Nelson industrial duo resonates with a local buyer
25-31 Bullen Street, Tahunanui, Nelson. Sold 12th January 2018
- Two properties in separate titles in an industrial area between Nelson city and Nelson Airport
- 25-27 Bullen Street has a building area of 760m² and 1,482m² land. It is fully-leased to NZ King Salmon with a gross rental of $62,130 pa
- 31 Bullen Street comprises a 725m² building on 540m² land and is leased to Datacom with a gross rental of $61,760 pa
- Capital values of $620,000 and $690,000 respectively
- National Total Property marketing campaign with method of sale being price by negotiation
- 25-27 Bullen Street SOLD for $670,000
- 31 Bullen Street SOLD for $790,000
- Strong interest was received from investors from different regions across New Zealand
- The buyer was a Nelson-based commercial property investor with business links to the two tenants
Sean Marr is a Nelson-based property investor whose core business is the development and manufacture of food processing machinery.
It’s a simple investment philosophy – “buy buildings where people have jobs”. This concept has served Sean Marr well as he’s gone about building a commercial property portfolio with an emphasis now on the Nelson region.
Sean recently sold the Remuera Health Centre in Auckland and was looking for a viable investment closer to home. He has business dealings with the two incumbent tenants of the Bullen Street properties and to his mind, these relationships are important.
“I have dealings with Datacom and NZ King Salmon and I was happy to extend that relationship by becoming their landlord,” says Sean.
“Hands-off, passive investment opportunities are always on my radar and when the credentials of the building, the tenant, the location and the yield all come together according to the criteria I look for – it’s a good day.”
Sean says the Bullen Street properties were well-located close to the airport and to other manufacturing hubs.
“I look all over New Zealand for investment opportunities but I see real growth and future potential in the wider-Nelson market,” he says.
“I’m currently developing another building in Richmond right across the road from where 1.000 new houses are being built.
“It’s good to be consolidating property interests in the region where we live.”
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