Warehouse in popular city fringe suburb
A trophy industrial investment property, offering flexibility within a current development haven, is has been placed on the market for sale or for lease.
387 Great North Road, in Grey Lynn, Auckland, comprises a recently refurbished 1964 industrial building with a clear span warehouse space and front office.
The property with a site area of around 430sqm and floor area of around 358sqm has been occupied by a tyre wholesaler for almost two decades but is now available with vacant possession offering an opportunity for tenants, owner-occupiers, and investors alike.
The property commands prominent frontage onto Great North Road and is in close proximity to Grey Lynn shops and local amenities, in addition to being only three sites down from the recent boutique apartment development, The Dylan.
JLL agent Alex Wefers, who is marketing the property for lease or sale by expressions of interest closing on September 10, said the property was the only western city fringe warehouse currently on the market.
“The market for industrial property across Auckland continues to be hot, but in the city-fringe it is almost non-existent due to being so tightly-held. This property is a perfect illustration of that as it hasn’t been on the market for 23 years,” said Wefers.
“All around there is development – the property right across the road at 406-428 Great North Road has a resource consent for 102 town houses and 12 apartments. A proposed development further up the road for the site of and around the Caltex petrol station has a resource consent for 79 apartments.”
JLL agent Jason Armstrong said while these timeframes weren’t confirmed, both the proposed developments amongst others in the pipeline show a strong indication of the rapid change in the area and the demand for commercial activity.
He said: “With a bus stop in front of the building, the location has convenient transport links. Regular public transport services are provided, connecting Auckland City with the western suburbs and within a short driving distance are Ponsonby Road, Karangahape Road and motorway access. This is the only western city fringe warehouse opportunity currently on the market.”