Mortgagee sale opens door for investors
Industrial properties across Auckland’s southeastern corridor are attracting strong investor interest. The industrial segment of Mt Wellington continues to pique interest with entry-level units and more extensive, strategically located facilities selling in record time, often to investors shifting the balance of their investment portfolios in favour of industrial property.
James Valintine of Bayleys South Auckland says record-low vacancy rates for industrial property across the country continue to attract investment into the sector, as strong rental returns consistently outperform other asset classes.
He says this coincides with robust demand from owneroccupiers increasingly seeking welllocated accommodation near transit hubs and logistics centres.
“Modern development in areas across Auckland’s southern precincts are commanding premium prices. However, existing properties in established industrial locations such as Mt Wellington provide investors with add-value potential from premises ripe for refurbishment or redevelopment.”
One such property, comprising a large-format industrial facility featuring a combination of tenanted and vacant space, is being offered for mortgagee sale through Valintine and colleagues Jordan Brown and William Gubb.
The property at 14-16 Dryden Place is marketed for sale by Bayleys South Auckland with a deadline of 4pm on Thursday, 29 September unless sold prior.
The 1219sq m building, built around 1960, plus 22 carparks, comprises multiple tenancies of predominantly warehouse accommodation.
“There is a mixture of office accommodation with the bulk of the lettable area dedicated to warehousing and workshop space,” says Brown. “Several lettable units vary in size, offering an appealing mix for tenants and flexible accommodation for owneroccupiers with an eye to the future.
“The large number of carparks is an increasing rarity in popular locations where there is a mixture of residential, commercial and industrial accommodation, underpinning the property’s attractiveness for occupancy,” Brown says.
The 2507sq m freehold site is at the southern end of Dryden Place, a cul de sac offering privacy for businesses less reliant on street profile, just off main arterial Marua Rd.
“The Business–Light Industry zoning allows for a range of activities which presents an opportunity for add-value investors and future owner-occupiers intending to maximise the strategic location and substantial development potential,” says Gubb.
He says the zoning permits more intensive development than already undertaken on the site and presents an opportunity for one occupier to redevelop the site as a large-format premises or update the current multi-unit configuration.