Automotive properties in the Wairau Valley
Wairau Rd with the properties for sale marked by a red border.
NAI Harcourts North Shore is marketing properties, at 125 and 131 Wairau Rd, on Auckland’s North Shore, as two free-hold titles for sale individually.
The properties will be auctioned at 12pm on Wednesday October 26 at NAI Harcourts auction room, 128 Hurstmere Rd, Takapuna.
Andrew Bruce, of Harcourts, says Wairau is one of the busier industrial areas in Auckland, with about 30,000 plus vehicles passing by each day. It is the first time the properties have gone on the market in nearly 50 years.
“I expect a good level of interest, especially given the current commercial market in Auckland, with listings low and properties tightly held.”
He says 131 Wairau Rd is in a high profile corner position with one established tenant, Corporate Cars.
The compact property occupies a 653sq m corner site.
The building features a roller door at the front along with basic amenities and a suspended ceiling with fluorescent tube lighting. It has reinforced concrete foundations and floor, concrete block walls and an iron roof.
Positioned with excellent exposure, the complete northern side of the building is used as a 17m billboard, which has been solidly leased from 1989-2016. The most recent lease is $2000 per calendar month, which expired last month.
Corporate Cars, New Zealand’s largest UK prestige car importer has a lease on the building, expiring in May 2018.
125 Wairau Rd is 2734sq m and comprises two attached workshop units (built c1972), plus a standalone purpose-built mechanics workshop.
The tenants are Ace Tidy Cars Limited, a cleaning service.
Corporate Cars also store some of their vehicles at 125 Wairau Rd.
Finally, Wairau Alignment, an automative repairs business, holds a lease until May 2018.
The total rent paid per annum for 125 Wairau Rd is $137,148 net.
Both properties are positioned with close proximity to motorways, North Shore Hospital, Smales Farm, Takapuna Golf Course, bulk retailers in Link Drive and residential neighbourhoods.
Under the Unitary Plan recommendation, the properties are zoned light industry, which allows for industrial activities that do not generate objectionable odour, dust or noise. There is a height limit of 20m.
Peta Laery of NAI Harcourts North Shore says investors should seriously consider this split risk investment, in the current low vacancy market.
“With relatively short term leases, a purchaser has options to invest, restructure leases, occupy or redevelop, and in a location that is visible to approximately 30,000 vehicles driving past each day, as well as 100,000 daily on the Northern Motorway.”