A dual-tenanted industrial property in Auckland’s sought-after Rosebank Industrial Precinct has hit the market for the first time in 40 years, offering investors an opportunity to secure a stable, passive income stream in a high-growth location.
Bayleys Northwest senior broker Matt Clifford is marketing the 1,760sqm freehold property at 18 Timothy Place alongside colleague Craig Smith.
The property features in Bayleys’ latest Total Property portfolio and is offered for sale by deadline, closing at 4:00pm on Thursday, 31st October 2024 (unless sold prior).
Clifford says that in a market starved of quality industrial investments, the dual-frontage premises provide an exceptional opportunity for investors to acquire a well-maintained, split-risk industrial asset in one of the region’s premier industrial precincts.
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“With two proven tenants and rear access via the Saunders Place cul-de-sac, this property provides a secure, diversified income stream.”
Totalling 1,160sqm (more or less), the property is fully leased to two Kiwi-owned trade-based businesses, a mechanical engineering firm and sheet metal contractor, returning a combined total income of $164,040 net pa.
“The tenants have established leases in place. Watts Engineering has recently exercised the first of five two-year renewal rights to 2025 for its 589sqm (more or less) footprint.
"Monaghan Sheetmetals occupies approximately 571sqm of floorspace with a lease to 2028 with two further renewal rights of three years each. This profile provides investors with reliable returns, while both tenants benefit from independent access and a total of 14 dedicated car parks.
“The property has been meticulously maintained, with a recent roof replacement, façade refresh, and a new perimeter fence,” Clifford says. “In an industrial market that remains undersupplied, especially for prime investment stock with solid tenant covenants – this is an opportunity for buyers to secure a well-performing asset that requires minimal upkeep.
“Add in the prime Business – Heavy Industry zoning, 75 percent seismic assessment, and the strategic location within one of Auckland’s most sought-after industrial precincts, and you have a low-maintenance, high-return investment opportunity that’s hard to beat.”
Strategically located at the centre of the Rosebank Industrial Precinct, the property features excellent connectivity to State Highway 16, providing efficient access to Auckland’s major transport networks and nearby business hubs.
The precinct sustains several blue-chip tenants and major national occupiers, including trade specialist Bunnings Trade, hardware retailer Blum, and manufacturers Methven, Autex and Rheem, making it one of Auckland's most highly regarded industrial areas.
Bayleys Northwest director Craig Smith says recent investment into high-profile transport infrastructure continues to support the precinct’s reputation as a top-tier location for industrial occupiers, with the addition of the recently opened Waterview Tunnel and planned improvements north providing critical links for operators.
“Buyers keyed into efficiency dynamics will recognise the dual benefits of location and enduring tenant stability, with the subject property ticking all boxes for investors seeking passive income in a growing market.
“A quiet few years for developers have exacerbated a shortage of high-quality industrial supply, which continues to drive competition for assets like this – particularly those with secure leases.
“The subject property presents a rare opportunity to acquire a high-performing industrial investment in a tightly held market poised to benefit from a strategic location. Buyers will be immediately rewarded with minimal management requirements and strong growth potential – attractive fundamentals expected to attract a high degree of interest as we approach the sale deadline.”
- Supplied by Bayleys
