Wiri, Penrose properties have established tenants

Properties at Wiri and Penrose are up for auction. Photo / Supplied

Two South Auckland industrial investment properties which have well established tenants in Wiri and Penrose will go under the hammer this month as part of Bayleys' Total Property portfolio.

Up for auction on June 23 is a stand-alone 1605sq m factory/warehouse and office building on a 3087sq m site at 11a Bolderwood Place, Wiri, which is being marketed by Richard Yang, of Bayleys Auckland, and Mark Pittaway of Bayleys Manukau.

Yang says the property has been renovated for the current tenant Ipsco which began an eight-year lease in February 2008, with two rights or renewal of four years each. It makes industrial fans and has been in business for more than 30 years.

The whole office area of 320sq m has been upgraded. A new factory/warehouse area of 240sq m was added to the existing 8m stud industrial space, giving a total warehouse and factory area of 1070sq m with a 75sq m mezzanine office and a canopy of 140sq m. Yang says there is about 320sq m of yard area that could be used to extend the warehouse.

The property is fenced with a concrete covered parking area for 35 cars and is currently producing net annual rental income of $205,000, with two-yearly rent reviews. Yang says Bolderwood Place is handy to Auckland Airport and State Highways 1 and 20 which provide good access to all parts of the Auckland region.

Also for auction on June 23 is a standalone 1127sq m warehouse and office building at 17 Greenpark Rd in Penrose. It sits on a 1939sq m freehold Business 4 zoned site. There a lease in place to international company Staging Connections, which has just exercised its final right of renewal of three years. The property is producing current net annual rental income of $186,156 plus outgoings and GST.

Staging Connections specialises in event staging and manages exhibitions, product launches, conferences and annual meetings, awards nights and gala events in the Asia Pacific region, with offices also in Australia, China and the Middle East.

Adams says the Greenpark Rd premises comprise 637sq m of solidly constructed high stud warehousing with 257sq m of ground floor showroom, office and amenities in excellent condition and a further 232sq m of mezzanine office space. There is parking for 25 cars around the security fenced perimeter.

He says the Penrose area is sought after both by tenants and owner-occupiers because of its central location and good access to the CBD and port, Auckland Airport and neighbouring commercial and industrial suburbs.

Adams says with the lease expiring in three years' time, and no right of renewal, the Greenpark Rd property is attracting interest from owner occupiers as well as investors.

It gave plenty of time to plan a relocation while banking the substantial rental income.