Ride crest of the wave with Ellerslie property
A prominent warehouse, showroom, and retail property in Ellerslie, occupied by a well-known boat company, is for sale, offering buyers the opportunity to acquire a passive investment with a strong tenant covenant.
50 Cawley St has 2727sq m of total floor area on a 5944sq m site zoned Business–Mixed Use under the Auckland Unitary Plan.
Haines Hunter Ltd is the tenant. It is in the middle of a four-year lease that runs until 1 April 2026 and includes three rights of renewal for three years each, leading to a final expiry of 31 March 2035.
From 1 April the annual rental income will rise to $390,000 plus GST and operating expenses.
The property enjoys significant exposure to SH1 and is only 1km from the centre of Ellerslie, offering access to a busy shopping village.
Colliers brokers Logan Roach and David Burley are marketing the property via deadline private treaty closing 4pm, Wednesday March 13, unless sold prior.
The original building at the property was constructed in the 1970s with an extension added in 2010.
The warehouse unit measures approximately 1764sq m, while the showroom, workshop and office space are in a block that spans 947sq m. There is also a substantial yard and parking at the property.
The well-maintained buildings have proven serviceable for the existing occupants and can be easily accessed by staff and customers.
Roach says the highly functional property has all the key fundamentals of an attractive passive investment.
“With a steady rental stream and high-profile tenant that enjoys considerable profile in the Kiwi boating community, this offering will generate strong interest among a wide array of buyers,” Roach says.
“The current occupant has a lengthy lease in place and with the rental income set to increase in April it is the perfect time to secure this property.”
Burley says Ellerslie is a desirable suburb for landlords and tenants.
“Strategically located less than 10 minutes from Auckland’s CBD, Ellerslie offers connectivity for those who are based there, with access to the motorway network only moments away,” Burley says. “Auckland Airport is only 14km away, while the Ellerslie shopping village is home to a diverse spread of culinary experiences.
“Ellerslie seamlessly blends industrial, commercial, and residential sectors and is a favoured choice for those seeking retail, warehouse, and showroom solutions.
“The neighbouring suburb of Mt Wellington is also home to an extensive retail hub, underpinned by the Sylvia Park shopping centre.”
Roach says given the property’s location near the Ellerslie train station, the property could be repositioned or developed in the future.
“With the train station only 750m away, the property benefits from the National Policy Statement on Urban Development, which encourages further intensification of sites within walkable catchments of rapid transit stops.
“While this line of thinking is for buyers with a long-term view, it is another compelling selling point that adds to this offering.”