Builders’ site way to climb the property ladder
A substantial industrial property landholding, which houses the regional branch of a nationallybranded building supplies company and a large construction services company, has been placed on the market for sale.
The 14,032sq m property in the Napier suburb of Onekawa contains warehousing and office premises jointly occupied by leading building supplies firm Carters, alongside residential and commercial property scaffolding business Rocket Scaffolding.
The flat, generally rectangularshaped property – sitting on the corner of Austin and Dunlop streets in an area zoned Main Industrial under the Napier City Council Plan comprises portions of both freehold and perpetual leasehold land.
Carters occupies some 9788sq m of the block. Buildings on its portion include 785sq m of high-stud retail premises, 843sq m of high-stud drivethrough warehousing space with multiple 4m high roller door entry/exit points, 214sq m under canopy, a 491sq m rear storage facility and first-floor offices with staff amenities totaling 262sq m. Many of the buildings have been purpose-built for Carters.
In addition, Carters occupies two lean-to style timber storage warehouses with offices spread across a total of 501sq m. Carters’ activities are sustained by 35 customer carparks. Carters has been trading from the location since the
1990s, and prior to that as Robert Holt & Sons.
Rocket Scaffolding occupies approximately 4000sq m. Buildings on Rockit’s portion include a 1165sq m workshop, 170sq m of mixed style storage, 60sq m of office space and
43sq m of mezzanine-level staff amenities.
The land and buildings are being marketed for sale at auction on September 17 through Bayleys Napier.
Salesperson Mark Evans said the dual-access location contained a mix of both freehold and predominantly leasehold land on a main arterial route connecting Onekawa with the large format properties in Prebensen Drive, and further connecting to the industrial locale of Pandora along with Napier Port and the expressway.
The property generates a combined net rental revenue of $339,536 plus GST per annum, net of outgoings and ground lease, with the individual tenancies comprising:
■ Carters Building Supplies on a current lease running through to 2028 with two further six-year rights of renewal
■ Rocket Scaffolding on a current lease expiring next year.
Evans said the split tenancy mix would deliver significant holding income while any potential development options were explored.
“The size and scale of the property opens up multiple options for any new owner. It really is a ‘blank canvas’ opportunity. For example, there is substantial undeveloped land within the block which is currently utilised as yard space, but which could be redeveloped to accommodate new warehousing or plant structures in a multitude of configurations,” he said.
The location’s main industrial land use zoning allows for a wide range of uses to be undertaken by the industrial services and manufacturing sectors. It recognises proximity to Napier Port, Napier Airport, and the region’s state highway network without impacting on residential suburbs.