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News Release

Auckland

Multi-tenanted, industrial site on Great South Road

A large multi-tenanted industrial site on South Auckland’s Great South Road is for sale offering strong income, value-add and future redevelopment opportunities.


 

 

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Historic West Coast Hotel for sale/new-zealand/en-gb/news/849/historic-west-coast-hotel-for-saleChristchurchHistoric West Coast Hotel for sale

​​33-37 GSR Otahuhu.jpgThe 4,044sqm freehold site at 33-37 Great South Road Otahuhu is being marketed by David Mayhew and Ben Curran of JLL who are offering the sale by expressions of interest closing Friday 20 November 2015 at 4pm.

The property on offer comprises of industrial, office and residential leasing space across seven separate tenancies, generating a total net annual income of $231,120. Mayhew says a 774sqm warehouse at the centre of the site is available for lease and when occupied, has the potential to add a further $75,000 per annum to the holding income, bringing it to a total of $306,120 per annum.

“The asset will be particularly attractive to investors as it offers a strong holding income stream which is protected from the risk of a vacancy due to the diversification of multiple tenancies,” says Mayhew.

The total 2,957sqm of net lettable floor area has been split into multiple tenancies of varying sizes and uses. The property contains a three-level structure near the wide frontage to Great South Road with 1,099sqm of industrial space and basement leased to car wholesalers, A T New Cars Limited. The second and third floors comprise of 154sqm of office accommodation space leased to Metcast office, and three 154sqm apartments occupied by tenants.

At the rear of the site are a number of industrial warehouses each with both drive and truck access, as well as cart dock access, and are typical concrete block warehouses with metal roofing. A mechanic occupies a 150sqm warehouse, a larger 774sqm warehouse has been recently vacated and is available for lease at the site, and a battery clinic occupies a 318sqm warehouse.

Mayhew says the property also offers the option to redevelop the site in the future which will appeal to investors who wish to add-value and increase on rental returns.

“Diminishing suitable premises for occupiers in South Auckland means that investors can be confident of tenant demand and leasing conditions for the property,” says Mayhew.

Ben Curran says, “Demand for industrial investment property remains strong and with increasing competition amongst occupiers, landlords are able to drive strong increases in rent, especially in the secondary end of the market.”

Curran says other notable advantages of the property are its central and convenient position relative to major transport routes and exposure to Great South Road, which remains the most significant traffic route through southern Auckland.

“There is access to staffed workers within a short commute of this location and easy traffic access to both the airport and the motorway. The completion of the Waterview Connection will significantly improve transit from the site providing two motorway options.”

The property fronts the western side and is toward the northern end of Great South Road in Otahuhu, just south of the intersection of Portage Road and north of Hokanui Road. The site is a short distance north of the retail centre of Otahuhu and south of the greater Penrose area. 

Under the operative district plan, the site is zoned Business Activity 4 which is applied to areas where low to medium intensity light industrial and services uses are the predominant activities.​