Rare Howick split-risk industrial

An elevated view of the two industrial buildings at 239 & 249 Moore St, Howick. Photo / Supplied

An industrial property is for sale in the Auckland seaside town of Howick comprising two buildings with eight tenants currently paying annual rent of $140,650 and the potential for substantial rental uplift.

"This is a superbly located split-risk property built in the mid-1970s with a mixture of warehouse, office and retail uses," says Anton Fatkin of Barfoot & Thompson Commercial who, with colleague Rob Taylor, is marketing 239 & 241 Moore St for sale by deadline private treaty closing at 4pm on Wednesday, August 16 - unless sold earlier by negotiation.

The freehold property encompasses two buildings of 560sq m and 590sq m for a total building area of 1150sq m; two equal parcels of land of 1012sq m each for a total land area of 2024sqm; and 12 road frontage car parks - six for each building.

The smaller building at 239 Moore St is divided into six tenancies while 241 Moore St is split over four tenancies.

Fatkin says two unit holders, who were previously on short-term leases, have declined the option to renew on a longer lease and gave notice in June upon being told that the property was going to market. This left Unit 5 at 239 and Unit 2 at 241 vacant as of July.

The eight tenants are: Interfusion Dance Studio Ltd, NZ Korea Hapkido, Wannabes Costume Hire Ltd, Gen-Too Mac Solutions Ltd, Mikal Sokol, Brittania Co Limited, Complete Kitchen Makeovers Ltd and Granite Transformation SA.

"At present, the two properties have a holding net income of $140,650 per annum plus GST but the estimated annual market rental fully leased is $192,000," Fatkin says.

Taylor says the property has two street frontages on the southern side of Moore St and the site occupied by both buildings is shaped as a comparative rectangular parcel. "The frontage of 239 to Moore St is about 23 metres while the frontage of 241 to Moore St is around 22 metres. The site has an average depth of approximately 44 metres," he says.

The buildings have parking and good visibility fronting onto Moore St. Photo / Supplied

"Both the buildings have a good profile onto Moore St and are equipped with three-phase power."

Taylor says the surrounding area is projected for residential population growth.

"In recent years this location has grown in popularity with many businesses and residents due to its character and a wide range of high quality amenities and services on offer.

"Nearby developments and businesses include: New World and Countdown supermarkets, the 219 Retail Centre, Paper Plus, ABC Howick Childcare, BP Howick service station, the Howick Health & Medical Centre, Botany Medical Centre and Howick NZ Post & Kiwibank."

Taylor says Howick has a tightly-held industrial area with increasing investment and development opportunities, and neighbours Botany as the central hub of South East Auckland.

"With new developments in the pipeline along Moore St commercial and industrial activity is continuing to increase at a rapid rate."