A large, standalone industrial investment property, leased to a long-term tenant, in the popular Wairau Valley commercial precinct on Auckland's North Shore has been placed on the market for the first time in more than 20 years.
The 12.7ha property at 50-58 Hillside Rd is being marketed by Matt Prentice and Shoneet Chand of Colliers International and is for sale by deadline private treaty closing on July 4, unless sold beforehand.
The 6495sq m office and warehouse building was designed and built in 1972 for the tenant, Clearlite Bathrooms, which has occupied it ever since. The current lease runs until September 2019 and net annual rental income amounts to $675,248.
"With a stable, long-term tenant in occupation, this property offers a secure, passive commercial investment amid Wairau Valley's fast-growing commercial zone," says Prentice. "We expect to receive high levels of interest from investors, such as syndicators, family trusts, high net worth individuals and institutions."
The big building, which contains factory, warehouse, mezzanine, office and showroom areas, has been upgraded and refurbished over recent years, resulting in a well presented industrial facility, Prentice says.
"The high-stud warehouse has been extended and now makes up a total floor area of 1340sq m, alongside the 3730sq m main factory."
Multiple roller doors, dual access to Hillside Rd and ample yard and carparking areas are also incorporated on site. "The property overall is a very functional industrial facility, with a good warehouse to office ratio and plenty of staff amenity areas," Prentice says.
Chand says Clearlite Bathrooms is a well established tenant, having been in business for more than 65 years. "The company started in 1946 manufacturing a Perspex and plastics range including display stands, towel rails and car tail lights from its headquarters in Ponsonby. Clearlite soon grew and won design awards as it expanded into vacuum formed polystyrene refrigerator doors."
By the 1960s, the company employed more than 100 people and by the time it moved to the Wairau Valley and introduced bathroom ware to its product range, it was the North Shore's largest employer.
The property, which sits on an elevated site visible from the northern motorway, is centrally positioned in the popular Wairau Valley commercial precinct.By Colin Taylor Email Colin