Brand-new bus depot on market for the first time
Opened in September 2022, this Westgate bus depot will appeal to all investors seeking immediate value-add and long-term income stability.
JLL brings to market for the first time a blue-chip investment opportunity in a heavily trafficked industrial corridor in the north-west of Auckland. 1-5 Pua Street and 80 Rotu Drive, Westgate is a versatile commercial bus depot that was opened in 2022 by Mayor Phil Goff, purpose-built for Pavlovich Coachlines to serve as its Auckland hub of operations. Spread across three land titles at 1 Pua Street, 5 Pua Street, and 80 Rotu Drive, the desirable location has nearby motorway on-ramps for convenient access to a number of north-western Auckland Transport bus routes. On the market for the first time since it opened, and with a long lease term in place, 1-5 Pua Street and 80 Rotu Drive is now for sale by Deadline Private Treaty.
This Westgate bus depot will appeal to investors seeking to add value and diversity to their portfolios. The three titles included in this sale combine for a total freehold land area of ~12,882 sqm, ample space for the amenities and conveniences of a modern bus depot and head office. Officially opened for business in September 2022, 1-5 Pua Street and 80 Rotu Drive includes an eight-bay bus workshop, built-in office space, wash station, diesel storage, car parking, and safe, one-way through-road with dedicated entrances and exits. To be sold with a long-term lease to Pavlovich Coachlines in place, with potential final expiry in 2049, the fast-acting buyer who secures this property will reap the benefits of consistent income while considering future value-add or development opportunities.
JLL has been exclusively appointed to market 1-5 Pua Street and 80 Rotu Drive, Westgate for sale by way of Deadline Private Treaty, closing Thursday 4th May 2023.
JLL Logistics and Industrial Director David Mayhew highlights the potential of the assets for the public transport’s growth in one of Auckland’s fastest growing areas.
“The tenancy to Pavlovich Coachlines is a key factor in the immediate value of this asset, with a 15-year initial lease term in place with two rights of renewal,” says Mayhew. “An estimated 80% of Pavlovich business is on contract to Auckland Transport, with net rental set to be reviewed to $964,380 + GST in August 2023. With the north-western bus improvements well underway, and an expectation of population growth in the immediate area, this asset will play an important role in the public transport space.”
The current tenant also benefits from the convenient location of the bus depot as JLL Logistics and Industrial Director Luke McGill points out, with Auckland’s CBD only 20 minutes away, and the property near the established Westgate commercial precinct.
“Located in the north-western corridor, one of Auckland’s strongest growth areas, Westgate is the future of the modern township, fusing living, working, and recreation,” says McGill. “With the convenience of direct motorway access to State Highway 1, State Highway 20, and State Highway 16, there are suitable and easily accessible links to the north and south of the city.”
Significant and immediate upside, freehold land totalling over 12,000 sqm, and a blue-chip tenancy until 2049 combine to make 1-5 Pua Street and 80 Rotu Drive an appealing proposition. This brand-new hub for Pavlovich Coachlines has long-term potential and the security of being near major development sites in a growth area. Astute investors will recognise the significance of this asset and act quickly to secure the value-add opportunity for themselves.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.