Chance to acquire a large undeveloped site with a long-term tenant
A substantial 1.59ha industrial property for sale in tightly held Wiri offers investors a rare opportunity to buy an undeveloped Auckland landholding with income from a long-term national tenant.
Colliers International Industrial Sales and Leasing directors Todd Kuzmich, Andrew Hooper and Greg Goldfinch have been exclusively appointed to market 133 Roscommon Road for sale by deadline private treaty.
Offers on the freehold property close at 4pm on Tuesday 6 March, unless sold prior.
Kuzmich says the property is on a new 12-year triple net leaseback to Turners Group NZ Limited, a wholly owned subsidiary of NZX-listed Turners Automotive Group Limited.
The lease returns $430,000 net per annum plus GST, with built-in rental increases of 2.5 per cent per annum.
“Industrial investment opportunities of this quality seldom come to the market, especially in sought-after locations like Wiri,” Kuzmich says.
“With Auckland industrial land availability dwindling dramatically and prices increasing accordingly, here is your chance to obtain the best class of investment available – undeveloped land with income.
“The property itself is superbly located in a high-profile location, close to key infrastructure including the Wiri Inland Port, State Highway 1 and SH20.”
Kuzmich says the property comprises a fully fenced, undeveloped 15,862sq m site of regular shape and level contour.
The surface of the property is predominantly metalled yard with some asphalt and concreted areas, and has recently had significant drainage works completed.
The site accommodates a number of temporary buildings owned by the tenant including a Portacom-style office and a container and canopy structure.
Hooper says the property enjoys excellent profile to busy Roscommon Road.
“The site sits adjacent to the SH20 interchange, providing a direct link to SH1 and the west via the Waterview Tunnel and SH16,” he says.
“The former Wiri North Quarry is immediately opposite the property and is set to undergo progressive redevelopment for predominantly industrial purposes.”
Hooper says Wiri is now widely considered by many to be one of Auckland’s premier industrial and business districts.
“Nearby infrastructure includes the Ports of Auckland’s Wiri Inland Port, while Auckland International Airport is only 7km away,” he says.
“Wiri has become one of the fastest growing industrial areas in New Zealand and is the base for many of the country’s largest and most successful companies.”
Turners Group currently uses the site to store damaged vehicles, trucks and machinery to be sold or auctioned.
Goldfinch says Turners is the largest vehicle and machinery sales business in the country, and one of New Zealand’s best-established brands.
“The company was founded more than 50 years ago, in October 1967, as an offshoot of established fruit and vegetable business Turners and Growers.
“Turners started off modestly in Auckland, but soon expanded into other domestic markets. The company now employs some 500 people and sells many thousands of cars, trucks and machines every year.”
In 2014, the company became part of NZX-listed Turners Automotive Group, which was formed through a merger with consumer finance and insurance business Dorchester Pacific.