 Asset Class: | Industrial |
 Price: | $ 3100000 |
 Net Yield: | 7.33 % |
Net Yield - including solar strategy: | % |
 Property Market Status: | Pre Market |
For the first time since constrcution in 2015, 8/B Okara Drive is on the market. A purpose built Paint Centre that was designed specifically for Wynn Fraser.<br><br>New Zealand owned and operated since the 1948, Wynn Fraser Paints has grown over 70-plus years into the iconic home of paint and coatings supply and distribution in Northland, proudly delivering exceptional knowledge and service to their valued customers.<br><br>Wynn Fraser occupies the site on a lease that runs through to 2027 with two further five-year rights of renewal. Its tenancy generates an annual net rental income of $227,185 plus GST and all outgoings.<br><br>The offering comprises an approximately square 1,066 sqm metre building with an A-grade seismic rating that is situated on a 'Shopping Centre' zoned site.<br><br>The property has been developed with a sizeable single-level commercial premises with a retail showroom and commercial trade warehouse together with offices and staff amenities as a mezzanine. The site is superbly presented and conveniently supported by 23 onsite car parks and easy access from the busy arterial Okara Drive.<br><br>With a top-shelf tenant and quality lease covenant, this off market property is sure to generate considerable interest among those seeking a passive investment in one of New Zealand’s fastest-growing regional centres.
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This prime asset enjoys the benefits of a strategic location just minutes from the Whangarei CBD, in the tightly held Okara Park and Port Road commercial / industrial precinct. <br><br>High-profile neighbouring occupiers include Hunting and Fishing, Repco, Mag and Turbo + Wet and Forget.
Additional Location Information FileWynn Fraser is the iconic home of paint and coatings supply and distribution in Northland, proudly delivering exceptional knowledge and service to our valued customers. Our highly experienced team of 16 is widely skilled in a variety of systems, coatings and industries and offer expert advice to trade professionals in the automotive, marine, industrial, decorative and wood care trades. We only work with the best brands, the best products and the best systems from around the world, with our team constantly upskilling and training in the latest products and new technologies.<br><br>Our company was established in 1948 by Northland entrepreneur and identity, Wynn Fraser. Having been established in 1948 the business has grown from a very small general store in Ruakaka, still visible on the state highway, to the largest independently own coatings distributer in New Zealand. The business was most recently purchased by Allan Gray in 2017. Supported by a talented team of colleagues who are committed to continuous improvement, we are proud to have won various industry awards not least being the Westpac Business of the Year Award on multiple occasions.
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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;">$227,185 Net + GST & OPEX</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;">Offering a 7.33% yield at the Rethink negotiated price</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 Warehouse and Retail: 960 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;">Total Office: 106 sqm (Mezzanine)</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 NLA: 1,066 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;">Large roller door access from rear of building for deliveries with drive-around space</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;">Easy customer access and ample car parking</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;">Seismic rating of A+ / 100% NBS</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;">Solid income earner / growth potential with upcoming Market Review</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;">Sought after city fringe location</span></p></li></ul>
