The land and buildings of an industrial property with significant road frontage in Pakuranga Heights in Auckland are available for purchase, offering buyers the opportunity to secure an asset with a tenant that is set to begin a new six-year lease.
20 Rylock Place has 988sq m of net lettable area on a 2,060sq m freehold site that is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
The facility also includes multiple roller doors, yard space, and dedicated car parks.
The property is tenanted by Stainless Outfitters Limited, trading as Profile Metals. They provide full design, laser cutting, folding, and fabrication services to some of New Zealand’s most recognisable brands.
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The business is a longstanding tenant and will begin a new six-year lease term on settlement with two rights of renewal for three years each.
The lease agreement includes $202,673 plus GST in net annual rental income and includes 3 per cent fixed annual increases and market reviews at year three and on renewal.
Botany Town Centre is approximately 10 minutes from the property offering access to an extensive array of hospitality, food, and shopping options, alongside other essential services and amenities.
Colliers Brokers Paul Jarvie and James Dickey have been exclusively appointed to market the property for sale via auction to be held at Colliers Highbrook, Level 1, 52 Highbrook Drive, East T?maki at 10am on Wednesday 3 December, unless sold prior.
Originally constructed in the mid-1970s, the building was initially developed as two separate industrial buildings, which have since been integrated into a single tenancy that offers factory and workshop space with supporting offices.
The building is a regular-shaped, well-positioned structure with approximately 43m of street frontage to Rylock Place, providing great visibility and access.
The property benefits from a well-maintained, concrete hardstand yard that extends along the southern side of the building and around the rear of the new warehouse extension. This provides ample outdoor storage space and vehicle access. The front of the property features on-site car parking.
Jarvie, Director of Industrial at Colliers, says this is a highly functional asset that has proven to be a reliable premises for the tenant, and it also benefits from a desirable warehouse-to-office ratio.
“This passive investment opportunity is one that warrants consideration from buyers looking to acquire an asset with stable cashflow that is underpinned by a strong tenant covenant,” Jarvie says.
“Profile Metals has expanded significantly and services the marine, food-grade technology, lighting, and construction sectors, while also specialising in the transport industry through manufacturing truck and trailer components.
“With built-in rental growth and future market reviews, this is a property that offers strong investment fundamentals in an established industrial hub.”
Dickey, Associate Director of Industrial at Colliers, says industrial assets continue to draw interest from buyers given their proven performance over time.
“There is a distinct lack of comparable investments like this in the market at the moment meaning there will be strong demand for this offering as purchasers continue to seek opportunities with strong fundamentals,” Dickey says.
“Investors have also benefitted from a drop in interest rates this year, which has created more favourable economic conditions and improved their access to capital.
“Assets like this one with a long-term tenant in an established location will tick a lot of boxes for buyers.”
- Supplied by Colliers
