Wiri warehouse with add-value upside

Large, modern warehouse currently under-rented

A large, modern warehouse for sale in Auckland’s sought-after Wiri industrial precinct offers investors a superb opportunity to grow their rental income almost immediately.

Colliers International Industrial Sales and Leasing brokers Andrew Hooper and Hamish West are marketing 12 Ha Crescent for sale by deadline private treaty.

Offers on the 6,500sq m freehold property close at 4pm on Tuesday 26 June, unless sold prior.

Hooper say the under-rented property currently returns $510,000 plus GST in net annual rent.

“With the next market rental review imminent, add-value investors have an opportunity to almost immediately grow their rental income.”

Hooper says investors will also be attracted to the property’s outstanding fundamentals.

“This versatile industrial asset offers an investment-grade lease, strong tenant covenant, modern construction and an outstanding location,” he says.

“The property is on an eight-year lease to Irvine Flooring – a wholly owned subsidiary of multinational flooring company Belgotex International Group.

“More than four years remain on the current lease, with market rent reviews every second anniversary.

“Four rights of renewal of four years each extend the total lease term to September 2034.”

Built in 2005, the modern, generic property comprises a 4,167sq m industrial building with a good office to warehouse ratio.

“The high stud warehouse offers 3,888sq m of versatile clear-span space. Access is via roller doors onto a substantial 1,043sq m canopy, which allows for all-weather activity and container devanning.

“The 278sq m office is largely open plan and fitted out to a high-spec modern standard.

“The site is fully fenced with a security controlled electric gate. A concrete yard completes the package.”

West says the Heavy Industry zoned property is ideally located in the established Wiri industrial precinct.

“Wiri is a sought-after location due to its excellent access to key arterial routes as well as logistics facilities such as the Wiri Inland Port and Auckland International Airport.

“As a result, it is popular with large national and international tenants including The Warehouse, Goodman Fielder, Americold, Kmart, Downer and Gough Group.”

West says the property for sale has very good proximity to the Southern Motorway (State Highway 1) and the Southwestern Motorway (SH20).

“Ha Crescent runs off busy Roscommon Road, a district arterial route that links SH20 in the north through to the residential areas in the south.

“SH20 offers excellent access to the airport and the newly completed Western Ring Route, which provides an alternative route north.”

West says tenant Irvine Flooring has 30 years of proven experience in the New Zealand flooring market.

“The company offers a substantial range of domestic and commercial carpet, carpet tiles, vinyl and more.

“Irvine prides itself on innovation, quality and technical expertise. The company’s in-house designers produce an impressive range of new styles, designs, constructions and colours.”

As well as its Wiri distribution centre, Irvine has flooring design centres in Auckland and Christchurch.

Irvine is wholly owned by Belgotex International Group, which has seven companies in four continents.

Hooper says opportunities to acquire top-notch, add-value investments of this calibre are few and far between.

“Industrial investments don’t come much better than this, especially in tightly held Wiri. Add-value investors will not want to miss the chance to acquire this superb property.”

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