A newly built Kāpiti Coast office property is for sale with established New Zealand investment firm Forsyth Barr as its long-term anchor tenant.
Completed in February this year, the property at 127 Rimu Road in Paraparaumu comprises an architecturally designed, two-level commercial building with an A-grade seismic rating.
It is well located on a high-profile site at the heart of Paraparaumu’s town centre, opposite the popular Coastlands shopping centre.
Colliers International has been exclusively appointed to market the property for sale by tender closing at 1pm on Wednesday 20 November.
Associate Director Dean Anderson of Colliers Kāpiti says it is an excellent opportunity to secure an attractive new commercial property investment.
“This newly built A-grade office building boasts national tenant Forsyth Barr on a seven-year lease along with established local accountancy firm, Kāpiti Chartered Accountants, on a 10-year lease.
“The tenants pay $117,940 plus GST in net annual rent, with the first rental review in June 2021.
“The 317sq m building has two levels of office space serviced by a lift and a light-filled stairwell that is surrounded by double-height glazing – a standout feature of the striking façade.
“The building sits on a 579sq m freehold section with 10 on-site car parks, including accessible parking.
“With new build construction, a strong seismic rating and exceptional tenant covenant, this is one of the most attractive investment propositions to come to the Kāpiti Coast market this year.
“Commercial property in this area is tightly held and opportunities to purchase a passive investment of this calibre are few and far between.”
Anchor tenant Forsyth Barr provides a full range of investment services including portfolio management, investment advice, share broking, research, investment banking, and cash management and saving options.
The company occupies 211sq m on the top office floor, along with five car parks and prominent signage on the façade.
Its lease returns $68,400 in net annual rent, with the next rental review in June 2021. A four-year right of renewal extends the final expiry date to May 2029.
Ground floor tenant Kāpiti Chartered Accountants has served the local community with accountancy services and advice since 1977.
The firm’s skilled and experienced team aims to help its clients to build successful, sustainable and prosperous futures.
Kāpiti Chartered Accountants occupies 117sq m of office space along with three car parks.
Its lease returns $49,540 in net annual rent, with the next rental review due in February 2022. A five-year right of renewal extends the final expiry date to January 2043.
The property is zoned Outer Business Centre under the Kāpiti Coast District Council’s District Plan, which allows for a wide range of uses including residential and commercial.
Paraparaumu is the main centre on the Kāpiti Coast, located 55km north of Wellington City.
The popular seaside district has undergone sustained population growth in recent years, with 53,673 residents as at the 2018 Census – up 9.3 per cent from 2013. This represents 11.6 per cent of the Wellington region’s population.
The region has benefited from significant infrastructure investment in recent years, including the $850 million Transmission Gully project. This four-lane highway connecting Wellington and Kāpiti will reduce travel times considerably once completed.
The Kāpiti Expressway, part of the Wellington Northern Corridor project, has already had a direct positive impact on the Kāpiti Coast.