The land and buildings of a highly visible, multi-tenanted corner site in Pakuranga are being presented to the market for sale and offers buyers of all kinds the opportunity to secure a premium split-risk investment that has long-term upside.
139 Cascades Road, Pakuranga has 1,725sq m of total lettable area on a 4,062sq m freehold site that is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
With three separate buildings, the property is home to seven individual tenancies from the automotive industry, including a service station, with a weighted average lease term of 3.2 years. The total annual rental income from the property is $337,951 plus GST.
The high-profile site offers convenient access with multiple entry points and significant exposure to Ben Lomond Crescent and Cascades Road.
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Colliers Directors David Burley, Matthew Barnes, and Peter Herdson have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 7 June, unless sold prior.
The property includes a multi-unit building that runs along the south-eastern boundary of the site and houses four individual tenants, including Cascades Auto Electrical, Mister Muffler, Tint Guys, and The Laser Shop.
The individual units, which provide some basic office or reception space, amenities, and lunchroom facilities, span in size from 116sq m to 167sq m.
The GAS service station has 530sq m of net lettable area, including the forecourt, and the adjoining vehicle testing station called DriveCheck spans 360sq m, providing a combined net lettable area of 890sq m.
The third building measures 286sq m and comprises two units which have had their dividing wall cut in two places. The building is now home to a Bridgestone Tyre Centre.
Burley, Auckland Director of Investment Sales at Colliers, says the property has vast rental growth potential.
“Many of the existing tenants at the property are long-established occupants and include nationally renowned brands and the lease agreements are due for review this year with a mixture of market and CPI reviews in place,” Burley says.
“This provides the opportunity for the new owner to grow the rental stream by bringing some of the lease agreements closer to the current market rates. The split-risk investment nature of this offering will be highly appealing for buyers.”
Barnes, Director of Investment Sales at Colliers, says the zoning of the property means it is well positioned as an add-value asset.
“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,” Barnes says.
“The new buyer may have a strategic long-term view of the property to unlock its full potential with future development options that could optimise the use of the space given it currently has low site coverage.
“Based on the sheer scale of the landholding, this represents an exciting purchasing opportunity for discerning buyers.”
Herdson, National Director of Capital Markets at Colliers, says the location enjoys excellent visibility and exposure.
“Cascades Road is a major arterial route in the area, meaning there is substantial opportunity to catch the eye of a vast number of passing vehicles,” Herdson says.
“The accessibility of the site provides convenience for customers and staff of the various businesses at the property.
“While part of an established industrial hub, there’s an extensive residential catchment located near the property and the Pakuranga Golf Club is close by. Auckland’s CBD can be reached in approximately 30 minutes under normal driving conditions.”
- Article supplied by Colliers
