A well-presented industrial property in the southern city growth zone of Ōtāhuhu is poised to attract significant investor interest amid solid demand for high-quality industrial assets in strategic locations, Bayleys salespeople say.
The versatile premises on 904sqm (more or less) at 68 Portage Road features a meticulously refurbished industrial building offering a flexible mix of high-stud warehousing and office accommodation over two levels.
Bayleys salespeople William Gubb, James Valintine, and James Hill are marketing the property for sale by deadline, closing at 4:00 pm on Thursday, 22nd August 2024 (unless sold prior).
They say the extensive refurbishment, completed in 2020, included a total roof replacement, ensuring that the property is presented to the market in excellent condition for the new owner.
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“The subject property has an edge in the current market with its extensive refurbishment and high-growth strategic location.
"It’s an ideal investment for those eager to capitalise on growing industrial demand across Auckland’s southern city corridor,” Gubb says.
The current tenant—KD Construction Technology New Zealand—has occupied the property since its refurbishment and recently renewed its lease for another three years, providing a stable net income stream of $97,532 per annum plus GST.
Bayleys salesperson James Valintine says the lease includes a market rent review in 2026 and a CPI review later this year, reflecting investors' future growth potential.
“This solid lease structure, combined with the property’s prime location, makes it an attractive proposition for a range of purchasers, from seasoned investors to those new to the industrial market.
“There’s exceptional value here, particularly given strong locational fundamentals and proximity to key transport routes such as State Highway 1, Great South Road, and the Sylvia Park shopping and lifestyle precinct.”
The property is configured to predominantly provide high-stud warehouse space with excellent access via two roller doors, catering to various industrial uses.
The office accommodation and amenities are well-maintained, spanning two levels and offering a mixture of open-plan and partitioned spaces.
This configuration supports various operational needs, from administrative functions to client meetings -lending it to use for diverse business activities.
Bayleys salesperson James Hill says the ample secure car parking and a front yard area capable of container de-vanning add to the property’s functionality, enhancing its appeal to businesses requiring efficient logistics and storage solutions.
“The freehold property is zoned Business – Light Industry, supporting a wide range of industrial activities whilst providing flexibility for future use.
“Ōtāhuhu is thriving as a culturally diverse area at the gateway to Aukland’s southern corridor. It is extremely well-located to the Southern Motorway and other principal arterials, with the CBD just 13 kilometres to the northwest.
“The property is also conveniently close to key industrial areas such as East Tāmaki, Manukau City, Penrose, and Mount Wellington – making it an ideal base for businesses servicing those regions.”
“An essential part of Auckland’s southern transport network, Ōtāhuhu features a combined bus and train station complex, further enhancing its connectivity. This ease of access is a significant drawcard for businesses reliant on efficient transport links for staff and goods.
“The subject property presents a unique opportunity to acquire a high-quality industrial property in a thriving and strategically important location. Given the ongoing demand for industrial space and the property’s excellent features, we expect strong interest from a range of potential purchasers.”
- Supplied by Bayleys
