An industrial property in the sought-after location of Onehunga in Auckland that has been occupied by the same tenant since the premises was built in the late 1980s is being offered to the market for sale.
Sitting at 10 Henderson Place, the facility has approximately 2,772sq m of net lettable area on a 3,408sq m freehold site that is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
The property is tenanted by Bourneville Furniture Group and their existing lease term runs until 1 December 2029. There is one further right of renewal for two years leading to a final expiry in November 2031.
The total annual rental income from the property is $458,328 plus GST and operating expenses and the lease includes 3 per cent fixed annual rental increases, providing attractive built-in rental growth for the new owner.
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This high-quality industrial asset offers dual access via Henderson Place and Furley Place, providing operational efficiency for the existing tenants that is further underpinned by multiple roller doors that support seamless truck movements and yard functionality. There are also 26 on-site car parks.
Onehunga remains one of Auckland’s most popular industrial locations for national and international firms given its access to surrounding transport infrastructure.
Colliers Brokers Ben Cockram, Greg Goldfinch, and Rory Donovan have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Thursday 26 March, unless sold prior.
The property has a 1,439sq m warehouse that provides manufacturing, dispatch, and storage areas, while offering access points from both sides of the building, enhancing operational flow. There is also office space on the ground and first floors.
Cockram, Director of Industrial at Colliers, says industrial investments of this calibre are rarely available on the open market.
“This offering gives buyers the chance to acquire a property with a proven occupant, attractive lease terms, and long-term upside. Industrial property continues to draw strong interest among investors given the proven resilience of the asset class over time,” Cockram says.
“The current lease structure provides income growth that will grab the attention of buyers. The existing rental stream also sits below current market levels suggesting there is scope to grow the income in future review periods.”
Goldfinch, National Director of Industrial at Colliers, says the facility has proven highly functional for the existing tenants due to its balanced mix of accommodation, strong construction, and efficient layout.
“The property provides investors with a strong tenant covenant given the existing occupant has operated from this location for over 30 years,” Goldfinch says.
“Bourneville Furniture Group has experienced significant growth since it began trading in the early 1960s and the firm is known for the production of domestic and commercial timber furniture.”
Henderson Place is a minor street that branches off Church Street, one of the principal arterial routes in Onehunga that links the established industrial hubs of Penrose, Onehunga, and Mount Wellington.
Auckland Airport is only 12km from the subject location, while the major on-ramps to the motorway network are a short drive away.
Donovan, Industrial Sales Broker at Colliers, says the popularity of Onehunga among industrial tenants and landlords can be attributed to its accessibility and proximity to nearby labour pools.
“Onehunga is a key cog in the Auckland economy through its proliferation of industrial and manufacturing businesses. It is home to a number of prominent firms,” Donovan says.
“This property is one that will catch the eye of discerning buyers given the combination of appealing investment fundamentals.”
- Supplied by Colliers
