Sizeable Drury South holding promises potential
A high-profile landholding in the rapidly growing Drury South development will pique the interest of prospective purchasers seeking a prime site offering significant potential.
Lot 17, Drury South, measures approximately 1.5050ha and the regularly shaped, freehold site is zoned Business–Light Industry under the Auckland Unitary Plan.
The property has 115m of road frontage and enjoys favourable proximity to SH1.
The Drury South development is supported by several modern residential subdivisions and is projected to experience continuing growth.
Colliers directors Paul Jarvie, Brad Johnston and Matthew Barnes are marketing the property for sale by deadline private treaty closing at 4pm on Wednesday 19 October, unless sold prior.
Drury is set to benefit from $2 billion of infrastructure investment during the next 10 years. With new railway stations, bus routes, roads and water infrastructure and the potential for a regional centre to be created, it is becoming the focal point of considerable industrial and commercial occupier interest.
The subject site has all relevant services installed to the boundary, including water, telecommunications, fibre and power. The title is expected to be issued in the coming months.
Jarvie says the property is strategically located and will be in-demand given the surge of development in the area.
“At the southern entrance to Auckland, Drury South Crossing is an outstanding location for the key North Island markets of Auckland, Hamilton, and Tauranga.
“Any business at Drury South Crossing will sit at the top of the Golden Triangle of New Zealand, between the coastal ports of Auckland and Tauranga and the inland ports being developed in Hamilton and Auckland.”
Johnston says the current vacancy rates in Drury point to the significant demand for industrial property in the surrounding precinct.
“Research from Colliers has shown the industrial vacancy rate in Drury was 1.22 per cent in February of this year, which then dropped to 1.2 per cent in August.
“These figures are in line with many notable industrial hubs around Auckland that are experiencing historically low vacancy rates. Earlier this year the Airport and Ma¯ngere corridor had 0.2 per cent vacancy for prime industrial property, while Manukau and Wiri had 0.8 per cent.
“The lack of available stock in Drury has also impacted rental rates and the average net rents for warehouse space in Drury have grown this year.”
Barnes says the property’s zoning means the buyer will have tremendous flexibility for their future development plans. “Sites in Drury South have proven extremely popular among buyers who have recognised the potential on offer in this growing area that is loaded with future potential.”