Classic warehouse with variety of uses hits the spot
A classic warehouse property fit for a variety of uses has gone up for sale in one of Auckland’s most desirable industrial locations.
The approximately 680sq m building, positioned on a freehold site of some 1050sq m in the sought-after Penrose industrial precinct, is expected to appeal to both investors and owner-occupiers.
Located at 33 Fairfax Ave, the property is in a highly popular location, with an extreme shortage of land for development driving a lift in land values over recent years.
Colliers has been exclusively appointed to market 33 Fairfax Ave for sale by way of auction at 11am on Wednesday 14 July, unless sold earlier.
Ben Cockram, industrial associate director at Colliers, says the regular rectangular shape of the site and building, along with an attractive warehouse-to-office ratio of about 82 per cent, make the property suitable for a wide range of uses.
“The site’s zoning for light industry under the Auckland Unitary Plan facilitates a myriad of activities that do not generate objectionable odour, dust or noise. This ranges from manufacturing and production, to logistics, storage, transport and distribution,” says Cockram.
“Coupled with its prized location in a centrallylocated industrial precinct with great motorway connectivity, these attributes position the Fairfax Ave site as classic warehouse real estate which is sure to attract keen demand.”
Constructed around 1978, the building for sale incorporates an approximately 561sq m warehouse with a stud height ranging from about 4.9m to 5.8m. The balance of the lettable area comprises of office accommodation, amenities and mezzanine areas.
“The property is leased to leading New Zealand flooring industry supplier Gilt Edge Industries on a lease which expires in September 2022. A market rent review is scheduled for this October,” Cockram says.
Hamish West, industrial director at Colliers, says one of the property’s greatest strengths is its “winning location” on the eastern side of Fairfax Ave, 200m south of its intersection with Walls Rd, amid neighbouring big-brand occupiers.
It is handy to main arterial routes including Great South Rd and interchanges with the motorway network.
“Long considered a powerhouse of industry, the Penrose/Onehunga area is estimated to generate around 8 per cent of Auckland’s GDP, according to NZTA research,” says West.
“This well-established industrial hub has seen many businesses thrive, thanks to its close connection with the main railway line and other key transport routes such as SH1 and SH20. The area is expected to see a big increase in heavy truck access as the Auckland economy grows.
“Just 9km from the city’s CBD, this location also offers easy access to Auckland Airport and inland ports,” says West.