An immaculately presented industrial building in Rosedale on Auckland’s North Shore, that is home to a long-term tenant who has just agreed to a new lease, is being presented to the market for sale.
Unit A, 66 Paul Matthews Road, Rosedale has 936sq m of total net lettable area that includes warehouse, storage, and office space. The stratum in freehold property has excellent street exposure and visibility to passing traffic.
With 13 dedicated car parks, there is convenience for the occupants Two Hundred Doors, a trusted wholesale distributor in the beauty and health sector.
The occupants began a new six-year lease in February that runs until 2030 and there are four further rights of renewal for four years each, leading to a final expiry in January 2046.
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The total net annual rental income from the property is $213,844 plus GST and outgoings.
Auckland’s motorway network is easily reachable from this location, offering connectivity north, west, and south.
The property is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
Colliers Brokers Matt Prentice and Mike Ryan have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Tuesday 19 March, unless sold prior.
This well-maintained building includes 413sq m of warehouse space while there are offices on the ground and first floors. There is also mezzanine storage as well as decks on the ground and first floors.
Prentice, Director of Industrial Sales and Leasing at Colliers, says the strength of the tenant covenant and favourable lease terms make this a passive investment that will catch the eye of astute buyers.
“The current occupants are New Zealand’s leading suppliers of popular skincare products Dermalogica and Clear Start and they have strong relationships with pharmacies, department stores, and independent retailers given their lengthy history of operations,” Prentice says.
“They have made a long-term commitment to this site and their lease agreement includes market rent reviews every three years, plus a 3.5 per cent annual increase in years where there is not a market review.
“These lease terms mean there is built-in rental growth for the new owner who will be able to enjoy a steady rental stream that has a strong outlook for the future.”
Industrial floorspace across Auckland remains in short supply with the latest research from Colliers noting a 1.8 per cent vacancy rate across the wider city.
In the North Harbour precinct, where the subject property is located, the vacancy rate drops to only 1.7 per cent for prime industrial floorspace, indicating strong demand for industrial property in Auckland.
Ryan, Industrial Sales and Leasing Broker at Colliers, says the highly functional building has all the key fundamentals of an attractive purchasing opportunity.
“The property has a commanding street presence at the gateway to the Rosedale industrial estate, which remains a tightly held area that is home to a number of prominent commercial firms,” Ryan says.
“The modern premises offers a boardroom and office space that complements the high stud warehouse, all in an accessible location near the motorway network.”
The Business – Light Industry Zone anticipates industrial activities that do not generate objectionable odour, dust, or noise. This includes manufacturing, production, logistics, storage, transport, and distribution activities.
- Supplied by Colliers
