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Top tenants underpin industrial investment site in South Auckland growth hub

The industrial premises occupied by retail giant Harvey Norman and an international technology business have gone up for sale in a key South Auckland growth hotspot.

The more than 2,400-square-metre site in the Papakura town centre is fully leased to multinational tenants Harvey Norman and AC-WB Technologies. The warehouse/office property on Old Wairoa Road generates a total net rental return of $247,510 plus outgoings and GST per annum.

ASX-listed Harvey Norman is an international retailer which, as of 2022, had more than 300 stores in Australasia, Europe and South-East Asia. It is a leading household retail brand in New Zealand whose wide offering including computers, TVs, furniture and whiteware is available to buy online or across over 40 stores nationwide.

Harvey Norman occupies its Old Wairoa Road premises of approximately 563-square-metres on a current lease that runs through to 2026, with four further three-year rights of renewal. The lease returns a gross rental income of $100,250 plus GST per annum.

An adjoining area of some 800 square metres is occupied by AC-WB Technologies, generating an annual net rental return of $150,000 plus outgoings and GST. The current lease extends to 2028, with a further four-year right of renewal.

With origins dating to 1991, AC-WB Technologies claim to be New Zealand’s leaders in fulfilment of interconnect products, services and solutions for the telecommunication, radio-frequency engineering and data industries. The company also has a specialised manufacturing and assembly division.

A new owner of the Old Wairoa Road premises will benefit from favourable lease terms including built-in rental growth.

The freehold land and buildings at 7 Old Wairoa Road, Papakura, Auckland, are being offered for sale through Tom Doyle and Tim Bull of Bayleys South Auckland.

The property will be sold by deadline private treaty closing on Thursday 19 October, unless it is sold earlier.

The site consists of an approximately 1,363-square-metre building on some 2,478 square metres of freehold land.

Doyle said the building offered an ideal warehouse-to-office ratio.

“The property is fully occupied by the two multinational tenants, though the premises are split across four tenancies – a configuration which enables future flexibility and add-value potential,” said Doyle.

The site sits within the Business – Light Industry zone under the Auckland Unitary Plan. This allows a variety of industrial activities, such as manufacturing, logistics, storage, transport and distribution, that do not generate objectionable odour, noise or dust.

“The site for sale is positioned among vibrant and busy retail services and residential catchments which service a large community. Nearby is an array of other big-name tenants such as New World, Noel Leeming and Countdown,” said Doyle.

Bull said transport links were another key advantage for the Old Wairoa Road site.

“Located around 30 kilometres south of Auckland’s CBD, this location is easily accessible to motorway networks, main arterial routes and public transport – including nearby Papakura Train Station, one of the network’s busiest stations, which offers frequent services to Britomart,” Bull said.

Papakura was part of a regionally significant Auckland growth hotspot, he said.

Home to an estimated 27,000 people as of June 2022, Papakura’s population has soared by some 57 percent since the 2006 census.

“The immediate and surrounding areas, including Papakura, Drury and Takanini, have been identified as a focus for ongoing projected growth.

“Large amounts of land are being opened for future residential development and a number of big projects are already underway. The area will also benefit from several transport network improvements,” Bull said.

Click here for more information on the listing.

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