Stable tenants at Wairau Valley property
Unit 1, 93 Ellice Road, is close to Auckland’s Northern motorway.
An 1980’s era two-level North Shore office-warehouse building is on the market for sale for the first time in 20 years.
Barfoot & Thompson Commercial and Industrial sales agents Elaine Tutty and Josh Warren are selling the property, at Unit 1, 93 Ellice Rd, through a tender process, closing November 9.
The road frontage building is in the sought sought-after Wairau Valley, coming with two long-term tenants and being close to a busy thoroughfare.
Warren says the split-risk investment has 20 car parks and excellent street access.
“The rapid population growth on Auckland’s North Shore, closeness to the city and strong competition for commercial space in the Wairau Valley make this a superb opportunity,” says Warren.
“Vacancy rates in the Wairau Valley are lower than we have seen for some time. With a combined office-warehouse area totalling about 1181sq m this is a considerable commercial holding with lots of flexibility. There are four possible tenancies in the building which are leased to two solid tenants.”
A May 2016 registered rental valuation puts the market rental at $170,326 net per annum while the current rental received is $157,400 net pa.
Warren says the building has a stratum freehold title with a rateable value of $1,575,000.
The building is at the eastern end of Ellice Rd, near the Target Rd intersection and Auckland’s Northern motorway section of State Highway 1.
Tutty says the two tenants are the well established companies S C Leach Ltd and Excellence Billiards NZL.
Ground floor tenant S C Leach Ltd was established in Auckland by Sydney Charles Leach in 1918 and provides engineering services to the printing industry. It was bought by Brian and Susan Kidston in 2008 and now supplies consumables and machinery to the print, print finishing and packaging industries in New Zealand.
The company has over 30 years in the printing industry, both in New Zealand and in the UK, where Brian Kidston was a trained printer. Having joined forces with Birk & Blyme in Australia, the range of S C Leach now tops 20,000 products comprising machinery and after-market replacement parts. The business deals in pressroom and bindery supplies, offering an overnight shipping service nationwide.
Excellence Billiards NZL was founded in 2005, by multiple National Pool Champion Matt Edwards and, in 2010, was joined by women's professional pool player and German National 8-Ball Champion, MolrudeeKasemchaiyanan. The company provides quality pool and billiards products and contributes to cue-sports through sponsorship and promotion. It also runs coaching and development programmes for both junior and senior players and is actively involved in New Zealand Pool. Edwards is an executive member of the NZPA (New Zealand Pool Association).
Edwards and Kasemchaiyanan compete on a professional level, travelling regularly to represent New Zealand in tournaments around the world.
Along with pool and billiard supplies, the company has expanded into other game room products including table tennis, foosball, darts, air hockey, shuffle board, poker, furniture, home theatre seating, pub tables and bars.
“The owner of the building has new plans and wants it sold” says Tutty.
“Opportunities like this are few and far between in the very tightly held Wairau Valley. The building offers purchasers lots of options and future flexibility.”