Property Description

A very rare opportunity for astute investors to secure seven tenancies over eight buildings on three freehold Titles.

The property is anchored by a childcare centre which has a lease to June 2028, plus rights of renewal. This is supported by local and national tenants including St John Ambulance, The Wellington Museums Trust, Panpac Distributors and SGB Construction. All tenancies have staggered lease expiries with a WALT of just over 3 years on five tenancies, two smaller tenancies being on monthly roll-over leases. Some leases are currently under market rent.

For 17 years of ownership, our proud Vendor has systematically upgraded and regularly maintained the property through active hands-on management. The childcare centre saw a complete re-development in time for its opening in 2018, and the vast majority of the other buildings are in very good condition.

The current net rental is $216,442 plus GST per annum, with fixed increases taking it to $269,482 plus GST per annum in the near future. Market net rental is circa $282,442 plus GST per annum.

Features include:

  • Multiple income streams with staggered lease expiries
  • Mostly modern, well presented and maintained buildings
  • Good mix of tenant profiles
  • Potential for rental growth
  • Large landholding in a popular and established location

This is an outstanding opportunity to secure a low-risk high yielding investment with upside, in an established location where vacancy rates are at an all-time low!

Price by Negotiation

Due Diligence Information

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Fully Leased Multi-Tenancy Investment

18-22 Gregory Street, Naenae, Lower Hutt

1,941 m²
Basic Details
Listing ID : 1451
Listing Type : For Sale
Land Area : 3,007 m²
Floor Area : 1,941 m²
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