Wairau holding with room for what’s next

A tenanted industrial property in Wairau Valley offers industrial investors an opportunity to secure holding income on a substantial North Shore site while exploring longer-term land use, Bayleys brokers say.

Bayleys North Shore Commercial director, Richard Moors, together with colleague Matt Mimmack, is marketing the 2,448sqm freehold property at 115 Diana Drive for sale by deadline, closing at 4:00 pm on Thursday, 22nd October 2026 (unless sold prior).

The property comprises a standalone building of approximately 941sqm, leased to a local mixed martial arts gym until November 2028. It returns $165,000 net per annum plus GST and outgoings, with annual CPI-linked increases and a market rent review scheduled for November 2028.

Moors says the multi-faceted opportunity will appeal to a spectrum of purchasers, including those whose plans extend beyond the current tenancy.

“The current lease provides holding income while a buyer tests what the site could support over the longer term. That matters because the strongest outcome, depending on investor strategy, may be an upgrade to the existing building, a different use of the land or simply continuing to hold it with the tenant in place.

“Those options have different costs and timeframes. What makes this holding income compelling is the ability to consider them while the property generates solid income.”

The 1970s building comprises 616sqm of warehousing, 283sqm of offices over two levels and a 42sqm (more or less) mezzanine, in addition to eight on-site car parks.

Moors says the relationship between the building and the land is as important to prospective buyers as the income it produces.

“An established tenancy gives the site a productive use today, but it needn’t define its long-term potential. With a landholding of this scale, a future owner has scope to consider how the building, yard and access could work together for the next generation of occupiers.”

Against that backdrop, Bayleys Q3 2026 industrial research points to a more balanced leasing market, with rents largely stable and occupiers benefitting from greater choice as new supply comes on stream. For investors, that brings the strengths of established locations into sharper focus, alongside building quality, lease terms, and tenant covenants.

Bayleys North Shore Commercial director Matt Mimmack says the evolving leasing market highlights the appeal of properties that offer buyers flexibility beyond the existing building.

“The tenant and contracted rent increases provide a reason to hold. The land provides a reason to think further ahead. A buyer could retain the property much as it is, look at ways to add value to the existing premises, or explore a more substantial change when the time is right.”

The property is zoned Business – Light Industry, which anticipates activities including manufacturing, logistics, storage, and distribution. Its location on Diana Drive connects it with Wairau Valley’s network of trade suppliers and businesses, and with wider North Shore routes leading to State Highway 1.

“That position also places the property close to the commercial centres of Takapuna and Albany, with access to a substantial North Shore customer and labour catchment. For businesses considering a future base, it offers an established industrial address without sacrificing proximity to the people and services that support day-to-day operations,” says Mimmack.

“For buyers seeking industrial land in an established precinct, the appeal is having a useful asset in place today and the freedom to consider what the site could become over time.”