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True passive investment in master-planned precinct

As the highest specification unit within the complex and arguably the best industrial investment unit available in today’s market Auckland-wide, Unit 3/273 Neilson Street is leased to Maximo, a well-respected firm within the construction sector.

The 1,018-square metre property fronts Neilson Street and comprises a substantial and stylish ground floor showroom, open plan office with good natural light and full amenity, a 614-square metre clear span high-stud warehouse with roller door access from the rear, and 16 dedicated client and staff car park spaces.

The property is being marketed by James Valintine, Sunil Bhana and James Hill of Bayleys South Auckland and will be sold by deadline private treaty closing Tuesday 29th July, unless sold prior.

Valintine said this is a quintessential bottom-drawer investment proposition for a buyer that recognises the building’s quality, its position within a thoughtfully designed and executed industrial precinct and the credentials of the tenant.

“It’s a trophy investment property that will quietly pull its weight in any portfolio,” said Valintine.

“It’s brand new, has that ‘just out of the box’ feel, it sports some clever architectural features and the fitout is high-end.

“Add in the national tenant Maximo, and a well-structured lease with fixed growth and the bank will be happy.”

Maximo is a premium manufacturer, supplier and installer of balustrades and exterior products for the commercial and residential market, and also a member of the HomePlus group, a nationwide network of home improvement specialists.

Hill said the company will enter into a six-year lease from 1 October 2021 paying $241,940 pa net + GST.

“In addition, the lease includes a bank bond, three-percent annual fixed growth and one, four-year right of renewal taking the final expiry to 30 September 2031.”

Unit three is one of the largest offerings within the fully-gated and secure Woollen Mills complex. The sleek ground floor showroom component has black ceiling tiles, polished concrete floors, full-height glazed frontage, good natural light, first floor office space, well-appointed staff amenities and a functional warehouse.

The clear span warehouse with a huge roller door to the rear provides 7.5-metre to 9.5-metre stud heights allowing for expansive racking room for the tenant. Exclusive container set-down areas can cater for both 20-foot and 40-foot containers and the overall development has been designed to provide efficient traffic flow.

Bhana describes the Woollen Mills precinct as Auckland's most prestigious new gated industrial development and he’s impressed with the overall look and feel emerging.

“There are only four units across the 26-unit development yet to be sold and the precinct is looking great with the landscaping all in place and maturing nicely,” he said.

“With the intense squeeze on available industrial property region-wide, Woollen Mills is really well-placed to leverage the growth in the sector and its location just a 15-minute drive from the Auckland CBD with streamlined motorway access via State Highway 1 and State Highway 20, both north and south.”

Click here for more information on the listing.

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