Industrial site with good neighbours on the block

Last updated 09:23 08/03/2014
Spicers site

PETONE INDUSTRIAL: Paper distributors Spicers and Hynds Pipes are anchor tenants in this large block next to Mitre 10 Mega.

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A large industrial property next to the Mitre 10 Mega in Petone is on the market.

The 1.22 hectare property at 33 Bouverie St has two tenants, Hynds Pipes and Paperlinx (NZ), trading as Spicers paper distributors.

They pay an annual net rent of $540,000.

A third tenancy is available after Spicers relinquished some of the space it used to lease.

Colliers International agent Andrew Mayne expected the property to appeal to an owner-occupier who could collect rent and occupy the vacant 1816sqm warehouse at the northern end of the property.

The property included a large modern 10m stud warehouse and a smaller modular industrial building with a large yard.

Mayne estimated that when fully leased the property could could return a net annual income of $720,000.

It was a prime location next to Mitre 10 Mega and opposite Plumbing World. A new owner may be able to add value by moving the tenant mix towards trade supply.

The two buildings on the property, which have a combined floor area of 5,384sqm, are less than 10-years-old and have been assessed as being 88 per cent of new building standard.

The property is being sold by deadline private treaty closing on March 13.

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- The Dominion Post

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