A prominently positioned corner property with an established tenant in the sought-after Papakura industrial precinct offers buyers the opportunity to acquire an industrial investment with low site coverage and add-value potential.
2-4 Parker Street in Papakura features 1,409sq m of total net lettable area on an 8,099sq m site, which is split across two freehold titles and sits on the corner of Hunua Road and Parker Street.
The property is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
The property has in-demand features and provides two sperate titles and multiple access points with a functional layout that includes a significant yard area.
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Henderson Demolition is the current tenant, and they began a six-year lease term in May with one further right of renewal for three years leading to a final expiry of May 2031.
The lease agreement returns $365,000 plus GST in net annual rental income and includes CPI and market rent reviews on alternating years.
The highly visible property is perfectly positioned to benefit from the new developments and improved infrastructure nearby.
State Highway 1 is only 3km away, providing access to Auckland’s CBD and the major industrial precincts to the north.
The site is well served by nearby amenities and the Papakura township can be reached within minutes.
Colliers Directors Paul Higgins and Josh Franklin have been exclusively appointed to market the property for sale and the deadline for offers closes at 4pm on Wednesday 12 October, unless sold prior.
The property includes 220m of total road frontage with 100m onto the area’s main arterial route Hunua Road and 120m to Parker Street.
Adding to the appeal and functionality are three points of access/driveways, which makes splitting the sites a viable possibility in the future.
The warehouse at 2 Parker Street boasts excellent access while the site has dual driveways. 4 Parker Street is a functional-shaped site with good access and a small canopy and office area on the boundary of the property. Both sites offer extensive yard space.
The Papakura industrial precinct continues to develop with new complexes recently being completed in the area, including five high-quality industrial buildings on 83 Boundary Road, and new buildings at 90 and 98 Hunua Road.
The favourable proximity to staff catchments along with continued growth in nearby areas such as Drury and Pokeno has made Papakura a desirable location for businesses.
Higgins, Director of Industrial at Colliers, says the subject property offers a strong tenant covenant coupled with future development opportunities.
“Buyers will be able to enjoy the steady rental stream from an established tenant with a lease structure that caters to both CPI and market increases,” Higgins says.
“The low site coverage of only 23 per cent across both titles means there is future development potential, and the new owner may choose to develop the site in due course.”
Franklin, Director of Industrial at Colliers, says the high-profile site is strategically located in an area that has grown through ongoing infrastructure investment.
“The Papakura industrial precinct continues to develop with new complexes recently being completed near the subject property,” Franklin says.
“Nationally recognised operators are based in the surrounding area, including ITM, Griffins Foods, Wilco Precast, National Springs & Wire Products, and Humes.
“Papakura will also benefit from the development of the nearby Drury South that will be a world-class, mixed-use enterprise district that will comprise 145ha of industrial and commercial land, 85ha of parkland and 45ha dedicated to a new residential community.”
- Article supplied by Colliers
