An investment property in Onehunga is on the market through Colliers International.
The property at 35 Victoria St, off Neilson St in the popular central industrial precinct, is being marketed by Paul Higgins and Hamish West of Colliers International. It is for sale by deadline private treaty closing on July20 unless it is sold earlier by negotiation.
The property is an "excellent proposition for investors", says Higgins. "The building is very well maintained and has a generic layout which suits a variety of uses. There is also a long lease in place to Auckland Panel and Paint, providing a solid cash flow."
West says freehold industrial buildings in prime locations in Onehunga, with good lease terms, are not offered to the market very often.
"Onehunga is a very tightly held industrial precinct where there is limited availability of property. Its central location is in high demand among occupiers and investors and this demand is expected to increase as the city continues to grow," he says.
The building's interiors are in excellent condition and present well, Higgins says.
"The offices are very tidy and the warehouse areas are also highly functional and clean, resulting in a desirable property being presented to the market."
Auckland Panel and Paint holds a lease extending to September 2020, with three further rights of renewal of three years each. Rent reviews are built in to the lease, says West.
"The property's longstanding tenant, good lease term and income stream will be a drawcard for buyers, along with the potential for income growth through regular rent reviews."
The building comprises 1964sq m of floor area on a freehold 4046sq m, Business 6-zoned site. It contains two interconnected warehouses and corporate-grade office space. The 563sq m front warehouse has a medium stud height, while the rear clear span warehouse, 1165sq m in size, has a high stud.
One of the property's key features is a secure, gated yard to the north of the site, providing excellent access to the warehouses, says Higgins.
"The yard also provides additional storage and container drop areas which is a rarity in this location."
West says excellent road and motorway access and a location within easy reach of the Auckland CBD have contributed to Onehunga undergoing significant regeneration in recent years.
