Three decades of occupation anchor Albany asset

An industrial facility in Auckland’s maturing Albany business precinct is being offered to the market for the first time since construction, presenting investors with a desirable combination of long-term tenancy, income security and embedded growth potential.

Bayleys North Shore commercial and industrial sales and leasing broker, Jaye Miller, together with colleague Matt Mimmack, is marketing Unit G, 10-12 Piermark Drive for sale by deadline, closing at 4pm on Thursday, 12th March 2026 (unless sold prior).

The tenanted property is occupied by multinational secure manufacturing specialist ABCorp New Zealand, which has operated from the site continuously since the building was completed in the late 1990s – a tenure spanning nearly three decades.

Miller says the offering aligns closely with today’s market preferences, as investors gravitate toward assets underpinned by strong tenant covenants, predictable income streams, and strategic land components capable of supporting future adaptation.

“With fresh optimism about the year ahead, capital is concentrating on properties where income durability is matched by long-term optionality. The subject property delivers both – a globally established tenant with deep operational roots at the site, and a landholding with scope to evolve.”

The property comprises high-quality premises of approximately 1,400sqm configured across office and warehouse accommodation, supported by 28 on-site car parks. At the rear of the site, an additional 365sqm (more or less) of surplus land provides flexibility for yard use or potential expansion, subject to necessary approvals.

Currently returning $278,806 per annum plus GST and outgoings, the property is subject to fixed rental growth in 2027, followed by market reviews thereafter.

Miller says that an independent appraisal indicates higher market rental potential, offering clear income upside for an incoming purchaser.

ABCorp – formerly the American Banknote Corporation – traces its origins to 1795 and operates globally across secure payments, authentication technologies and advanced manufacturing. Its clients include governments, financial institutions and multinational corporations in more than 120 countries.

The tenant’s specialised operational requirements have driven substantial upgrades to the premises over time, including enhanced security infrastructure and internal fit-out, reinforcing both functional stability and long-term commitment to the location.

“The continuity of occupation is significant,” says Bayleys North Shore commercial and industrial sales and leasing director, Matt Mimmack. “Properties with nearly 30 years of uninterrupted tenancy to the same multinational occupier are uncommon. It speaks to the building’s utility, the strength of the relationship, and the strategic importance of the site to the tenant’s operations.”

The current lease runs through to April 2029, with renewal rights extending potential tenure to 2035, providing investors with medium-term income certainty alongside defined review mechanisms.

Mimmack says Albany itself has emerged as the North Shore’s principal commercial and industrial hub, benefitting from sustained population growth, major retail investment and extensive infrastructure development over the last two decades. Immediate access to State Highways 1 and 18 supports efficient logistics connectivity across Auckland, while proximity to the Rosedale transport interchange enhances workforce accessibility.

“Major institutional developers and listed property entities have committed significant capital to the wider precinct, reflecting confidence in Albany’s role as a long-term employment centre for the northern growth corridor.

“Industrial sites in established locations are in strong demand, particularly those combining functional buildings with expansion capability. Rising construction costs and planning constraints are reinforcing the value of existing assets that can accommodate evolving operational needs without requiring ground-up redevelopment.”

The Business – Light Industry zoning supports a wide range of production, storage and distribution activities, enhancing reletting prospects should requirements change in the future.

For many investors, the ideal industrial asset today performs quietly and reliably yet still offers strategic flexibility, the brokers say.

“Unit G, 10-12 Piermark Drive provides secure income from a proven occupier with built-in rental growth, and the ability to unlock additional value through expansion or repositioning over time.”