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Prominently positioned in popular Penrose

NZ_AucklandCBD_Communications_Prominently positioned in popular Penrose

A prominently placed building in the highly sought-after industrial suburb of Penrose with excellent road exposure and a strong tenant covenant presents buyers with a highly attractive purchasing opportunity.

732 Great South Road in Penrose has 1,050sq m of net lettable area on approximately 2,056sq m of land that is zoned Business – Light Industry Zone. The property also includes 20 dedicated car parks.

The strategically located building is leased by Wesfarmers Industrial and Safety NZ Limited, trading as NZ Safety Blackwoods, which is 100 per cent owned by Wesfarmers, an ASX-listed Australian retail conglomerate that had more than AUD$33 billion of revenue in the 2020-2021 financial year.

Colliers Directors Ben Cockram and Matt Prentice have been exclusively appointed to market the property for sale by auction to be held at Colliers, Level 23, HSBC Tower, 188 Quay Street, Auckland, at 11am on Wednesday 24 November, unless sold prior.

NZ Safety Blackwoods began a six-year lease on 1 August 2020, which includes two further rights of renewal for five years each providing a final expiry of 31 July 2036.

The net annual rental income from the property is $273,035 plus operating expenses and GST. The lease agreement includes fixed annual increases and market reviews on each renewal.

Cockram, Associate Director of Industrial at Colliers, says the strong tenant covenant on offer will be highly desirable among buyers looking for a secure investment with a steady rental stream.

“This property represents a premier passive investment with a high-profile tenant that is signed to a long-term lease with favourable terms,” Cockram says.

“Wesfarmers is headquartered in Perth, Western Australia and has interests predominantly in Australia and New Zealand, operating in home improvement and outdoor living, apparel and general merchandise, office supplies, and an industrials division with businesses in chemicals, energy and fertilisers, and industrial and safety products.

“From its origins in 1914 as a Western Australian farmers’ cooperative, Wesfarmers has grown into one of Australia’s largest listed companies. Wesfarmers is also one of Australia’s largest employers and has a shareholder base of approximately 484,000.”

The highly functional building underwent extensive renovations in 2019 and 2020 and offers user-friendly access from the street. The property comprises a 757sq m showroom, 168sq m storeroom, 39sq m of ground-floor office space, 70sq m of first floor office space, and 16sq m of amenities.

Primary access is provided to the building frontage via dual automatic glazed sliding doors into the front showroom space. Adjacent to the entry is the front customer serving area and behind this is a partitioned amenities space that includes customer changing rooms and office space.

To the rear of the showroom is an amenities area that provides male and female toilets, whilst to the eastern corner is the storeroom. The storeroom is partitioned from the main showroom and is accessible via a single roller door.

Prentice, Director of Sales and Leasing at Colliers, says this highly sought-after location sees nearly 30,000 vehicles travel past the site during weekday traffic.

“This building has an enviable road presence on a major arterial route with more than 45m of street frontage,” Prentice says.

“This property is less than 1km away from the Ellerslie-Panmure motorway on and off-ramps providing convenient access to State Highway 1, while the Penrose train station is only 450m away.

“Penrose is one of the most desirable industrial precincts in Auckland and offers high levels of connectivity to prominent transport routes and Auckland Airport.

“There will be huge interest in this property, and we encourage all interested parties to conduct their due diligence and contact the sole agents immediately.”

Related Experts

Ben Cockram

Director | Industrial

Auckland South

I am an Associate Director within Auckland's most awarded industrial brokerage team based in south Auckland. 

 Specialising in industrial sales and leasing, I have over 7 years  experience in Auckland's highly competitive industrial market and have forged very strong relationships with both occupiers and investors. I am a highly motivated individual who approaches all transactions with professionalism and integrity. 
Since commencing brokerage in September 2014, I have been involved in 138 leasing transactions and 143 sales, spanning across all of the major industrial regions of Auckland. 

In 2018 I was made an Associate Director of Colliers International NZ. 

As of January 2022;

Total sales transactions - 143
Total sales value              -  $455,000,000 

Total leasing transactions - 138
Total sqm leased                   -  146,000m²

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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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