Units offer stake in booming northwest
The sale of three tenanted warehouse/ business units offers investors a rare stake in the booming Auckland growth location of Westgate, where industrial development land is all but exhausted.
The trio of fully-leased units sit within a premium gated business park taking shape in Westgate Town Centre.
Units 1, 3 and 5 at 14 Northside Drive, Westgate, are leased to a home furniture supplier, a beer logistics business and a leading glass repair company.
Unit 1 spans more than 1000sq m while the other two units encompass over 700sq m. Each features an attractive mix of modern warehouse, office and showroom accommodation with dedicated parking.
The units are among five completed in stage one of the 16-unit development on Northside Drive. The other two were sold to investors last year.
The units are being offered for sale through Craig Smith, Beterly Pan and Stuart Bode of Bayleys Northwest, together or separately by deadline private treaty closing on Thursday March 12, unless sold prior.
Smith said that with industrial development land now virtually nonexistent in the Westgate area, the units represented an investment with genuine scarcity value.
“Seldom is there an opportunity in this regionally important growth hotspot to buy near new, first-class industrial investments with quality tenants on good lease terms and built-in rental growth,” said Smith.
Each unit incorporates a clear-span warehouse with 7m stud, motorised roller door and canopy, showroom and office space and dedicated parking.
■ Spanning 1072sq m with 20 carparks, Unit 1 is leased to Xu Ben Trading Ltd, trading as Proferlo Furniture. The current lease, signed in 2023, runs through to 2029 with a further six-year right of renewal. The lease returns an annual net rental of $311,040 plus outgoings and GST with builtin 3 per cent rent increases in years three to six and a market review on renewal.
■ The approximately 714sq m Unit 3, with
11 carparks, is leased to Beer Fridge Ltd on a current lease that runs through to 2027 with a further five-year right of renewal. The lease generates an annual net rental return of $169,646 plus outgoings and GST plus fitout repayments of $5833 per month. The lease agreement provides for annual CPI rent reviews, replaced by a market review on renewal.
■ Unit 5 spans 706sq m with 11 carparks. It is occupied by Nguyening Ltd, trading as windscreen repairer Novus Glass. The tenant pays an annual net rent of $190,816 plus outgoings and GST on a current lease that runs through to 2026 with two further four-year rights of renewal. The lease agreement provides for annual CPI rent reviews capped at 5 per cent and a market review on renewal.
Pan said the units featured high-quality construction with concrete tilt-slab walls, attractive exterior cladding and full-height glass panelling.
The complex is zoned Business–Light Industry under Auckland’s Unitary Plan.
The development sits on a high-profile site opposite Mitre 10 MEGA and near Costco and Costco Fuel outlets and the
100-plus shops of NorthWest Shopping Centre.