Sale, leaseback investment in tightly held Wiri
A highly visible property in the popular South Auckland industrial precinct of Wiri offers prospective purchasers the chance to acquire a top-tier asset with a steady rental stream.
99 Kerrs Rd has 2865sq m of total net lettable area on a 4295sq m freehold site zoned Business–Light Industry under the Auckland Unitary Plan.
The property is tenanted by Metal Concepts Ltd and is being offered as a sale and leaseback with a new eight-year lease term that will begin upon settlement.
There is one further right of renewal in place for eight years indicating its long-term commitment to the location.
Total net annual rental income from the property when the new lease is in place will be $614,080 plus GST with favourable rent reviews included in the lease agreement.
Wiri has grown rapidly to become a key industrial hub in Auckland, owing to its connectivity to crucial transport infrastructure. SH1 is 2.5km away, while the Wiri Inland Port is only 1.7km away. Auckland Airport can be reached in 15 minutes.
Colliers directors Hamish West, Mitch Broderson and Edward Washer are marketing the property via deadline private treaty closing 4pm, Wednesday April 3, unless sold prior.
Originally built in the 1990s, the office portion, split over two levels and offering
680sq m of total floor area, has recently undergone an immaculate refurbishment.
The clear span warehouse measures
2185sq m and is situated at the rear of the site with a stud height of 6.25m at the apex. The warehouse can be accessed via three roller doors along the eastern elevation.
This elevation also benefits from a canopy which runs for a large portion of the warehouse facing east. Access to the site is via a single driveway off Kerrs Rd. Security fencing is provided to all site boundaries.
Industrial floorspace across Auckland is in short supply as demand remains strong. Colliers’ latest research has the overall vacancy rate across the region at 1.8 per cent.