Split-risk retail, industrial options in Wairau Valley

A substantial freehold site with two unit titles in one of Auckland’s most sought-after industrial precincts has come on to the market.

23-25 Porana Rd in Wairau Valley comprises

8093sq m of freehold land across two stratum in freehold titles. Split across three tenancies, the buildings currently provide a mixture of industrial and bulk retail uses with a total floor area of around 5365sq m which covers approximately 63 per cent of the site.

The road-front tenant, Tai Ping Supermarket, occupies around 2000sq m of bulk retail, storage and mezzanine office space, benefitting from the huge exposure provided by 65m of frontage to Porana Rd.

A right-of-way accesses the rear industrial tenancies, which expands to a large asphalt carpark and yard area extending around 1500sq m, providing full drive-around ability for deliveries.

Both the back tenancies have access via multiple roller doors, medium to high stud warehousing, individual pedestrian access to small office and amenity areas, and ample on-site parking.

Given the strong and split risk tenancies, the opportunity lends itself perfectly as a hands-off passive investment bringing in around $682,000 per annum which is subject to fixed yearly rental growth.

JLL logistics and industrial senior director Euan Stratton and senior broker Jaye Miller are exclusively marketing the property for sale by deadline private treaty closing 8 September, unless sold prior.

“The property is in the enviable position at the heart of Wairau Valley, one of the most popular and tightly held industrial locations in Auckland where owners benefit from extremely low vacancy rates and high tenant demand,” says Stratton.

Miller says the property’s zoning is light industry, which allows for industrial activities such as storage, distribution, and light manufacturing to the quiet enjoyment of neighbouring properties. “The split-risk nature of the investment means the tenancy expiries range from 2023 to 2031, offering stable incomes with the ability to add upside in the future.”