Wairau industrial on long-term lease

6:21 PM Friday September 29, 2017 True Commercial

The Glenfield property, tenanted by Winger Motors, features in the latest Colliers Portfolio. Photo / Supplied

A well-located North Shore industrial property on long-term lease to an established automotive business is on the market.

Colliers International has been exclusively appointed to market 21F Porana Rd, for sale by auction at 11am on October 25, unless sold earlier.

The 2434sq m freehold property, featured in the latest Colliers Portfolio, is tenanted by Winger Motors, a national automotive dealer which represents 13 automotive brands and employs more than 250 staff.

Colliers’ North Shore general manager Jimmy O’Brien says the property for sale offers an outstanding opportunity to acquire a hard to find automotive property.

“This tidy industrial unit has strong tenant covenant and a solid lease earning net annual rent of $271,062,” he says.

“With just over seven years remaining on the lease, the property will appeal to buyers looking for a long-term passive investment.

“It’s an ideal asset to add to a property portfolio, or to make a first-time industrial investment.”

O’Brien says the property is in the heart of the tightly held Wairau Valley commercial and industrial area.

“Porana Rd links Wairau and Sunnybrae Rds, two of the main arterial routes in the area.

“As a result, the property benefits from relatively heavy flows of passing commuter, trade and retail traffic every day.”

Colliers’ director Matt Prentice says the unit titled property, which is split over two levels, has a desirable high warehouse-to-office ratio.

Five auxiliary units have 28 carparks, of which 22 are subleased to a local retailer.

“The ground floor comprises almost 964sq m of workshop and warehouse, accessed by a 3.6m-wide motorised roller door,” Prentice says.

“It also has 239sq m of office and amenities including showers, lockers, bathrooms and a lunchroom with windows overlooking the workshop area.”

The first floor is dominated by 1204sq m of large, open-span workshop, along with a small 27sq m office and break area.

“The workshop is accessed by an external ramp on the eastern side of the building leading to a 3.6m-wide motorised roller door,” Prentice says.

The building is fully equipped with fire sprinklers and has a solid seismic rating. Prentice says the immediate area contains a wide variety of business types including retail, industrial and motor vehicle sales.