Selection of industrials for auction on Wednesday

5:00 AM Saturday August 8, 2015 Colin Taylor

The industrial building for sale at 43 Ben Lomond Crescent, Pakuranga.

A warehouse and office building in Pakuranga with a new six year lease to New Zealand boat building company Rayglass, is one of a number of south eastern industrial buildings featured in Bayleys Total Property magazine that will be auctioned next week.

The 2395 sq m building located on a 4375 sq m site at 43 Ben Lomond Crescent has been occupied for about 20 years by the fiberglass boat manufacturing company, now part of the giant multinational Brunswick marine group.

The property, which is producing net annual rental income of $215,000, is being marketed by Dave Stanley of Bayleys South Auckland and will go for auction on Wednesday August 12 along with over 20 other offerings from the Total Property portfolio

Stanley says the building underwent a major rebuild to a very high standard around seven years ago after it suffered significant fire damage. “It is in immaculate condition, has an A-grade seismic rating, a near new roof, is fully equipped with fire sprinklers and has full security fencing.” 

The building is of mainly concrete block construction and comprises two-bay medium stud warehousing with two large roller doors plus two levels of offices and amenities at the road front. A driveway along the side of the property gives access to a rear yard area.  

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Street level view of industrial unit at 132 Cavendish Drive, Manukau.

“It is well suited to Rayglass’ requirements as shown by their longstanding tenancy and their exercising a six year right of renewal kicking in at the beginning of August,” Stanley says.

Established in 1985, Rayglass Boats manufactures recreational power boats from six to 12 metres as well as a range of rigid hulled inflatable workboats under the Protector brand. 

“The property is located in a small but popular east Auckland industrial precinct featuring a number of small to medium sized businesses,” says Stanley. “The area benefits from low vacancy rates and provides a ready workforce being close to the large population areas of Howick, Pakuranga and Botany. It is around 10 minutes’ drive from the north-south State Highway 1 motorway connection.”

Also for auction on August 12 is a 421 sq m modern tilt slab industrial unit at 132 Cavendish Drive, Manukau which is occupied by a Midas car care service centre and producing net annual rental income of $71,190.

The property is being marketed by Katie Wu, John Bolton and Roy Rudolph, Bayleys South Auckland.  It encompasses a 243 sq m workshop with a 5.4 metre stud and three full height, double roller doors; a showroom and reception area on the ground floor; plus mezzanine level offices and staff amenities. It is part of a seven-unit complex developed in the early 2000s.

Midas New Zealand Property Holdings’ lease dates backs to mid 2003 and a second six-year right of renewal was exercised in mid 2013.

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The warehouse with large yard area at 84 Boundary Rd, Papakura.

“It’s an extremely well presented property leased to a multinational brand tenant,” says Wu. “It has a high profile road front position on a busy arterial route that provides easy access to the north/south and western motorways. 

“This is a well developed area on the fringe of the Manukau city centre and is a popular locality for small businesses and larger wholesalers as well as retail and service centres like this one. Manukau’s city centre has grown towards the northwest with the Manukau City Super Centre being close and lying directly off Cavendish Drive.”

Further south an 8858 sq m site at 84 Boundary Rd, Papakura with a large yard area is being marketed by Bayleys South Auckland agents Shane Snijder and Peter Migounoff. 

“This presents an excellent opportunity for owner occupiers or investors in a high growth location, offering a significant holding income and a variety of future options,” says Snijder. “The property comes with 960 sq m of high stud, clear span warehousing but its main attraction is its massive yard area, with dual access offering excellent site maneuverability. This makes it suitable for a wide range of transport operations.”

The property is occupied by Huge Movers Ltd on a lease producing net rental income of $205,000 and has a final expiry of February 28, 2016. However, Migounoff says the lease has a three month termination clause should the purchaser want more immediate access. 

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Dave Stanley of Bayleys South Auckland.