Mt Wellington properties with many units

"The lock-ups are designed for use either as workshops or as storage spaces," says Mike Jensen of Barfoot & Thompson Commercial who is marketing the properties for sale by tender closing at 4pm on Thursday June 15 – unless they sell earlier by negotiation. 

Ranging in size from 3sq m to 46sq m and located on opposing sides of the road, there are 30 units at No 49 Elizabeth Knox and 77 units at No 80.

No 49 comprises a level regular-shaped freehold site of 2988sq m and provides excellent road exposure to Elizabeth Knox Place, he says. Rates are $14,278 net per annum; land value as at July 2014 was $1,110,000; the value of improvements totals $1,140,000; and the rating valuation was $2,250,000.

No 80 comprises a rear lot of about 3366sq m that is irregular in shape, with access to the northern side boundary. This site falls in contour to the rear southern boundary by about 1.5m. Rates at No 80 are $13,674 net pa; land value as at July 2014 was set at $1,180,000; improvements are valued at $970,000; and the rating valuation is $2,150,000. No 80 is securely fenced and also comprises a Spark tower, which earns $8492 pa.

The units at both sites date from the 1980s and are constructed of galvanised cladding and roofing on a concrete slab foundation.

Each of the units is alarmed, with single roller door access and a separate power meters, and both sites have toilet facilities.

"As an investment, this one has reliability and predictability," says Jensen.

"It should be noted that Able Storage is a highly experienced operator, having run the business for 33 years. And at present the facilities in Elizabeth Knox Place run at about 95 per cent occupancy," he says.

"Based upon full occupancy, these units should return a total of $532,000 gross per annum," Jensen says.

"They’re highly attractive to the market as they provide workshop usage, as opposed to merely storage. Also, clients have the ability drive to each of these units."