Anchored by high-profile tenants, a bulk retail site in Wairau Valley on the North Shore presents buyers with the opportunity to acquire a top-tier passive investment.
7-19 Croftfield Lane, Wairau Valley enjoys a prominent street position with more than 150m of road frontage and excellent exposure to the nearby Northern Motorway. The property has a total net lettable area of 3,276sq m.
Warehouse Stationery occupies Unit A at the property, with fellow blue-chip tenants Curtain Studio co-located with Carpet Court and Morgan Furniture in Units B and C, respectively.
The combined annual rental income from the property is $885,067 plus GST, while there are market and CPI reviews in place across the individual tenancy agreements.
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The investment opportunity also provides a total of 145 car parks, 82 of which are in the basement.
The property is zoned Business – General Business Zone under the Auckland Unitary Plan.
Wairau Valley is located on the western side of the Northern Motorway with access available via multiple interchanges. Auckland’s CBD can be reached in approximately 15 minutes in normal driving conditions.
Briscoes, Harvey Norman, and Noel Leeming occupy the surrounding areas solidifying this location as a key retail precinct on the North Shore.
Colliers Directors Shoneet Chand and Matt Prentice have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Tuesday 29 November, unless sold prior.
Having been in business for more than 30 years, Warehouse Stationery now has more than 60 stores across New Zealand providing excellent service and exceptional solutions for their customers.
Their current lease at the property, which includes 1,863sq m of ground floor retail space and 101sq m of mezzanine retail, runs until December 2023 and there is one further right of renewal in place for six years leading to a final expiry of December 2029.
A CPI rent review is due in December 2023 with a market review in 2026. Their lease agreement provides $452,047 plus GST in annual rental income.
Carpet Court, New Zealand’s most trusted and preferred flooring retailer, leases 626sq m of ground floor retail space and 32sq m of office space and amenities. Their tenancy agreement has a final expiry of 31 January 2024.
A rent review will be held in February 2023 and their lease returns $194,946 plus GST in annual rental income.
The tenant in Unit C is furniture importer and wholesaler Morgan Furniture, which leases 628sq m of retail space, and a 25sq m office and amenities area.
Their current lease, returning $200,568 in annual rental income, expires in June 2026 with two further rights of renewal of four years each and market reviews on renewal. Their lease also includes 2 per cent annual rental increases, except on market review dates.
Chand, Director of Investment Sales at Colliers, says this is one of the premier retail offerings on the North Shore.
“This property has excellent investment fundamentals with big-brand tenants signed to long-term leases on favourable terms in a sought-after location,” Chand says.
“With multiple income streams this property will be keenly sought among buyers looking for a prime purchasing opportunity.”
Prentice, Director of Sales and Leasing at Colliers, says this strategically located trophy asset is easily accessible for shoppers and also provides future flexibility for buyers.
“While offering high levels of visibility, the property is conveniently located in a prominent retail location,” Prentice says.
“The property is currently split into four separate unit titles, providing future flexibility for the new owner and adds another layer of appeal.”
- Article supplied by Colliers
