862 Great South Road, Auckland
Prime industrial location with lease to multi-national tenant and development potential
Located in arguably New Zealand’s pre-eminent industrial precinct, and bordered by the main arterial Great South Road and the Southern Motorway, this substantial property benefits from sought-after heavy industrial zoning and provides both income and a development opportunity.
The property is tenanted by Graphic Packaging, a subsidiary of the NYSE listed company. Rental growth is provided through a mix of fixed 3.5% per annum and 4-yearly market reviews from 2023.
The rear section of the property was significantly refurbished in 2019 including construction of a new office, new roof and canopy. Land in the Penrose precinct is scarce and a development or sale opportunity of circa 4,893m2 remains for a portion of the site fronting Great South Road.
Development or sale opportunity
The above stats are as at 31 October 2021