A multi-tenanted light industrial and retail block of buildings in the East Auckland suburb of Pakuranga has been placed on the market for sale.
The 2020 square metres of buildings sits on approximately 4049 square metres of land zoned as Business Light Industrial, and houses five separate tenancies generating a combined income of $215,839 plus GST per annum.
The squarish property is located on the corner of Cascades Road and Ben Lomond Crescent – servicing a catchment area of Pakuranga, Howick/Botany and East Tamaki.
The five tenancies comprise:
Howick and Pakuranga Panel and Paint which occupies 758 square metres of floor space, paying rental of $72,678 on a four year lease expiring in 2017, and with a further four-year right-of-renewal.
Devonport Framing which occupies 389 square metres of floor space, paying rental of $47,486 on a three year lease expiring in October this year, and with three further four-year rights-of-renewal.
The Big Fish Bait & Tackle Company which occupies 353 square metres of floor space, paying rental of $46,200 on a four year lease expiring in 2016, and with two further four-year rights-of-renewal.
Kohsa Enterprise liquor shop which occupies 260 square metres of floor space, paying rental of $24,950 on a three year lease expiring in 2016 and with one further three-year right-of-renewal.
Scaffold Connect which occupies 258 square metres of floor space, paying rental of $24,525 on a two-year lease expiring later this year, and with four further four-year rights-of-renewal.
The duel access Cascades Road/Ben Lomond Crescent building is being marketed for sale at auction on July 1 through Bayleys Manukau by salespeople Shane Snijder and Tony Chaudhary. Shane Snijder said regular two-yearly rental reviews were included in all the tenancies.
“The property is in effect two adjoining large warehouse style premises on a flat terrain location with some 25 car parks in a variety of exclusive and communal use configurations,” Mr Snijder said.
“It is stereotypical of most off the light industrial premises in this precinct – ranging from motor vehicle repairs and maintenance shops, and small logistics and warehousing enterprises, through to community support organisations and the offices of trade-based companies.
“The area is zoned Business Light Industry under the Auckland Unitary Draft Plan – allowing for activities such as light manufacturing, production, logistics, storage, transport and distribution, service stations, and dairies.
“On one boundary of this area is the largely residential populations of Howick and Botany, while on the other side is the predominantly industrial catchment East Tamaki area. This means two non-competing population and customer bases can be drawn for businesses operating within the Cascade Road/Ben Lomond area.”
The two commercial premises on the Cascades Road/Ben Lomond Crescent intersection have been built on concrete footings and feature steel roof beams with galvanised iron roofing, with a mix of reinforced masonry block cladding and corrugated iron walls. Some of the tenancies have mezzanine floors.
Tony Chaudhary said the building was constructed in the early 1970s and was in good condition – therefore proving an attractive opportunity for either an investor or owner/occupier. This was the first time the property had been put on the market for sale in 42 years.
“With five tenancies encompassing different business sectors – from two retail outlets through to light industry service companies – a longer-term view could be taken by potential owner/occupiers who could purchase the property now with a view to relocating in at some time in the future into their favoured space,” Mr Chaudhary said.
An engineer’s report on the two buildings comprising the offering identifies that they each have New Build Standards of 90 percent and 100 percent.