Mt Wellington seaside offer
Alarge waterfront industrial property with development potential is for sale at 15 Rakino Way, Mt Wellington. The freehold property is in Auckland’s industrial heartland, say CBRE agents Chad Greer, Bruce Catley and Claus Brewer, who are selling it by a four-week deadline private treaty, closing December 12 at 4pm, unless sold earlier.
Greer says exceptional demand exists for properties of this calibre.
“Industrial properties with this level of add-value, seldom come up. As the only one of its type now available in Mt Wellington, it’s likely to grab the attention of investors, owner-occupiers and developers,” he adds. “It has good quality warehouse and office facilities in a prime industrial position alongside the Tamaki River. The low site coverage has untapped potential, either by expanding the existing structures or a complete redevelopment.”
There is a 14,971sq m Light Industrial-zoned site and about
2369sq m of net lettable area. This comprises a 656sq m warehouse;
154sq m of warehouse-office space; a mezzanine area of 154sq m and
1405sq m of corporate-grade offices. There is 500sq m of hardstand, plus about 60 on-site car parks.
Brewer believes maritime or marine development options are certain to be considered, given the proximity to the Tamaki River.
“The occupier has been there for many years, and the level-site is ripe for more intensive use.
“You only have to survey the surrounding properties to see what’s possible here. A new owner could create a unique bespoke design, one tailored entirely to their needs.”
Nearby companies work in engineering, manufacturing, food, boat building and exhibition display. The site neighbours the Auckland Rowing Club at Ian Shaw Park.
Brewer says Mt Wellington has long been a desirable industrial location. “It’s become further integrated with the city’s industrial and logistics infrastructure, with more attractive supporting amenities, anchored by a growing Sylvia Park, some 3km away.
As heavy industries move further out, Mt Wellington has become a Grade A location for corporates, close to a large labour force and well suited to businesses with high staff counts.”
Brewer quotes CBRE research showing the attractiveness of the Auckland industrial property market.
“The industrial sector is showing the strongest performance of all sectors this year.
“Vacancy was below 1 per cent in the first half of the year, and rents are up 6.2 per cent year-on-year, with prime rents continuing to push towards new benchmarks.
“Consequently, land values have risen by 4.4 per cent over the first half of this year, continuing the strong growth trend of recent years.
“Mt Wellington was an outstanding performer over the first six months of 2018, reflecting its increasing commercialisation, plus the scarcity of land,” says Brewer.