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Essential industrial investment backed by health sector tenant

Essential industrial investment backed by health sector tenant  hero

A modern industrial property with a long lease to an established medical supplies company will appeal to investors seeking exceptional covenant from an essential services tenant.

The property at 53 Paul Matthews Road, in the tightly held North Harbour industrial precinct of Auckland’s North Shore, comprises a 1,515sq m standalone building on a 2,372sq m freehold site.

It is fully tenanted by MediRay, which distributes high-quality laboratory and medical supplies to Kiwi businesses, institutions and consumers.

Colliers International has been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Tuesday 29 August, unless it is sold prior.

“This is exactly what investors have been waiting for in 2020,” says Matt Prentice, Director of Colliers North Shore.

“Industrial property remains highly sought in the current market, as investors look to secure assets that are resilient to the economic impacts of Covid-19.

“Investors are also seeking strong tenant covenant from essential services that can continue trading at any Covid alert level.

“This superb trophy investment at 53 Paul Matthews Road offers the best of both worlds.

“The highly functional, freehold industrial property benefits from a six-year lease to a Kiwi medical supplies company returning $260,000 in net annual rent.

“The facility itself is a modern, low-maintenance building that will appeal to a variety of tenants upon final lease expiry in 2029.

“The property’s strength as an investment is underpinned by a proven location in the sought-after North Harbour industrial precinct, which has benefited from strong rental and land value growth in recent years.

“These exceptional fundamentals make for an ideal passive investment that will continue to deliver returns now and in the longer term.”

Constructed in 2000, the property comprises a warehouse to the rear and two attractive levels of office at the front, giving it a commanding road front presence.

Jimmy O’Brien, Managing Director of Colliers North Shore, says the facility offers a sought-after high warehouse ratio.

“The functional warehouse provides 806.9sq m of generic clear span space with a stud height of 6m at the knee, rising to 6.5m at the apex.

“Dual motorised roller doors on the eastern side provide vehicle access, while a separate entrance is provided for people entering on foot.

“The offices provide 477.9sq m of space, finished to a commercial standard suitable for a modern occupier. There is a great level of natural light from the entrance foyer, which extends to both office levels.

“The facility sits on a generous freehold site with Business Light Industry zoning. Plentiful car parking is available, with 23 spaces on site.”

The property is partway through a six-year lease to MediRay NZ Limited, renewable in December 2023. Two rights of renewal of three years each extend the final lease expiry to December 2029.

Rental growth is locked in with reviews every two years, to the greater of market rental or CPI.

MediRay is a New Zealand owned and operated business that specialises in distributing medical and laboratory supplies across the research, healthcare and diabetes management sectors.

Its extensive range of products includes vital Covid-19 research tools such as nucleic acid extraction kits, immunoassay kits, next-generation sequencing kits, automated testing workflows, and immune profiling and vaccine development tools.

The property for sale is positioned on the southern side of Paul Matthews Road, which is a main feeder road into the North Harbour industrial estate. The road links up with Upper Harbour Highway to the east and Bush Road to the west.

It is located some 1.6km to the Constellation Drive motorway interchange, providing access to State Highway 1 north and south, and 1.2km to Albany Highway, providing access to SH18. Auckland’s CBD is within a 25-minute drive, Takapuna is a 15-minute drive and Albany’s commercial centre is a five-minute drive.

The surrounding area includes a number of modern industrial properties. The wider North Harbour industrial precinct has proven itself very popular for progressive companies due to the high standard of surrounding development, quality working environment, access to transport links and a number of affluent suburbs close by.

Related Experts

Matt Prentice


Auckland North

Matt joined Colliers International in 2006 with a focus on mid to upper end industrial & investment transactions.  Specializing in tenanted investments, occupier representation through to vacant land / building sales on the North Shore, Matt was promoted to a North Shore Director in 2015.

In 2011 and 2012 Matt was awarded the “Golden Gavel” for Colliers New Zealand as the most successful auction sales broker across Colliers New Zealand. Matt has been the number one North Shore sales and leasing broker, 2011, 2012 and 2013.  In 2012, was a top 20 performer across Colliers New Zealand and has over $600 million of sales since joining colliers International.

In 2013, Matt was in the top 10 Highest Performing Brokers Nationwide and in 2014, he had a record year completing more than 50 transactions, and  finished in the top 10% of brokers in New Zealand.

In 2015, Matt completed over 60 transactions, more than any broker North of the Bridge, again finishing in the Top 20 brokers in New Zealand.

In 2016, Matt had a record year finishing top 10 in the country and was the top broker on the North Shore.

In 2017 Matt finished in the top 5 brokers in New Zealand, and completed over 70 transactions.

In 2018 he finished in the top 10 brokers in New Zealand and completed over 120 transactions. Matt was awarded the MVP of brokerage for Colliers International New Zealand.

In 2019 Matt finished in the top 5 brokers in New Zealand and achieved the “Golden Gavel” as the highest performing “Auction Broker”. Again, he completed over 100 transactions.

2020 was a record year, selling over $250 million of stock, with 99 deals in total for the year. Matt finished as the 4th highest performing broker in NZ.

Recent Transactions include:

  • 13 William Pickering Drive, North Harbour - $17,300,000

  • 7-19 Croftfield Lane, Wairau Valley - $17,280,000

  • 6 Canaveral Drive, Albany - $13,000,000

  • 44 Arrenway Drive, Albany - $15,300,000

  • 2c William Pickering Drive. North Harbour - confidential

  • 180-184 Target Road, Wairau Valley - $13,000,000

  • 71 Apollo Drive, Albany - $17,550,000

  • 124 Bush Road, North Harbour - $14,950,000

  • 229 Dairy Flat Highway, Albany - $33,000,000

  • 34-41 Poland Road, Wairau Valley - $15m circa

  • 1-11 Parkway Drive, Albany - $21,000,000

  • 44 Arrenway Drive, Albany - $15,300,000

  • 30 Apollo Drive, Albany - $12,942,000

  • 155 Wairau Road, Wairau Valley - $11,500,000

  • 53 Paul Matthews Road, North Harbour - $5,610,000

  • 7 Armstrong Road, North Harbour - $7,400,000

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Jimmy O'Brien

General Manager | Director

Auckland North

Jimmy heads the Colliers North Shore team with a "lead from the front" approach. He specialises in both sales and leasing of commercial and Industrial Property, Now in his thirteenth year with  Colliers International he is constantly in the top 10 % of Colliers brokers.

A North Shore resident for over 40 years his local network and knowledge is extensive. Having come from a successful background of sales, marketing and manufacturing and a director of his own business for 20 years, Jimmy has built up a vast network of property developers, investors, architects, designers and corporate businesses both retail and commercial. With a broad knowledge as both a tenant and investor in the commercial property market his wide range of skills and extensive network will be an asset to any future clients.

Positions Held at Colliers:

March 2006: Industrial Broker

April 2008: Industrial Manager

July 2012: General Manager

February 2014: General Manager -Associate Director

June 2014: General Manager – Director

Through specialisation and a commitment to true team work, Jimmy and his team have sold property in excess of $1Billion and negotiated innumerable leases.

With a strong focus on finding property solutions for his clients, Jimmy has successfully represented AA Insurance, EasiYo Products, Sealegs, Johnson Controls, Electronic Navigation and Maxwell Marine to name a few.

Jimmy is consistently in the top 10% of Colliers brokers.

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