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Split-risk investment opportunity in popular Wiri

NZ_AucklandCBD_Communications_Splitrisk investment opportunity in popular Wiri

A multi-use property in the sought-after industrial precinct of Wiri in South Auckland will appeal to a wide range of buyers who are looking for high-quality assets with growth potential and long-term upside.

18 Ash Road in Wiri is a 2,851sq m freehold property comprising a two-level office building with two separate adjoining workshops and features multiple tenants with a combined net annual rental income of $576,696 on a 12,990sq m site.

The strategically located property, which is zoned Business – Heavy Industry Zone, enjoys excellent access to the nearby motorway network, including State Highway 1 and State Highway 20.

Colliers Directors Ash Vincent and Paul Jarvie have been exclusively appointed to market the property for sale and the deadline for offers will close at 4pm on Wednesday 8 December, unless sold prior.

Pro Driving Services Limited occupy 209sq m of ground floor office space and the 419sq m workshop adjoining the office building to the rear. The six-bay truck workshop includes three in-ground service pits and has a stud height of 6m. Two levels of offices, amenities, and a storeroom are located within the workshop envelope.

Their five year-lease expires in November 2024 and provides net annual rental income of $274,637 plus GST. Rent reviews are due to take place in December 2021, and the following year, with the increase being the greater of either 2 per cent or the market rate.

The other workshop, measuring 1,340sq m with a stud height of 5.3m at the knee rising to 7.2m at the apex, is located to the rear of the site and is currently occupied by TMC Trailers Limited. They also lease two levels of offices and amenities totalling 91sq m, and 2,925sq m of yard space.

TMC Trailers began a new three-year lease in May and the agreement includes one further right of renewal for three years. The total net annual rental income from their lease is $252,445 plus GST. Rent reviews are scheduled for every two years and will be the greater of either market rates or CPI plus 2 per cent.

Ultimate Transport Solutions Limited leases the entire first floor office, totalling 376sq m, together with a small component of offices on the ground floor entrance way.

They have a six-month rolling lease, and the net annual income is $49,615 plus GST. Rent reviews to the market are held annually.

The property also includes a substantial, predominantly level, metalled yard measuring approximately 8,174sq m located to the rear of the site, which is utilised for storage, access, and manoeuvring. Two small, light construction sheds have been built recently near the southern boundary of the yard, which are currently leased by Pro Driving Services.

Vincent, Associate Director of Industrial at Colliers, says the split-risk nature of the property will be attractive to prospective purchasers.

“This property has low site coverage of approximately 19 per cent and will offer the new owner a range of options for the future,” Vincent says.

“Large industrial sites such as this one are tightly held and Wiri is quickly positioning itself as one of the most sought-after locations for industrial property in Auckland.”

Jarvie, Director of Industrial at Colliers, says the property is incredibly user-friendly and offers dual access from Ash Road and Oak Road.

“With increased roading infrastructure, the property is well situated in the heart of Wiri and provides a unique opportunity when looking to expedite travel times on the motorway network,” Jarvie says.

“Wiri is a popular industrial hub and is home to a range of large-scale businesses, including The Warehouse, Frucor, Americold, Kmart, Downer, and Gough Group.”

Related Experts

Paul Jarvie

Director | Industrial

Auckland South

I am married with three young children. I have a diverse professional background including 7 years as a primary school teacher and 9 years in the pharmaceutical industry with both sales and sales management experience.

I am a keen sportsman with ocean swimming and cycling being my current activities.

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Ash Vincent

Associate Director | Industrial

Auckland South

I joined Colliers International in September 2010 as an executive assistant to the industrial team after plying my trade in the building industry. As an EA, I was involved in a wide range of projects throughout the south and central Auckland market and developed a thorough understanding of property marketing and also of the south and central Auckland industrial market.

Moving into brokerage in 2011, I now specialise in the Airport/Manukau/Papakura industrial areas in both the sales and leasing market. During my time in the market I have been involved in many Transactions both big and small which has built many strong relationships with Developers, Investors and Tenants.

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