Five long term tenants in Pakuranga buildings
The Pakuranga light industrial and retail site for sale at 62 Ben Lomond Cres, Pakuranga.
A multi-tenanted light industrial and retail block of buildings on a high profile corner site in the East Auckland suburb of Pakuranga, is featured for sale for the first time in 42 years within Bayleys’ latest Greater Auckland property portfolio.
The two buildings at 62 Ben Lomond Crescent house five separate tenancies and earn a combined annual income of $215,839 plus GST, says Shane Snijder of Bayleys South Auckland who, with colleague Tony Chaudhary, is marketing the property for auction on July 1.
The total 2020 sq m of buildings sits on about 4049 sq m of land zoned as Business Light Industrial
Snijder says the property with dual access is “squarish shaped” and occupies a corner with Cascades Rd servicing a catchment area of Pakuranga, Howick, Botany and East Tamaki.
The five tenancies comprise:
- Howick and Pakuranga Panel and Paint occupying 758 sq m of space and paying annual rent of $72,678 on a four year lease expiring in 2017 with a further four year right of renewal;
- Devonport Framing leasing 389 sq m for rent of $47,486 per annum on a three year term expiring in October this year but with three further four year rights of renewal;
- The Big Fish Bait & Tackle Company renting 353 sq m of floor space for $46,200 a year on a four year lease expiring in 2016 and with two further four year rights of renewal;
- Kohsa Enterprise liquor shop with 260 sq m of floor space, paying rent of $24,950 pa on a three year lease expiring in 2016 and with one further three year right of renewal, and;
- Scaffold Connect which occupies a 258 sq m area, paying rent of $24,525 on a two year lease expiring later this year, and with four further four-year rights-of-renewal.
Snijder says two yearly rental reviews are included in all the tenancies.
“The property is in effect two adjoining large warehouse style premises on a flat terrain location with some 25 car parks in a variety of exclusive and communal use configurations,” he says.
“It is stereotypical of most of the light industrial premises in this precinct –encompassing motor vehicle repair and maintenance shops; small logistics and warehousing enterprises; offices of community support organisations and trade based companies.
Howick and Pakuranga Panel and Paint is one of the tenants.
“The area is zoned Business Light Industry under the Proposed Auckland Unitary Plan – allowing for activities such as light manufacturing, production, logistics, storage, transport and distribution, service stations, and dairies.
“On one boundary of this area are the largely residential populations of Howick and Botany, while on the other side is the predominantly industrial catchment East Tamaki area. This means two non competing population and customer bases can be drawn for businesses operating within the Cascade Rd and Ben Lomond Crescent area.”
The two commercial premises on the Cascades Rd and Ben Lomond Crescent intersection have been built on concrete footings and feature steel roof beams with galvanised iron roofing, with a mix of reinforced masonry block cladding and corrugated iron walls. Some of the tenancies have mezzanine floors.
Chaudhary says the building was constructed in the early 1970s and is in good condition. “It’s an attractive proposition for either an investor or an owner-occupier. With five tenancies encompassing different business sectors – from two retail outlets through to light industry service companies – a longer-term view could be taken by potential owner-occupiers who could purchase the property now with a view to relocating there into a favoured space at some time in the future.”
An engineer’s report on the two buildings comprising the offering identifies they each have a seismic assessment rating of 90 per cent and 100 per cent New Building Standard (NBS).
Shane Snijder (left), and Tony Chaudhart (right) of Bayleys.