A trade retail property with a nationally renowned tenant in Wairau Valley on the North Shore is available for purchase and will draw interest from prospective purchasers seeking a premium-grade investment opportunity.
Sitting on a highly visible 997sq m freehold site at 2 Silverfield, Wairau Valley, the 512sq m premises is home to Mico Plumbing, who recently took a six-year lease renewal that began in April and offers guaranteed future rental growth. There is one further right of renewal available for four years, leading to a final expiry in April 2036.
The total annual rental income from the property is $102,370 plus GST and operating expenses. The lease agreement includes CPI rent review dates in 2028, 2030, and 2034, with a market review on renewal in 2032.
The property is zoned Business – Light Industry Zone under the Auckland Unitary Plan. There are 12 dedicated car parks.
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Colliers Directors Matt Prentice, Jack Tuson, and Shoneet Chand have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Tuesday 1 December, unless sold prior.
Prentice, Director of Industrial Sales and Leasing at Colliers, says having a nationally renowned occupier provides buyers with the chance to secure an asset that has a strong tenant covenant.
“Mico is a leading New Zealand supplier of bathroom and plumbing products, offering an extensive range of bathroom, kitchen, laundry, heating, cooling, and ventilation solutions,” Prentice says.
“They offer quality products and have a strong focus on delivering expert advice and service to both trade and retail customers across the country.
“The company has nearly 80 years of experience and over 60 branches around New Zealand, giving them a considerable presence in the sector.”
Tuson, Director of Industrial at Colliers, says the property is an appealing bottom-drawer investment, and the built-in rental growth is a major selling point that is coveted by buyers.
“The property’s existing configuration includes a 201sq m warehouse with 154sq m of office space on the first floor. The ground floor has a 97sq m showroom alongside front and rear lobbies with supporting amenities space,” Tuson says.
“The practical warehouse space and extensive glazed frontage make the building perfectly positioned for established trade or commercial occupiers.”
Wairau Valley is an appealing destination for consumers, with a Bunnings, Mitre 10, Rebel Sport, and Noel Leeming only minutes away from each other, among a broad range of other nationally and internationally recognised brands.
Chand, Director of Investment Sales at Colliers, says the asset offers excellent access to surrounding trade and retail operators and the nearby State Highway 1.
“Wairau Valley is one of the North Shore’s most dynamic commercial precincts and a proven destination for trade-based firms,” Chand says.
“The subject property benefits from its prominent corner position and the location supports its ongoing use for showroom and distribution purposes.
“This purchasing opportunity has a range of key fundamentals that investors are seeking.”
- Supplied by Colliers
