Secure Penrose industrial investment opportunity

A standout industrial investment property has hit the market in one of Auckland’s most tightly-held precincts, giving passive investors access to a bankable asset supported by a proven, secure tenant.

The freehold property at 74–76 Leonard Road, Penrose is occupied by The Cosmetic Company NZ Limited, a long established New Zealand manufacturer of skincare and personal care products. With more than 30 years in operation and significant on site investment in specialised fitout and production infrastructure, the business is well-entrenched in the facility, supporting long term occupation and covenant security.

The 2,655sqm standalone industrial building sits on a 2,595sqm freehold site zoned Business – Light Industry and has 15 car parks. The clear‑span double-gable warehouse with canopy features a 5.3m stud height to the knee of the portal frame, with roller‑door access at both the front and rear. It has undergone extensive internal upgrades, with purpose‑built improvements include production areas, product development laboratories, office accommodation, and mezzanine space.

The property has a seismic rating of 90 percent new building standard, and recent upgrade works include partial roof replacement and repainting.

The Cosmetic Company has a 6-year lease from 1 April 2025, with a further 6-year right of renewal to be exercised, giving a final expiry of 31 March 2037. The property returns net annual income of $511,050 plus GST and outgoings, and the lease has annual CPI reviews, a review to market in Year 3, and a six‑month bank guarantee.

Layne Harwood and James Valintine of Bayleys are taking the property through a deadline private treaty campaign closing Thursday 16th April, unless sold prior.

“Properties of this calibre, with such a long‑standing and invested occupier, rarely come to market in this part of Auckland.

“The combination of an established tenant that has invested significantly in specialised, modernised production and laboratory infrastructure, a lease with future rental uplift, and exceptional transport connectivity makes this a prime opportunity for buyers seeking long‑term security in a proven industrial precinct.”

The well‑balanced mid‑sized industrial property is positioned minutes from SH1 via the Ellerslie–Panmure interchange and has streamlined access to wider Auckland’s commercial and industrial network, the CBD, and Auckland Airport.

Harwood says the zoning allows a wide range of industrial uses, ensuring long‑term tenant demand and functional flexibility.

“The area’s status as an established logistics and manufacturing location is reinforced by leading national occupiers such as Sky NZ’s urban logistics estate, Bridgestone, and NZME Print, highlighting the precinct’s long‑term resilience and ongoing reinvestment. Nearby corporate owners include Goodman Property and James Kirkpatrick Group.

“As Penrose is on Sylvia Park’s back doorstep, sustained occupier demand cements the broader area’s reputation as one of Auckland’s premier logistics and manufacturing hubs.

“The Leonard Road property is a fine example of the sort of asset investors are seeking in the current market and we’re expecting strong interest.”