A recently refurbished Mount Wellington industrial warehouse, for sale with a solid lease to a wholesaler of quality ergonomic seating, is being marketed as 'ticking all the boxes' for investors.
"All the work has been done, it's a hands-off investment property," says Hamish West of Colliers International who, with colleague Paul Higgins, is marketing 3 Donnor Place for sale by auction on Wednesday April 12 unless sold earlier.
The complex, with a total 1600sq m net lettable area, occupies a 2749sq m freehold site and encompasses a 1155sq m warehouse and a two-level 445sq m office and showroom. The refurbished office and showroom has been renovated to a high standard into an open-plan, partitioned layout and includes the installation of high quality glass partitions, application of a modern colour scheme and polished concrete floors.
West says the prime clear-span warehouse is of concrete block and steel frame construction with a seven-metre stud height.
"The site itself is well-structured with truck access, room for containers as well as 18 staff car parks located both at the front and to the side of the building."
The tenant, Buro Seating Limited Partnership, with offices in Auckland, Christchurch and Brisbane, is on a six-year lease paying $237,000 net plus GST per annum, with two, three-year rights of renewal.
West says well-established tenants like Buro add to the attraction of investment properties.
"Buro is a leader in the field, with over 20 years' experience in the ergonomic seating industry producing quality products and services," he says.
"The company was the recipient of the Office Products Depot Supplier of the Year and Staples Australia supplier of the year Awards 2016."
West says Donnor Place is conveniently located in popular Mount Wellington industrial precinct which has access to other areas of Auckland via the motorway system.
"It's close to one of Mt Wellington's main arterial routes, Carbine Road, with easy access to the Mt Wellington interchange on State Highway 1 within 2.5km of the property.
"This is an established industrial location bounded by other predominantly industrial suburbs like Penrose and Onehunga, both of which have also experienced a growth in commercial popularity and improved infrastructure."
Higgins says the recent development of the South-Eastern Highway arterial route and the Pacific Rise Business Park - along with the redevelopment of the Vestey Drive industrial area - are all indicators of a 'boom' in the area.
"Several modern design-build industrial units have been completed on previously vacant sites together with trade retail developments. There is evident shortage and increasing demand for similar sites in the Eastern Bay area, close to the Auckland CBD."
Higgins says the Sylvia Park Shopping Centre is another reason for the precinct's popularity.
West says that, in addition to its premier location, the property's recent makeover adds to an already exceptional offering.
"A freehold tenure, the Mt Wellington location, recently refurbished, with long-term leases to a reputable tenant planning for international growth. It ticks all the boxes," West says.