The individually titled units sit on perpetually renewable leasehold land at 82 Thames Street, in Napier’s established Pandora industrial zone.

Fifteen units of approximately 35 square metres, plus a larger corner unit of 82 square metres, are all currently occupied on month-to-month rental agreements. Together they generate an estimated net rental income of $44,590 plus outgoings and GST per annum.

Units 5-8,10,14-16, 18 and 22-28 at 82 Thames Street, Pandora, Napier, are now being marketed for sale by auction on Friday 9 July, through Bayleys Napier.

Salesperson Mark Evans said the property for sale consisted of 16 units with a combined rentable floor area of approximately 610 square metres.

“The 16 units form part of a single-storey complex with a total of 35 units on some 2,890 square metres of flat, perpetually renewable leasehold land. The complex has a frontage of over 57 metres onto Thames Street,” Mr Evans said.

The units for sale are laid out within a ‘U’-shaped block. Each has a stud height of approximately 2.7 metres, with access via a tilt or roller garage door.

“The complex was constructed around 1983, with concrete foundations and flooring, timber framing and exterior walls of pre-finished galvanised steel and plywood/fibre cement and, in the case of the western boundary wall, concrete block. Roofing consists of pre-finished galvanised steel.

“Amenities include toilets at the front of the complex, which are shared by all site users, as well as asphalt-sealed parking areas with security fencing and gates to the front boundary.

“All services are available on site, with power to each unit metered individually, inclusive of rental for light power users. Armourguard Security opens the gates to the complex at 6am and closes them at 8pm daily,” said Mr Evans.

The Thames Street complex is located just over a kilometre from Pandora Road, connecting to Prebensen Drive and the Hawke’s Bay Expressway, with easy access to Napier Port and Hawke’s Bay Airport.

Recent roading changes have brought about an increase in traffic north and south through what is now a thriving industrial location at Pandora.

The property for sale forms part of the Main Industrial zone under the Napier City District Plan.

“This zone is very permissive in terms of land-use activities,” said Mr Evans.

“In Pandora it supports a variety of commercial and industrial activities including textiles, food processing, wood products, metal fabrication and container storage.

“Properties neighbouring the Thames Street site are home to the likes of Napier Port 1 and 2 Depot, Hawke’s Bay Wine Company, Farmquip and The Pallet Company.”

Mr Evans said secure storage unit properties with good access to industrial and residential areas generally had low vacancy rates.

“The Pandora industrial hub is superbly positioned in relation to other industrial and commercial zones and Napier’s CBD, while also being central to residential areas.

“As the Hawke’s Bay’s lifestyle, climate and strong economy attracts new business and drives population growth, household and business movements are creating the need for extra storage.”

With monthly rental rates between $375 and $390 including GST per 35-square metre unit, and $650 GST-inclusive for the 82-square metre unit, the popular Thames Street facilities had provided the current owner with a steady supplementary income for 15 years, Mr Evans said.

“With minimal repairs and maintenance, strong occupancy rates and historically very limited vacancy periods between tenants, these secure storage properties represent a relatively low-risk multi-tenanted investment. They sit in an affordable price range and a new owner will also have the ability to on-sell individual titles.

“This makes these assets an ideal investment to begin or add to a buyer’s commercial property investment portfolio, so they are certain to appeal to a wide group of investors.”

Click here for more information on the listing.