A unique opportunity to acquire six industrial buildings with a NLA of 7,093 sqm in good condition. Developed in the 1970s the property has been professionally managed and well maintained. It comprises 1.1513 hectares of land, triangular in shape, with a long 109 metre street frontage to Felton Mathew Avenue. It is zoned Business Light Industrial.

The leasehold tenure provides automatic rights of renewal for 21-year terms in perpetuity. The vendor has consistently achieved near 100% occupancy over many years with seven tenants providing a net income of circa $597,000 pa, after the annual ground rent deduction. This reflects a purchase yield of around 18.0%. with a WALT of circa 4.0 years.

The property is located in a small pocket of industrial, just north of Glen Innes and is the closest industrial precinct to the Eastern Suburbs. Felton Mathew Avenue links Glen Innes to Meadowbank and is a main thoroughfare. Only 15 minutes east of the Auckland CBD, and adjacent Mount Wellington, the property is in close proximity to the regional roading network. There are established commercial and retail amenities close by. A well-established location, with mixed building stock and limited vacancy.

Industrial property in demand, please call to discuss