33 Veronica Street, New Lynn, Waitakere

Affordable investment with CPI growth

• New 6-year lease term (commencing Jan 2024) to a long term and established tenant, trading as the well-known brand, Storage Box.
• Sought after CPI rental growth (with 2% minimum and no cap), increasing rental to circa $120k pa*, providing a growing income stream.
• Well suited to its current use with a large bulk retail showroom with associated office, amenities, and a small storage/warehouse area. The seismic rating is >100% NBS (IL2) which is equivalent to an A+ Grade.
• Excellent Location - prominent position with significant road frontage and high traffic flows. Only the modern ‘Krispy Kreme' premises sits between the property and the main arterial for the area, Great North Road.
• The property is directly opposite the well frequented LynnMall, which provides a comprehensive range of complementary shopping requirements, including a Countdown Supermarket, banking and other retailers, along with dining options. KFC is located across the road from the property.
• Easy access is provided via the nearby New Lynn Train Station, bus services and the Southwestern Motorway and the property benefits from considerable onsite car parking.
• Significant future development/subdivision potential with the large 1,521sqm site benefitting from level contour and low site coverage (circa 37%), along with good zoning (General Business) - all in a popular location. The site could potentially be developed to a fairly intensive fashion and would suit a wide range of commercial uses.

Call now to arrange a viewing or request a full information pack.

Mike Houlker
+64 21 945 927
mike.houlker@bayleys.co.nz

Samara Phillips
+64 21 027 61373
samara.phillips@bayleys.co.nz

*Current rental is $107,738.77 per annum, increasing by two yearly CPI on 1 January 2024. The above rental is based on the CPI increase from Quarter 4 2021 to Quarter 2 2023 (published 19 July 2023) and allowing for approx. 1% increase from the previous quarter for Quarter 3 2023 and Quarter 4 2023.