A prominent modern warehouse and office property on Rotorua's main entry and exit route is being offered to the market as a prime industrial investment opportunity.
Mat Gibbard of Colliers International's Rotorua office is marketing 164A Lake Rd, Mangakakahi, with colleague Mark Rendell. The property is for sale by deadline private treaty closing at 4pm on Thursday November 22, unless it sells earlier.
Gibbard predicts the 698sq m freehold listing will appeal to investors priced out of the low-vacancy, high-demand Auckland industrial market.
"Rotorua offers superb property investment fundamentals, with its industrial sector in particular performing very strongly. Top-quality industrial properties rarely come to the market, making opportunities like this highly sought-after.
"Built in 2008, it is in a prominent, elevated position on the city's industrial fringe.
"It has an attractive modern exterior and a high-spec finish including solar heating, on-site car parking, a large workshop and high-stud roller door access.
"With the tenant recently renewing its lease, the property makes for an excellent passive investment in one of the North Island's fastest-growing regional centres."
Rendell says the property comprises a 528sq m industrial unit with a sizeable high stud workshop and two levels of office accommodation.
"Tenant RCR Infrastructure is signed to a three-year lease with three rights of renewal of three years each. The lease earns $54,000 plus GST in net annual rent, with the tenant paying 100 per cent of the outgoings."
Rendell says Rotorua has long been a popular national and international tourism destination, known for its geothermal attractions, idyllic lakes and forests, and the hospitality of its people.
"Rotorua is within three hours' drive of Auckland and less than 500km from Wellington."