hesitation in listing the property at the beginning of 2024, even though there were lingering market headwinds.

“We felt that being a freehold site, with no body corporate involved and with capacity for two tenants, meant the property would be attractive to an investor or an owner-occupier regardless of market cycles.

“When we decided to sell, we contacted two major real estate brokers, and made the decision to go with Bayleys.

“Richard came recommended by a previous client of his and found him and the team to be very professional, and always available, keeping us informed throughout the process.”

Rod said they were comfortable with the campaign and on balance, think the 4.4% return was “ very acceptable in today’s market”.