High-yielding property in Wairau Valley up for grabs
An opportunity for an astute investor to secure a highyielding property tenanting an NZX-listed national retailer has become available in Auckland’s popular Wairau Valley precinct.
The property at 3/75 Porana Rd is offered for sale by a fixed asking price of $6.5 million plus GST (if any), which would provide the owner a yield of 6 per cent.
Returning $390,008 per annum plus GST and operating expenses, the multi-tenanted freehold unit is anchored by the Noel Leeming Clearance Centre until July 2026 and features annual CPI or 2.5 per cent rent increases, whichever is higher.
Shoneet Chand, Colliers’ director of investment sales, who is marketing the property alongside colleague Matt Prentice, notes many prospective purchasers will be drawn to this opportunity for the favourable mix of investment criteria provided.
“Underpinned by an NZX-listed tenant and positioned in a popular development, this established investment opportunity is in a very tightly held location currently offering a seldomly achievable level of high return for investors.
“However, it is also the building’s diversified income streams, high-profile position and future upsides that prospective purchasers should review when looking to secure this high-calibre offer,” says Chand.
“The high-profile 1883sq m unit is strategically positioned on Porana Rd and offers great exposure and wide road frontage to Porana Rd.
“The property has the potential to be split into multiple tenancies in the future and has an upstairs office component which is leased separately, providing multiple income streams.
“With ample parking at the front and rear of the site, the development has been very successful and is currently fully occupied by a range of well-known businesses including PB Tech and Hollywood Bakery,” Chand notes.
“A large number of bulk retail, trade retail and industrial users also operate nearby in the Wairau Valley precinct and vacancy is very low. Investments in this location rarely come to the market for sale.
Matt Prentice, director of sales and leasing at Colliers, notes the property’s versatility and position are attractive, but the location and zoning within a highly desirable, bustling North Shore precinct are also standout features.
“The property benefits from being located close to main arterial routes, with access to SH1 in both north and south directions.
“Zoned as Business - Light Industry under the Auckland Unitary Plan, this provides a wide range of activities that do not generate objectionable odour, dust or noise. This includes manufacturing, production, logistics, storage, transport and distribution activities,” says Prentice.
“Given the high-yielding nature of the property that is on offer, there is expected to be interest from a wide range of investors from across the country.
“We therefore recommend prospective purchasers undertake due diligence as soon as possible to avoid disappointment,” says Chand.