An opportunity for an astute investor to secure a high-yielding property tenanting an NZX-listed national retailer has become available in Auckland’s popular Wairau Valley precinct.
The property at 3/75 Porana Road, Wairau Valley is offered for sale by way of a fixed asking price of $6,500,000 + GST (if any), which would provide the owner a yield of 6%.
Returning $390,008 per annum plus GST and operating expenses, the multi-tenanted freehold unit is currently anchored by the Noel Leeming Clearance Centre until July 2026 and features annual CPI or 2.5% rent increases, whichever is higher.
Shoneet Chand, director of investment sales, who is marketing the property alongside colleague Matt Prentice, notes many prospective purchasers will be drawn to this opportunity for the favourable mix of investment criteria provided.
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“Underpinned by an NZX-listed tenant and positioned in a popular development, this established investment opportunity is in a very tightly held location currently offering a seldomly achievable level of high return for investors.
“Noel Leeming, which has been a subsidiary of publicly listed Warehouse Group since December 2012, is considered to be New Zealand’s leading consumer electronics and appliances multi-channel retailer with over 76 stores nationwide. They are ‘The Authority’ in electronic appliances, technology and services for the retail and commercial customer in New Zealand.
“However, it is also the building’s diversified income streams, high-profile position and future upsides that prospective purchasers should review when looking to secure this high-calibre offer,” says Chand.
“The high profile 1,883 sqm unit is strategically positioned on Porana Road and offers great exposure and wide road frontage to Porana Road.
“The property has the potential to be split into multiple tenancies in the future and has an upstairs office component which is leased separately, providing multiple income streams.
“With ample parking at the front and rear of the site, the development has been very successful and is currently fully occupied by a range of well-known businesses including PB Tech and Hollywood Bakery.
“A large number of bulk retail, trade retail and industrial users also operate nearby in the Wairau Valley precinct and vacancy is very low. Investments in this location rarely come to the market for sale."
Matt Prentice, director of sales and leasing at Colliers notes the property’s versatility and position are attractive, but the location and zoning within a highly desirable precinct in the bustling North Shore are also standout features of the investment offer.
“The property benefits from being located close to main arterial routes, with access to State Highway 1 travelling in both north and south directions.
“Zoned as Business - Light Industry under the Auckland Unitary Plan, this provides a wide range of activities that do not generate objectionable odour, dust or noise. This includes manufacturing, production, logistics, storage, transport and distribution activities,” says Prentice.
“Given the high-yielding nature of the property that is on offer, there is expected to be interest from a wide range of investors from across the country. We therefore recommend prospective purchasers undertake due diligence as soon as possible to avoid disappointment,” says Chand.
