Resene property paints rosy picture
The Resene Showroom at 8 Croftfield Lane, Wairau Valley. Photo / Supplied
Resene’s showroom in the tightly-held Link Drive retail area of Auckland’s North Shore is on the market.
The investment opportunity at 8 Croftfield St, Wairau Valley, is being marketed by North Shore commercial property agents Ryan de Zwart, Matt Prentice and Shoneet Chand of Colliers International.
The 2594sq m freehold property, occupied by Resene Paints since 2001, will be auctioned at 11am on May 31, unless sold prior.
De Zwart says it is an excellent opportunity to acquire a well-located commercial investment on long-term lease to a prominent national retailer.
“Resene Paints has signed up to a new 10 year lease, commencing on July 1, with a further 10 year right of renewal,” he says.
“This is a chance to secure an investment returning $175,000 a year, with future rental growth guaranteed thanks to regular rental reviews. The property is also ripe for future development, with only 25.7 per cent of the site currently built on.”
De Zwart says the property is positioned within Wairau Park’s sought-after Link Drive retail area.
“The locale is home to numerous national retailers, including the nearby premises of Harvey Norman, Noel Leeming, Briscoes, JB Hi-Fi, PlaceMakers, Warehouse Stationery and CurtainStudio.”
Rental growth is guaranteed thanks to regular reviews, based on the Consumer Price Index and market rents, which will take place at predetermined intervals.
The Wairau Park ColorShop is based in a 761sq m standalone building featuring an open plan retail showroom and warehouse on the ground floor, and an office and amenities on the first floor.
Customer parking is available at the north of the site, while staff parking and service access is offered at the south.
“The property has abundant street frontage and highly visible signage,” Prentice says. The building features a concrete floor, concrete, iron and plaster exterior cladding, aluminium joinery and iron roofing; and has been independently assessed as meeting 100 per cent of the seismic code.
It is zoned for general business under the Unitary Plan, which allows for a range of business activities. Large format retailers dominate the immediate vicinity.
“It is prominently located right next door to Harvey Norman and JB Hi-Fi, and directly across the road from Briscoes, Noel Leeming and Warehouse Stationery.”
Chands says it is located within the Wairau Park business area and is only 100m west of the northern State Highway 1 motorway, and is close to the intersection of Wairau and Target Rds,” he says. “The motorway interchange at Tristram Ave is a short distance away, giving the site easy access to the rest of the North Shore, the CBD and the wider Auckland region.”
“The surrounding North Shore urban areas provide a good catchment area for staff, and clientele for service related activities,” Chand says.
Resene’s Wairau Park ColorShop is one of more than 65 company-owned ColorShops and 40 resellers and stockists around New Zealand, employing more than 800 staff.
Prentice says the branch offers colour consultancy services, and serves both trade and retail customers. Trade customers can drop off Resene pails at the store, which are recycled into more pails. Retail customers can also drop off unwanted paint and packaging as part of the Resene PaintWise service.
Prentice says Resene has been a Kiwi institution for more than 50 years.
“The company launched New Zealand’s first waterborne paint in 1951, under the brand name Resene, derived from the word resin,” he says.
“Since then, the company has grown significantly despite stiff competition from international paint giants. It continues to develop and produce innovative paint products at its expansive plant in Lower Hutt.
“Resene’s products extend through a full range of paint and specialist coatings for residential and commercial buildings, marine, heavy industrial, road marking, automotive and agricultural use.”