Large Wiri undeveloped industrial site

10:39 AM Friday February 16, 2018 True Commercial

The site for sale at 133 Roscommon Rd, Wiri, is identified by a blue border. Photo / Supplied

A substantial 1.59ha freehold industrial property for sale in tightly-held Wiri offers investors a rare opportunity to buy an undeveloped Auckland landholding with income from a long-term national tenant.

Colliers International’s industrial sales and leasing directors Todd Kuzmich, Andrew Hooper and Greg Goldfinch have been exclusively appointed to market 133 Roscommon Rd for sale by deadline private treaty with offers closing on March 6, unless sold earlier.

Kuzmich says the property is on a new 12-year triple net leaseback to Turners Group NZ Ltd, a wholly owned subsidiary of NZX-listed Turners Automotive Group Ltd.

The lease earns $430,000 net per annum, with built-in annual rent increases of 2.5 per cent.

Turners Group uses the site to store damaged vehicles, trucks and machinery to be sold or auctioned.

“Industrial investment opportunities of this quality seldom come to the market, especially in sought-after locations like Wiri,” Kuzmich says. “The availability of Auckland industrial land is dwindling dramatically and prices are increasing.

“The property is superbly located in a high-profile location, close to key infrastructure including the Wiri Inland Port, State Highway 1 and State Highway 20.”

Kuzmich says the property is a fully fenced, undeveloped 15,862sq m site of regular shape and level contour. The surface is predominantly metalled yard with some asphalt and concreted areas. It has recently had significant drainage works.

The site has temporary buildings owned by the tenant including a Portacom-style office and a container and canopy structure.

Hooper says the property has an excellent profile to busy Roscommon Rd. “The site sits adjacent to the State Highway 20 interchange, providing a direct link to State Highway 1 and the west via the Waterview Tunnel and State Highway 16,” he says.

“The former Wiri North Quarry, which is immediately opposite the property, is set to undergo progressive redevelopment for predominantly industrial purposes.”

Hooper says Wiri is now widely considered by many to be one of Auckland’s premier industrial and business districts. “Nearby infrastructure includes the Ports of Auckland’s Wiri Inland Port and Auckland International Airport which is only 7km away,” he says.

“Wiri has become one of the fastest growing industrial areas in New Zealand and is the base for many of the country’s largest and most successful companies.”

Goldfinch says Turners is the largest vehicle and machinery sales business in the country and a well-established New Zealand brand.

“The company was founded more than 50 years ago, in October 1967, as an offshoot of established fruit and vegetable business Turners and Growers. Turners started off modestly in Auckland, but soon expanded into other domestic markets. The company now employs 500 people and sells many thousands of cars, trucks and machines every year.”

In 2014, the company became part of NZX-listed Turners Automotive Group, which was formed through a merger with consumer finance and insurance business Dorchester Pacific.