This industrial leasehold site in Dunedin’s harbourside precinct has plenty of potential and some flexibility to be either a development site, buy and occupy part of the site with the rest leased, or a straight investment.
With three tenancies, three road frontages and drive-thru access for trucks, it has good configuration and a bonus vacant space which can either be used or leased to another tenant.
There is flexibility to either keep two of the tenants longterm, or alternatively redevelop most of the site with 3-6 months notice.
The third tenant has a market review on renewal in June 2024 which should yield significant upside.
Ground rent currently $54,000 pa + GST, next review due in April 2027.
Net passing income after ground rent of $60,222 + GST pa. The vacancy has previously been leased for $25,000 pa + GST gross, and in Dunedin’s tight industrial market we consider it could easily be leased again with short notice.
If you’re looking for a renovation project, simply want to invest in some industrial property, or want to buy and occupy as well as have some income on the side- this site is for you!