 Asset Class: | Industrial |
 Price: | $ 3994000 |
 Net Yield: | 6.25 % |
Net Yield - including solar strategy: | % |
 Property Market Status: |
The more than 2,400-square-metre site in the Papakura town centre is fully leased. Split across four seperate units, two multinational tenants Harvey Norman and AC-WB Technologies occupy two each, a configuration which enables future flexibility and add-value potential. The property generates a total net rental return of $249,625 + GST & OPEX.<br><br>ASX-listed Harvey Norman is an international retailer which, as of 2022, had more than 300 stores in Australasia, Europe and South-East Asia. It is a leading household retail brand in New Zealand whose wide offering including computers, TVs, furniture and whiteware is available to buy online or across over 40 stores nationwide.<br><br>Harvey Norman occupies its Old Wairoa Road premises of approximately 563-square-metres on a current lease that runs through to 2026, with four further three-year rights of renewal. The lease returns a net rental income of $96,625 plus GST & OPEX.<br><br>An adjoining area of some 800 square metres is occupied by AC-WB Technologies, generating an annual net rental return of $153,000 plus outgoings and GST. The current lease extends to 2029, with a further five year right of renewal.<br><br>With origins dating to 1991, AC-WB Technologies claim to be New Zealand’s leaders in fulfilment of interconnect products, services and solutions for the telecommunication, radio-frequency engineering and data industries. The company also has a specialised manufacturing and assembly division.<br><br>A savvy investor will benefit from favourable lease terms including built-in rental growth on this furture-proof Old Wairoa Road premises.<br><br>Note - The interior photos are all from prior to the current tenants moving in. As the property is off market there are limited recent images, we have requested more from the agent and will update as we can.
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<span style="color:rgb(51, 51, 51);">Papakura is part of a regionally significant Auckland growth hotspot, home to an estimated 72,318 people as of 2023 an increase of 25% since 2018. The immediate and surrounding areas, including Papakura, Drury and Takanini, have been identified as a focus for ongoing projected growth. Large amounts of land are being opened for future residential development and a number of big projects are already underway. The area will also benefit from several transport network improvements.</span><br><br>The site sits within the Business – Light Industry zone under the Auckland Unitary Plan. This allows a variety of industrial activities, such as manufacturing, logistics, storage, transport and distribution, that do not generate objectionable odour, noise or dust.<br><br>The site for sale is positioned among vibrant and busy retail services and residential catchments which service a large community. Nearby is an array of other big-name tenants such as New World, Noel Leeming and Countdown.<br><br>Transport links were another key advantage for the Old Wairoa Road site, located around 30 kilometres south of Auckland’s CBD, this location is easily accessible to motorway networks, main arterial routes and public transport – including nearby Papakura Train Station, one of the network’s busiest stations, which offers frequent services to Britomart.<br>
Additional Location Information File<span style="color:rgb(0, 35, 75);">ASX-listed</span><span style="color:rgb(0, 35, 75);"><b><i> Harvey Norman</i></b></span><span style="color:rgb(0, 35, 75);"> is an international retailer which, as of 2022, had more than 300 stores in Australasia, Europe and South-East Asia. It is a leading household retail brand in New Zealand whose wide offering including computers, TVs, furniture and whiteware is available to buy online or across over 40 stores nationwide.</span><br><br><span style="color:rgb(0, 35, 75);">With origins dating to 1991, </span><span style="color:rgb(0, 35, 75);"><b><i>AC-WB Technologies</i></b></span><span style="color:rgb(0, 35, 75);"> claim to be New Zealand’s leaders in fulfilment of interconnect products, services and solutions for the telecommunication, radio-frequency engineering and data industries. The company also has a specialised manufacturing and assembly division.</span><br><br>
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<b>Key Features:</b><br><ul style="list-style-type:disc;list-style-position:inside;padding-inline-start:20px;"><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Split Risk Investment - Two (2) tenancies across the Four (4) units to Multi-National Companies</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Returning $249,625 net pa + GST & OPEX ($183 / sqm)</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Recently Refurbished including new LED lighting Upgrades and Roof Maintenance</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Strong Tenant Covenants</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Fixed Growth built into the leasesd - Harvey Norman tenancy has some rental uplift to be realised</span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Sought after industrial location of Papakura</span></p></li></ul><br><br><br><b>Specifications:</b><br>Land Area - 2,477 sqm<br>Warehouse - 1,153 sqm<br>Office - 197 sqm<br>Yard - 130 sqm<br>Total Floor - 1,350 sqm
