An industrial property in Ellerslie that is home to a blue-chip tenant with a six-year lease is being presented to the market for sale, offering buyers the opportunity to acquire an asset with a steady rental stream.
3/38 Eaglehurst Road, has 504sq m of net lettable area and is part of a strategically positioned and well-maintained industrial complex.
Tenant Metlifecare will begin its six-year lease on settlement that will return $98,900 plus GST and operating expenses per annum.
The lease agreement includes market reviews every three years and fixed 3 per cent annual increases. There are also two renewals for three years each available.
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The property includes a functional, clear span warehouse that has a generous stud height ranging from 5.6m to 6.6m and supporting office space that is spread over two levels. The fit-out at the facility has been completed to meet Metlifecare’s requirements.
There are nine dedicated car parks, two that are stacked at the front of the property and seven at the rear.
The facility sits on a private street in Ellerslie and is a short drive from the key arterials of Main Highway and Great South Road. Auckland CBD is only 10km away, while nearby industrial hubs Onehunga, Penrose, and Mount Wellington can be rapidly reached.
The property is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
Colliers Directors Ben Cockram and James Dickey have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 22 October, unless sold prior.
Constructed in the late 1980s, the property offers flexibility for a wide range of industrial uses. Two full-height roller doors provide efficient drive-through access, while natural light floods the space and is supplemented by modern LED lighting fixed beneath steel purlins. The warehouse is also equipped with three-phase power, supporting high-powered industrial operations, and the power and gas feeds were recently upgraded.
One of New Zealand’s largest and most established providers of retirement living and aged care services, Metlifecare was founded in 1984. The company employs over 2,000 people and supports the needs of more than 7,000 residents.
Metlifecare utilises the property for its off-site commercial laundry service for its network of retirement villages and residential aged care homes.
Cockram, Director of Industrial at Colliers, says this compelling investment is underpinned by a strong tenant covenant and it is incredibly rare to find a purchasing opportunity in this price range with such a high-calibre occupant.
“Metlifecare is a nationally recognised firm with nearly 40 retirement villages across the country with firm plans for further growth in the future,” Cockram says.
“With Metlifecare’s commitment to a long-term lease on settlement, investors will be able to enjoy a steady rental return that will grow in the future through an attractive mixture of fixed annual increases and market reviews.”
Dickey, Associate Director of Industrial at Colliers, says Ellerslie has a lively local shopping village and the surrounding suburbs offer an appealing collection of amenities such as Sylvia Park in Mount Wellington.
“Ellerslie’s central location, proximity to the motorway network, and strong public transport links make it a prime location to do business from. Industrial vacancy rates are incredibly low and properties rarely make it to the open market, underscoring how tightly held the area is among investors,” Dickey says.
- Supplied by Colliers
