A stand-alone industrial warehouse and office building with a strong tenant covenant in Wairau Valley on the North Shore presents prospective purchasers with the opportunity to acquire a passive investment with a steady rental stream.
131-133 Sunnybrae Road, Wairau Valley houses an 834sq m building on a 2,163sq m freehold title that is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
Northern Foods, a food service specialist that has a 25-year history of successfully supplying bakeries, restaurants, cafes, caterers, private hospitals, retirement homes, aged care facilities, and other food consumers, is the long-time tenant of the property.
They recently took up a lease renewal and the final expiry of their lease is 31 August 2028.
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The total annual rental income from the property is $137,068 plus GST per annum but that figure is set to rise to $159,420 on 1 September 2024. There is another market rent review scheduled for September 2026.
The highly visible property, which has dual roller door access, possesses excellent road exposure to passing traffic and is easily accessed with car parking for staff and suppliers.
Colliers Directors Matt Prentice, Shoneet Chand, and Jack Tuson have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 15 November, unless sold prior.
The multi-level property has a 530sq m warehouse alongside 117sq m of ground floor office and showroom space. The first-floor office spans 124sq m, while there is also a 63sq m mezzanine lunchroom. There are 14 car parks.
Prentice, Director of Industrial Sales and Leasing at Colliers, says the highly functional property also has an A-grade NBS rating.
“The high warehouse ratio has proven serviceable for the occupant while the rear yard space can also be strategically utilised,” Prentice says.
“The vendor has given us clear instructions to present them with all offers and we think there will be considerable interest in the market given the strong underlying investment fundamentals.”
Chand, Director of Investment Sales at Colliers, says there are favourable lease terms that will appeal to buyers who are seeking an investment with a strong tenant covenant.
“The current tenant has occupied this premises for more than 20 years, which shows their commitment to this property and location, which has clearly served them well for a long period of time,” Chand says.
“The rental increase that kicks in next year means there is strong rental growth, while the opportunity to conduct a further market review in 2026 is another positive.”
Tuson, Associate Director of Investment Sales at Colliers, says the property sits in the well-established Wairau Valley industrial precinct.
“Industrial floorspace remains in short supply across the wider Auckland region with the overall vacancy rate sitting at a mere 1.7 per cent according to the latest data from Colliers,” Tuson says.
“The Wairau Valley industrial hub enjoys a central position with regards to the established North Shore urban areas. The Northern Motorway is readily accessible via the nearby Tristram Avenue and Northcote Road interchanges which provide ready access to and from Auckland’s CBD.”
- Article supplied by Colliers
