Large industrial land holding in Waikato for grabs
A chunk of industrial-zoned land in Morrinsville is for sale for the first time in decades.
The 2.8ha site has been used as a lifestyle block but was rezoned industrial in the past decade.
The property offers a developer subdivision or land-banking opportunities and is being marketed by sale by auction on November 28 through Bayleys Hamilton salespeople Josh Smith and Mike Fraser Jones.
The listing features in Bayleys’ latest Total Property portfolio magazine.
“The site would be suited to industrial subdivision into multiple lots with their own titles or the creation of a hub comprising multiple tenancies,” Smith said.
“Resource consent would be needed from the Matamata Piako District Council for subdivision. A new owner could alternatively land bank the property for future use or investment. It could also be left as a lifestyle block with a new owner using the land for grazing.”
A three-bedroom family house is included in the sale, which Smith said could be used as a holding income while plans are developed for the site, or it could potentially be re-purposed into a site office or left as a home for a farm lifestyle.
From the industrial development perspective, Smith said Morrinsville was recognised as a cost-effective option for companies looking for prime cheaper land close to Hamilton.
“There has been recent development of industrial sites, while sales of land have proven the demand for industrial titles supporting future development,” he said.
“Morrinsville's proximity to Hamilton, 29km away, has seen businesses regard the town as a feasible option as other comparable sites in the bigger areas are priced out of the market.”
Morrinsville is supported by a strong rural economy and recognised as an extension of Hamilton.
“It is regarded as one of the most intensively dairy farmed areas in the world creating a large service industry, although there are other businesses setting up in the town”
The town's population of just over 7000 is expected to increase to 8800 in 3768 homes by 2033. That would mean more business and industrial land would be needed, said Smith. A total of 37ha of vacant industrialzoned land is within or on the outskirts of the town. About 13ha will be needed by 2033, according to the Matamata Piako District Council's 30-year town strategy.
However, if most of the demand is for land in town, the supply will start to run out by 2033, Smith said.
Much of the land in the western part of Morrinsville’s Business Zone is more industrial than commercial in nature. The stockyards and grain silos are a legacy of the town’s history, while more recent service industry businesses have been established under the operative district plan provisions that permit light industry in both the business and industrial zones.
Smith said other industrial businesses have established sites south of the town. The first area, along the Morrinsville-Walton road, comprises heavy industries such as fertiliser and chemical manufacturing. The second area, along Bolton Rd, includes industries such as a transport depot, concrete plant, and other light industries.
The town strategy shows an inner industrial area, adjacent to existing commercial development, on land already zoned industrial. Further development south of Morrinsville is also on land zoned industrial.
Smith said the inner area will appeal to service industries and the outer to both heavy and light industries. “Freight movements are likely to be predominantly from and to the west, in the direction of Hamilton. This will minimise the need for heavy vehicles to travel through the town,” he said