This is a special one so please read carefully.
They say industrial is simplest class of commercial property
investment that offers maximum flexibilty in terms of tenants.
This investment opportunity is located at 20 Fairfax Avenue in
the heart of Penrose which is the most sought after industrial
location in Auckland. The tenant is Nu-Con an engineering
company that has offices in Australia, Singapore, Malaysia,
China & USA and holds a European Office in Ireland. You can read
more about this company by visiting their website
http://www.nucon.com. This property functions as the Head
Office and also has a fully operational manufacturing plant.
Nu-Con have been in these premises since 1966. Their present
lease is till 31st March 2012 with RORs and final expiry in
March 2021. The tenant has recently spent $250,000 to
extensively refurbish and upgrade the property and it will be
reasonable to assume that they have the intentions of being
around for long time.
The rent on the property is $230,000 net pa. The rent reviews
are every 3 years as per the Auckland Law Society Fourth Edition
2002. The next review is in March 2009.
The land is 1877m2 freehold with NLA of 1531m2 which includes
over one third of high quality office space. There are 31 on
site car parks and adequate space for easy container
access/unloading.
This investment has it all.........the right location, an
excellent tenant who has been around for years & has a stake in
staying on, a good lease in place and plenty of dirt to increase
in capital value as the years go by.
The good news does not end here. The vendor will take an offer at
around 8% yield. This is excellent for prime industrial
area like Penrose.
It is undoubtedly one of the most solid investment that our
office has marketed in the last 12 months.
Please let me know of your interest so that I can furnish you
with additional information.
COLIN KUMAR
Commercial/Industrial
Barfoot & Thompson Commercial
m. 027 684 1114 | p. 09 358 0989 | f. 09 358 4048
PO Box 1798 . Shortland Street . Auckland City
c.kumar@barfoot.co.nz | www.barfoot.co.nz
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