14-18 Honan Place, Avondale, Auckland

Rosebank Peninsula investment with upside

• Passive industrial investment returning a net income of $322,928pa + GST
• Underdeveloped site with future extension and repositioning options available
• Excellent car parking (31), access and site flexibility for devanning and storage
• Highly sought-after Rosebank Peninsula location

This established industrial property was developed in the mid-1970s and comprises two separate buildings. Construction is typical of the era, with good presentation considering age. The original building developed to the frontage has a moderate stud height of 6.0m while there is significantly improved space providing a showroom, office and amenities, in excellent condition. The attached rear building provides a high-stud open warehouse with office and amenities over two levels.

There is a single lease over both properties, to G3 Group Limited that has been in occupation since 2018, with the rear building having been recently subleased. Potential to renegotiate the current lease and reposition the occupation profile if the ROR option is not exercised in 2028.

Industrial property on the Rosebank Peninsula continues to be sought after and is generally well-held by investors. The property benefits from having two separate structures and is of an age where future add-value development will be considered.