Quality modern building boasts national tenant Mico on long-term lease
A prime commercial building with solid fundamentals and an A-Grade national tenant covenant on a long lease is for sale in Invercargill’s increasingly popular commercial property market.
Colliers International Queenstown Director Mark Simpson is marketing 83 Liddel Street for sale by deadline private treaty alongside colleague Rory O’Donnell.
The property offers investors a modern, quality building with a flexible configuration including a high stud warehouse, showroom, offices and mezzanine area.
Situated on a 1,733sq m freehold title, the property also benefits from a large sealed yard of about 820sq m and ample parking on-site for both staff and customers.
Known national tenant Mico New Zealand Limited (part of the Fletcher Building Group of companies) occupies the entirety of the building, offering investors security of income, with a new 8.5-year lease in place and an initial annual commencement rental of $170,000 plus GST and outgoings.
Simpson says built-in market rent reviews with a minimum 3% fixed growth plus rights of renewal, further add to the appeal.
“The property is occupied by an established national player on a new lease in a brand new building with a flexible configuration, so all of this combined with minimum built-in rental increases, means it will tick a lot of boxes for investors,” he says.
The property is in the heart of Invercargill’s main industrial precinct district and is surrounded by complementary trade and service related businesses including PlaceMakers, which is adjoining. The location allows excellent exposure from passing traffic and commands great street appeal.
O’Donnell says: “Investors are increasingly looking to the regions, with industrial stock in these areas becoming more desirable. Decent industrial stock with solid yields is becoming harder to find, so we would expect this asset to be sought after by the passive investment market.”
The property is being offered for sale by deadline private treaty closing at 4pm on Thursday 8 March unless sold prior.
Follow us on Facebook and Instagram.
Get the latest commercial real estate insights and property news.
Looking for commercial real estate? Try our property search or connect with expert commercial real estate agents today.
Need your real estate assessed? Work with our expert property valuation services team.