Modern Rotorua industrial investment
A prominent modern warehouse and office property on the main route in and out of fast-growing Rotorua is being offered to the market as a prime industrial investment opportunity.
Mat Gibbard of Colliers International’s Rotorua office is marketing 164a Lake Road, Mangakakahi, with colleague Mark Rendell.
He says the 698sq m freehold property will appeal to national investors who have been priced out of the low-vacancy, high-demand Auckland industrial market.
“Rotorua offers superb property investment fundamentals, with its industrial sector in particular performing very strongly.
“However, top-quality industrial properties very rarely come to the market, making opportunities like this highly sought after.
“Built in 2008, the property occupies a prominent, elevated position on the main route in and out of Rotorua, on the city’s industrial fringe.
“It has an attractive modern exterior and a high-spec finish including solar heating, on-site car parking, a large workshop and high stud roller door access.
“With the tenant recently renewing their lease, the property makes for an excellent passive investment in one of the North Island’s fastest-growing regional centres.”
Rendell says the property comprises a 528sq m industrial unit with a sizable high stud workshop and two levels of office accommodation.
“Tenant RCR Infrastructure is signed to a three-year lease with three rights of renewal of three years each.
“The lease returns $54,000 plus GST in net annual rent, with the tenant paying 100 per cent of the outgoings.”
Rendell says Rotorua has long been a popular national and international tourism destination, known for its geothermal attractions, idyllic lakes and forests, and the warm hospitality of its people.
“Located in the central North Island, Rotorua is well connected to the rest of New Zealand. It is within three hours’ drive of Auckland and less than 500km from the capital, Wellington.”
The property is for sale by deadline private treaty closing at 4pm on Thursday 22 November, unless it sells earlier.
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