The freehold properties at 8 and 10 Turin Place, Otara, each offer a substantial and functional industrial site with an established tenant and an array of options for new owners – including the possibility to buy both properties for future scale and growth.
The more than 4,200-square metre site at 8 Turin Place is fully leased to Amediate Engineering, a specialist metal fabricator founded in 1992. The business boasts a team of tradespeople with over 250 years of combined experience in boiler making, steel/metal work and fabrication, site installations and other trade-related services.
Its tenancy generates an annual net rental income of $200,000 plus outgoings and GST, on a lease whose final expiry in 2024 presents buyers with future occupation options.
The approximately 2,180-square metre site next door at 10 Turin Place is occupied by Wire Works New Zealand, an independently owned family business going back three generations, which specialises in wire and security fencing.
This site generates a net rental return of $171,420 plus outgoings and GST per annum. The current lease runs through to 2023 with four further two-year rights of renewal, and market rent reviews at each renewal.
The properties at 8 and 10 Turin Place, Otara, Auckland, are being marketed for sale by James Hill, Tim Koning and Sunil Bhana of Bayleys South Auckland.
They will each be sold by deadline private treaty closing on Thursday 8th December, unless sold prior.
Hill said 8 Turin Place presented one of the best opportunities on the market to secure a fee-simple, no-frills industrial asset with “options galore”.
“This property provides a hard-working, functional workspace. The more than 1,400-square metre building includes some 1,177-square metres of warehousing/factory areas, with the balance made up of office, amenities and lower-stud storage over two floors.
“Constructed in the 1970s, the elongated warehouse has a stud height ranging from 3.7 metres to 5.5 metres. Three roller doors give good access into the large secure yard which allows for a multitude of uses, complete with car parks and a private driveway onto Turin Place.
“With an expiring lease in August 2024, this site presents options to owner-occupiers wanting to get a foothold in this tightly held catchment. Alternatively, add-value investors wanting to renegotiate existing lease terms with the incumbent tenant or reposition the property for a new tenant will have the ability to do so,” said Hill.
Koning said 10 Turin Place offered a coveted street-front position and options for future growth.
“The building of some 1,369-square metres comes with an attractively low office-to-warehouse ratio and good bones for a functional and efficient workspace. With two roller doors at the front and one at the rear opening to a small storage yard, accessibility is fantastic.
“The 1970s-constructed warehouse of approximately 1,114-square metres is split into two bays, offering a generous stud height of 5.7 metres to 5.9 metres at the apex. Office accommodation and amenities are over two levels at the front of the property, with spaces for parking outside.
“This property presents a practical and well-designed building, with the potential to split or redevelop down the track if it is bought in conjunction with 8 Turin Place to the rear,” said Koning.
Bhana said the position of both Turin Avenue sites in the Business – Light Industry zone under Auckland’s unitary plan allowed for an array of uses including manufacturing, production, logistics, storage, transport, and distribution.
Many of the possibilities could be seen in the mix of neighbouring occupiers spanning activities such as manufacturing, automotive, engineering, transport, and home and building supplies, he said.
“Just a few hundred metres from East Tamaki Road, Turin Place is a cul-de-sac which is home to a mix of medium to large industrial premises. With limited sites in Turin Place, tenant turnover has been minimal as businesses here have continued to thrive.
“Turin Place is well located to serve a large and growing suburban catchment including Takanini, Papakura, Manukau, Wiri and Drury.
“The properties for sale enjoy efficient connections to the motorway network, with the East Tamaki Road interchange about three kilometres away providing easy access to State Highway 1 north and south. Vital amenities are available nearby in Botany and Ormiston town centres,” Bhana said.