 Asset Class: | Industrial |
 Price: | $ 1626571 |
 Net Yield: | 7.00 % |
Net Yield - including solar strategy: | % |
 Property Market Status: | On Market |
A split risk investment on the coveted Hurlstone Drive, featuring a versatile industrial facility with two established tenants. The 1,800 sqm section was developed in 2006, comprising an 862 sqm warehouse of concrete tilt slab construction.<br> <br>It is currently split into two tenancies, with a head lease to vehicle spray-painting specialists. The property has a functional mix of warehouse / showroom and sealed yard in one of the most sought after commercial strips in New Plymouth.<br> <br>Returning a net annual rental of $113,860 plus GST with a final expiry in 2033.<br><br>The property is well constructed, including concrete tilt slab walls, steel framing and long run cladding. Low maintenance construction with longevity.<br><br>The stud height is 7.5 metres to the knee with four roller doors providing access into the bays. The building is partitioned to create two tenancies and is easily turned back into a single tenancy.<br><br>Offices are well apportioned to suit a range of industrial occupiers. A large sealed yard provides good access and 18 car parks with two vehicle crossings from Hurlstone Drive.
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Hurlstone Drive is the extremely tightly held industrial link road between Katere Road and Egmont Road, Waiwhakaiho. The area is characterised by light industrial and commercial operation, accommodating some of New Plymouth’s best industrial occupiers and properties including Humes, AB Equipment, Clelands Construction, Bidfood and Ulrich Aluminium.<br><br>The location is becoming increasingly sought after by commercial showrooms and light manufacturers, favouring the proximity to the New Plymouth central population base while enjoying access to the larger industrial occupiers in Bell Block. Situated 7 minutes north of the New Plymouth CBD with easy access onto State Highway 3. The area has gone from strength to strength within the past 18 months with the majority of available land being snapped up and land values appreciating.
Additional Location Information File<b>Innovative truck and car spray painting in New Plymouth</b><br>You can think of Bring It On Spray Painters as your one-stop shop in New Plymouth for everything to do with painting. Just as our name says, we encourage you to bring absolutely all types of vehicles and items to us. From car spray painting to working on boats, caravans and kitchens, we have the experience and skill to paint everything to the best standards, giving you the exact look you are after.<br><br>Whether refurbishing a current item or starting from scratch, we promise exceptional results you’ll be proud to show off. We encourage you to contact us with any questions you may have about our services and capabilities.
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336 Devon Street East - Apr '24, 738 sqm, $107,000 p.a, $149 / sqm 69 Hurlstone Drive, Waiwhakaiho - Jul '24, 936 sqm, $129,549 p.a, $138 / sqm 66 Hurlstone Drive, Waiwhakaiho - Oct '24, 680 sqm, $91,653 p.a, $135 / sqm (Neighbouring building and sold for 5.7% yield)
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<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;">Legal Description - LOT 7 DP 354792</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;">Net Lettable Area - 834 sqm (more or less)</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;">Site Area - 1,800 sqm (more or less)</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;">Construction Date - 2006</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;">Construction - Concrete Tilt-Slab and Portal Frames</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;">Capital Value - $1,770,000 (effective August 2022)</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;">Zoning - Industrial C</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;">Tenant - Bring It On Spraypainters Limited</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;">Subtenant - Bell Block Panel Beaters</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;">Net Annual Rental - $113,860 plus GST ($136 / sqm) Based on a Rental Valuation in May 2024. Details below. </span></p></li><li style="list-style-image:none;color:rgb(51, 51, 51);font-style:normal;"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-weight:normal;font-style:normal;">Net Yield - 7% on passing rent</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;">Term - 3 years from 1 July 2024 (final expiry 2038)</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;">Council rates - $9,475.01 (inc GST) p.a.</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;">Insurance - $8,033.28 (inc GST) p.a.</span></p></li></ul><br><span style="font-weight:normal;"><i>Total Area for building</i></span><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;">Offices - 52 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;">Mezzanine - 46 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;">Warehouse - 758 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;">Canopy - 90 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;">Washdown Bay - 23 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;">Car parks - 18 spaces</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;">Total Floor Area - 969 sqm</span></p></li></ul>
