A strategically located industrial investment with a steady rental stream from two tenants in one of Wellington’s most tightly held industrial hubs is available for purchase.
Unit I, 20 Glover Street, Ngauranga, sits within the established Glover Street Business Park and offers a total floor area of approximately 1,693sq m together with 21 car parks.
The two-level property provides a balanced mix of warehouse and office accommodation and is positioned just 10 minutes from the Wellington CBD, with excellent access to State Highway 1 and key transport routes.
The location is highly regarded for its central positioning and strong occupier demand.
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The asset provides net annual rental income of approximately $320,172 plus GST per annum before allowances for contributions to the long-term maintenance fund that is maintained by the body corporate.
Energy company OpenStar Technologies Limited occupies 1,237sq m of floor space at the property and their current lease term runs through until 30 April 2028.
Their agreement includes CPI-based rental adjustments and there is one further right of renewal for six years available, leading to a final expiry of 30 April 2034.
Building integration solutions firm Setpoint tenants 456sq m at the property and recently committed to a six-year lease in the ground floor office and workshop areas.
The lease agreement runs until 30 August 2031 and includes 3 per cent fixed annual increases.
The location provides excellent access to the Hutt Valley, Porirua, Wellington’s eastern suburbs, and Wellington Airport.
The surrounding area supports a wide range of occupiers, including logistics, trade, manufacturing, and service-based businesses.
Colliers Wellington Brokers Tim Julian and Kieran Lennon have been exclusively appointed to market the property for sale by deadline private treaty closing at 2pm on Wednesday 3 June, unless sold prior.
Originally constructed in the late 1980s, the building was strengthened in 2016/17 to approximately 70 per cent NBS (applicable at the time).
Both office levels enjoy harbour views and modern amenities, while the warehouse provides practical medium stud accommodation suitable for a range of industrial users.
Julian, Associate Director of Industrial at Colliers Wellington, says the property presents an attractive opportunity for investors seeking a well leased asset in an area with strong tenant demand.
“Industrial assets in this sought-after hub are rarely offered to the open market, making this an opportunity that will catch the eye of buyers,” Julian says.
“The appeal of the property lies in its strong tenant covenant and central location, while consistently low vacancy rates in Ngauranga underpin the unit’s long-term fundamentals.
“Recent research from Colliers noted that as of late last year there were only four vacant tenancies in Ngauranga’s industrial precinct, indicating the strength of demand in the area.”
Lennon, Associate Director of Industrial at Colliers Wellington, says the unit offers prospective purchasers the chance to secure a strategically located industrial asset that enjoys convenient transport connections.
“Investors can benefit from the rental income that includes enticing lease terms with built-in rental growth, while owner-occupiers will have an interest in this compelling offering given there is the potential to occupy the property in the future when the existing lease agreements expire,” Lennon says.
- Supplied by Colliers
