By True Commercial
A modern distribution centre on an 8073sq m freehold site in Wiri is up for sale with a long-standing tenant having just renewed its lease for a further six years.
Located at 6 Hautu Drive, the 5746sq m industrial building with a substantial 650sq m canopy is featured in Bayleys' latest Total Property portfolio. It is being marketed by Mike Marinkovich and Ben Bayley, Bayleys South Auckland, and is up for tender closing 5pm, September 14, unless sold earlier.
Marinkovich says the offering has fixed rental growth built into the lease and will provide average annual net income of $696,513 over the six-year renewal term. The national NZX-listed tenant, established in 1959, completed its initial 12-year lease term on August 8 and has exercised the first of two six-year rights of renewal.
Marinkovich says the fully precast concrete building has been constructed to high specifications that provide 59.8m x 98m of clear-span warehousing with a stud height of 11.2m to 13.8m at the apex. It has an Initial Evaluation Procedure (IEP) seismic assessment of 100 per cent of New Building Standard (NBS).
"The warehouse has an extreme high load-bearing floor that has 245mm thick concrete with double layers of reinforcing mesh. This enables it to take very high rack loads.
"The building has been designed to maintain durability and is well suited to a wide range of generic distribution activities and particularly those involving the storage of heavy products. Increasing the premises appeal as a distribution centre is the high ratio of warehouse accommodation, with a minimal 65sq m of office space which is specifically designed for despatch operations."
Ben Bayley says the property's substantial front yard has automatic gates, to allow good truck movements for loading and unloading under the large canopy.
The property is close to a number of large-scale industrial properties including The Warehouse distribution centre and premises occupied by high profile corporate tenants such as Croxley, Downer, Gough Gough Hammer, Irvine Flooring, Penske, Cummins, UD Trucks and Kiwi Steel.
Bayley says the elevated, north facing site was formerly part of a quarry and is ideal for a distribution centre being close to the Wiri Inland Container Terminal, 3.5km from the Manukau town centre and just under 7 km from Auckland airport.
"It is within minutes' drive of the Southern and Southwestern motorways and close to the gateway to the 48km western ring route.
"The high quality specifications and features included in the construction of this building and its strong location in the increasing sought after Wiri industrial precinct means it is well positioned to provide future rental growth."