Two Wairau Valley investment properties anchored by established furniture companies on long-term leases are for sale through Colliers International.
The high-profile properties on main roads in the sought-after North Shore industrial area are being marketed by Shoneet Chand, Matt Prentice and Euan Stratton.
Nationwide bedroom furniture company Bedstop is the anchor tenant at 171 Target Road, a 2,896sq m freehold property with a floor area of 1,697sq m.
Bespoke kitchen, furniture and fitout company DBJ Furniture anchors the second offering at 2-4 Woodson Place, on the corner with Ellice Road.
Prentice says both offerings are split risk investments with established anchor tenants on long-term leases.
“This is an excellent opportunity to secure substantial landholdings with multiple incomes streams in the sought-after Wairau Valley industrial area,” he says.
The Woodson Place offering, which is being marketed by deadline private treaty closing on Wednesday 29 March, has annual rental returns of $210,766.
The property, on two stratum titles forming one body corporate, has a lettable floor area of 1,964sq m.
Long-standing anchor tenant DBJ Furniture has seven years remaining on two separate leases, with a further right of renewal for six years.
Founded in 1994, the award-winning company is a niche manufacturer specialising in residential and commercial kitchens, furniture and fitouts. DBJ’s staff of 35 takes a professional approach to compliance, exemplified by certifications in both health and safety and environmental management practices.
The Amen Korean Methodist Church occupies the road front ground and first floor office.
The property has good exposure on the corner of Ellice Road, one of the main roads in the area, leading off the Target Road arterial route.
Chand says this is a rare opportunity to secure a large Wairau Valley corner site.
“This multi-tenanted investment offers massive exposure in a low vacancy, tightly held area. This is an excellent split risk investment.”
The light industry-zoned property is especially attractive due to its full drive around access with multiple roller doors, Chand says.
The Target Road offering, which is being marketed by deadline private treaty closing on Wednesday 12 April, has annual rental returns of $215,277 plus GST.
Stratton says the property offers huge exposure on Target Road, one of two main arterials in the area.
“We rarely see such substantial landholdings with multiple income streams on the market in Wairau Valley,” he says.
Anchor tenant Bedstop is on a six-year lease with a six-year right of renewal, returning $150,000 per annum.
Stratton says the company is a nationwide retailer that has earned an excellent reputation through stocking quality, leading bed and bedroom furniture brands without compromising good value.
“Bedstop is an ideal tenant for investors seeking solid rental returns.”
Six other tenants offer a split risk, diversified income stream of $65,277 in annual rents.
The property comprises two separate buildings that offer a mixture of showroom, warehouse and office space.
Bedstop occupies 1,288sq m, including two showroom areas. The rear of the building has multiple roller doors leading to warehousing and a mezzanine office.
Computers Unlimited, on a three year lease returning $14,000 per annum, has road-front profile with a 46sq m showroom.
A first floor office area with multiple tenants offers good quality separate office suites.
The property has concrete paving, providing drive-around access and ample on-site parking.
Target Road is one of two main arterial routes running through Wairau Valley, along with Wairau Road. Woodson Place is a short drive away.
The Wairau Valley industrial area is the largest and longest established North Shore industrial precinct, surrounded by a desirable labour force and with good motorway access.
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