Colliers, as sole marketing agents, presents 87–91 Harman Street, an exceptional opportunity to secure three industrial units across two freehold titles, positioned in the heart of the sought-after Addington precinct.
The property comprises two front units of approximately 128 sqm each on one title, and a larger rear unit of approximately 270 sqm on a second title, complete with a secure yard area.
The complex is currently undergoing seismic strengthening works, managed by Engenium Consulting Engineers and Pegasus Steel, with PS4 certification to be provided prior to settlement. As part of these works, the front two units (87 & 89 Harman Street) will receive new roofing, while the rear unit (91 Harman Street) has already been re-roofed.
Of the three units, 89 Harman Street is leased to Pablo’s Paintworks, a well-established tenant on a five-year term with a three-year right of renewal. The current passing income is $27,192 per annum plus GST (including OPEX – gross lease), with fixed annual increases of 3.00%, the next review due 1 December 2025.
87 and 91 Harman Street are offered with vacant possession, both having only recently been vacated to enable strengthening and refurbishment works to proceed.
This complex represents an ideal opportunity for investors seeking a diversified holding with immediate income and future leasing upside, or for owner-occupiers looking to secure their own space with rental income.
Contact the sole agent, Rory McGuigan, today for more information or to arrange a site inspection.
*Boundary lines are indicative only.
Features:
- 716 sq m freehold land across two titles
- 526 sq m building area
- Structural strengthening underway
- Front two units being re-roofed in conjunction with strengthening works
- Rear unit recently re-roofed
- Flexibility for owner-occupiers or investors
More information: https://www.colliers.co.nz/p-NZL67037307
