North Shore industrial a healthy investment
The Kawana St property, identified by a red border, is in the Northcote industrial precinct. Photo / Supplied
The North Shore manufacturing plant of an international nutritional health company is on the market.
Colliers International brokers Matt Prentice and Shoneet Chand are marketing 24 Kawana St, Northcote, which is on a seven-year lease to global health brand Lifestream International.
The property is for sale by deadline private treaty, with offers closing on March 8, unless sold earlier.
Prentice says the 3238sq m freehold property will appeal to investors, syndicates and family trusts seeking a long-term tenant in a strategic position. It now returns $196,029 per annum net.
The net lettable area of 1588sq m has been home to Lifestream’s office, warehouse and state-of-the art production facility since 2000.
“Lifestream has a high-profile street presence in a sought-after area, minutes from the Harbour Bridge and the Northern Motorway,” Prentice says.
“This is a great opportunity for investors looking for a stable tenant in the popular Northcote industrial precinct.”
Prentice says the industrial area may be relatively small and somewhat isolated from other North Shore industrial hubs, but it is close to the CBD.
“The property is at the southern end of Kawana St, 180m from its intersection with Lake Rd. From there, it’s a short drive to the Onewa Rd motorway interchange.”
Lifestream has been operating since 1980, and moved to its current premises two decades later.
“Leading status in the industry means this company enjoys a high level of loyalty with business partners and within the trade,” Chand says.
Lifestream’s purpose-built production facility features clean rooms for A-grade food production at the northern end of the warehouse.
The rear of the warehouse features concrete floors, part enclosing walls and a suspended ceiling with fluorescent light fittings and fixtures.
The first floor office features a large open-plan area, individual offices, and a tiled amenities area. Tenants have upgraded the offices over time.
The ground floor features an entrance foyer, a generously sized lunchroom with a stainless steel kitchen fitout, showers, a changing room, toilets, and a carpeted storage room.
Chand says the neighbouring properties are mainly other warehouses.
“The general presentation of buildings in the street is of high standard, while the surrounding residential area has become sought after in recent years.”