Glenfield building with potential
The property at 18 Poland Rd – identified by a blue border - is opposite Bunnings Warehouse and Mitre 10. Photo / Supplied
A freehold industrial investment in a high-profile Wairau Valley location offers steady rental growth and huge future potential, say those marketing the property.
The standalone 3811sq m property at 18 Poland Rd is opposite Bunnings Warehouse and Mitre 10. It is on an eight-year lease bringing in $290,000 in annual rent.
Colliers International directors Jimmy O'Brien and Matt Prentice are marketing the property, with offers closing on May 9.
O'Brien, who leads Colliers International's team of North Shore specialists, says it makes an excellent investment thanks to fixed rental growth from established tenant Fresco Shades.
"Located in tightly held Wairau Valley amid nationwide trade retailers, this property offers huge future potential," he says. "Investors can capitalise on steady rental growth, while developers can draw on passive income until the time is right to make their move.
"With generous car parking and situated close to both Bunnings and Mitre 10 Mega, this property's use may be very different in the future."
O'Brien says the versatile 2773sq m building splits well. It now has two further tenants sharing the building with Fresco Shades on a sub-lease basis.
It is zoned for Light Industry, making it suitable for a range of trade, warehousing and manufacturing uses.
Poland Rd is in the heart of Wairau Valley, which has transformed over the years from a largely industrial area. "It is now a mixed commercial area with trade and bulk retail tenants, alongside established industrial tenants," O'Brien says. "This shift has seen values increase and the location become increasingly sought after."
Numerous large, national retailers are in the surrounding area, including Pak'nSave.
Poland Rd runs between Archers Rd and Hillside Rd, only a block from Wairau Rd - one of the main arterial routes in the area.
The property is close to the motorway interchanges at Tristram Ave and Northcote Rd, giving the site easy access to the rest of the North Shore, the CBD and the wider Auckland region.
Prentice says the investment opportunity is located on the westernmost side of Poland Rd, about 200m west of its intersection with Archers Road. "The surrounding development is of mixed character, with well known tenants including Ramset and Dodson's. Poland Rd has historically been a popular location as the street is reasonably well known to the public."
The surrounding North Shore urban areas provide a good catchment area for staff and clientele for service related activities.
Prentice says the roughly 1800sq m ground floor warehouse and production area is a functional versatile space with a minimum stud height of 5m.
"Translucent roof panels at regular intervals provide ample natural lighting assisted by upper level glazing walls and high bay light fittings while roller doors provide goods and services access to the front, side and rear walls."
A 433sq m L-shaped office area on the ground floor provides partitioned office areas and storerooms with separate male and female amenities situated to the westernmost side.
On the first floor, a 539sq m office area is accessed via a staircase from the ground floor entrance foyer, and a rear staircase to the warehouse area.
It consists of partitioned offices, amenities, a large lunchroom and a large open plan administration area.
Tenant Fresco Shades was established in 1998 and remains in New Zealand ownership. The company has developed an award-winning range of shades, awnings and canopies for homes, schools and businesses.