For Sale with an asking price of $7,950,000 + GST.
On offer here is a split-risk tenanted investment situated on the highly contested and ever popular Carbine Road in Mt Wellington. This is a bankable asset for a savvy investor who is seeking a good return on a fantastically located property.
Pacific Process will, on settlement, provide a 6-year lease term (with a further 1x6-year renewal) on 1,115sqm of the building and will pay $258,150 net p.a.. Fixed 2.5% annual increases are in place as well as a 12-month bank guarantee, further bolstering the offering. This business has been in operation since 2005 and is highly reputable in their respective field.
Floorco, the tenant in the warehouse and ground floor office, have three years remaining on their current term with a further 1x4year right of renewal after that. They are currently paying $146,850 net p.a and have fixed 3% annual increases in place, with the next increase due in June 2021 (taking the their rent up to $151,255 net p.a)
- Returning $405,000 net p.a
- Favourable lease terms and security on both leases
-2,150sqm Net lettable area
-3,222sqm Freehold title
- 95% NBS Rating
The land size is 3,222sqm and is zoned Light Industry. The building was built in 1992 and has been meticulously maintained throughout. The NBS rating is 95% making this an a-grade investment in a tightly contested location. Don’t delay get in touch with the sole agents today for all information and to inspect.
Contact the sole agents for further information and to arrange a viewing.
Hamish West – 021 882 737
Ben Cockram – 021 245 5855
Ref #: 20658115