An established industrial investment underpinned by globally listed tenant Trimble Loadrite is for sale in a tightly held west Auckland location.
The property at 45 Patiki Road in Avondale is for sale by private treaty closing at 4pm on Wednesday 8 April unless sold prior.
Chand says the property provides all the fundamentals of an exceptional investment.
“The property is strategically positioned in a sought-after industrial location.
“It benefits from excellent motorway access and a central Auckland location that’s within 15 minutes of the CBD and 5km from the Waterview Tunnel.
“NASDAQ listed Trimble Loadrite provides an exceptional tenant covenant.”
Prentice says that a committed tenant reinforces the appeal for investors.
“Trimble Loadrite are committed until at least September 2023 with the right to renew for a further two-year term.
“The property is currently returning $450,624 per annum plus GST and OPEX.
“A 3 per cent rental increase will come into effect on 1 October 2021 for the remainder of the term.”
Founded in 1978, Trimble products and solutions are now sold in over 150 countries and the company reported revenue of $3.1b in 2018.
Trimble acquired Loadrite and its parent company Actronic Holdings in 2013.
Loadrite has been operating in New Zealand since 2007 when brothers Steve and Phil Alloway began business as the exclusive distributers, starting in the quarry and mining sectors.
They have since expanded the company in New Zealand to operate in all sectors that Loadrite operate in globally.
Patel says that with 2,347sq m of office and warehousing on a 5,401sq m freehold site, the property is well suited to production and operational management.
“The facility comprises almost 1,000sq m of office space across two floors. The office space was refurbished in 2007 when Loadrite moved into the premises.
“Along with 335sq m of warehousing, the facility also has 384sq m of production space, a mechanical workshop and an electrical workshop.“It also benefits from a sizeable 27sq m loading canopy, a new cafeteria, 56 car parks and B-train access via a right of way around the neighbouring building.”