A prominent warehouse, showroom, and retail property in the Auckland suburb of Ellerslie that is occupied by a well-known boat company is being presented to the market for sale, offering buyers the opportunity to acquire a passive investment with a strong tenant covenant.
50 Cawley Street, Ellerslie has 2,727sq m of total floor area that sits on a 5,944sq m site that is zoned Business – Mixed Use Zone under the Auckland Unitary Plan.
Haines Hunter Limited is the tenant and they’re in the middle of a four-year lease that runs until 1 April 2026 and includes three rights of renewal for three years each, leading to a final expiry of 31 March 2035.
From 1 April of this year the annual rental income from their lease agreement will rise to $390,000 plus GST and operating expenses.
Start your property search
Given the location, the property enjoys significant exposure to State Highway 1 and is only 1km away from the centre of Ellerslie offering access to a busy local shopping village.
Colliers Brokers Logan Roach and David Burley have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 13 March, unless sold prior.
The original building at the property was constructed in the 1970s with an extension added in 2010.
The warehouse unit measures approximately 1,764sq m, while the showroom, workshop, and office space are in a block that spans 947sq m. There is also a substantial yard and car parking at the property.
The well-maintained buildings have proven serviceable for the existing occupants and can be easily accessed by staff and customers.
Roach, Investment Sales Broker at Colliers, says the highly functional property has all the key fundamentals of an attractive passive investment.
“With a steady rental stream and high-profile tenant that enjoys considerable profile in the Kiwi boating community, this offering will generate strong interest among a wide array of buyers,” Roach says.
“The current occupant has a lengthy lease in place and with the rental income set to increase in April it is the perfect time to secure this property for your portfolio.”
Burley, Auckland Director of Investment Sales at Colliers, says Ellerslie is a desirable suburb for landlords and tenants.
“Strategically located less than 10 minutes from Auckland’s CBD, Ellerslie offers connectivity for those who are based there with access to the motorway network only moments away,” Burley says.
“Auckland Airport is only 14km away, while the Ellerslie shopping village is home to a diverse spread of culinary experiences. Ellerslie seamlessly blends industrial, commercial, and residential sectors and is a favoured choice for those seeking retail, warehouse, and showroom solutions.
“The neighbouring suburb of Mount Wellington is also home to an extensive retail hub, underpinned by the high-profile Sylvia Park shopping centre.”
Roach says given the favourable location of the property relative to the Ellerslie train station, the property could be repositioned or developed in the future.
“With the train station only 750m away, the property benefits from the National Policy Statement on Urban Development, which encourages further intensification of sites within walkable catchments of rapid transit stops.
“While this line of thinking is for buyers with a long-term view it is another compelling selling point that adds to this offering.
“Given the property has current and future appeal, it shapes as a purchasing opportunity that is not to be missed and we encourage all interested parties to contact us immediately.”
- Supplied by Colliers
