A substantial freehold site with two unit titles in one of Auckland’s most sought-after industrial precincts has come onto the market for sale.
23-25 Porana Road in Wairau Valley comprises 8093sqm of freehold land across two stratum in freehold titles. Split across three tenancies, the buildings currently provide a mixture of industrial and bulk retail uses with a total floor area of around 5,365sqm which covers approximately 63 percent of the site.
The road front tenant Tai Ping Supermarket occupies around 2000sqm of bulk retail, storage, and mezzanine office space, benefitting from the huge exposure provided by the 65 metres of frontage to Porana Road.
Access to the rear industrial tenancies is by the right-of-way down the Northern boundary which expands to a large asphalt car park and yard area extending around 1500sqm, providing full drive around ability for deliveries.
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Both the back tenancies have access via multiple roller doors, medium to high stud warehousing, individual pedestrian access to small office and amenity areas, and ample on-site parking.
Given the strong and split risk tenancies, the opportunity lends itself perfectly as a hands-off passive investment bringing in around $682,000 per annum which is subject to fixed yearly rental growth.
JLL Logistics & Industrial Senior Director Euan Stratton and Senior Broker Jaye Miller are exclusively marketing the property for sale by Deadline Private Treaty closing 8 September, unless sold prior.
“The property is in the enviable position at the heart of Wairau Valley, one of the most popular and tightly held industrial locations in Auckland where owners benefit from extremely low vacancy rates and high tenant demand,” says Stratton.
“The location is handy to all the local amenities and transport nodes, home to a range of complementary businesses and popular brands that underpin the precinct’s commercial desirability.
Miller says the property’s zoning is light industry, which is a great advantage as this allows for industrial activities such as storage, distribution, and light manufacturing to the quiet enjoyment of neighbouring properties.
“Demand for well-located and practical industrial properties like this continues to grow in line with record low vacancies,” says Miller.
“The split-risk nature of the investment means the tenancy expiries range from 2023 to 2031, offering stable incomes with the ability to add upside in the future.”
- Article supplied by JLL
