International buyers eye top-class Wiri complex
A recently built, international-grade industrial asset in Auckland’s most soughtafter industrial precinct and occupied on a long-term basis by GPC, one of Australasia’s leading automotive and industrial parts distributors, has come up for sale.
The exceptional 33,468sq m warehouse and office at 20 Puaki Drive, Wiri, is being offered through an international expressions of interest campaign run by Bruce Catley and John Holmes of CBRE New Zealand, closing at 4pm, Thursday November 16, unless sold prior.
Bruce Catley, capital markets managing director, Industrial & Logistics, at CBRE NZ says 20 Puaki Drive is a special offering in Auckland’s industrial market.
“This is one of the most significant premium-grade industrial investment opportunities to be marketed for a number of years — the best industrial facility that has come to market of this scale in Auckland for a long time.
“It is a one-year-old facility of exceptional quality on a significant 5.81ha site, strategically located close to the Wiri Inland Port and SH20 and SH1 motorways.
“Currently owned and set to be leased back to GPC on a long initial 15-year lease, it is a true trophy industrial property. With the industrial land shortage in Auckland and the costs of construction these days, buying a new facility such as this makes a great deal of sense, and we expect good local and offshore interest in it.”
John Holmes, capital markets senior director at CBRE New Zealand adds that the property’s size, scale and quality will appeal to Australian and Singaporean institutional investors, as well as domestic institutions.
“Industrial property remains a preferred asset class among investors. Offshore investors look for scale, and this is a scale opportunity to enter into the Auckland industrial market in a blue-chip location with a high-quality tenant on a long lease in a best-in-class facility.”
Completed towards the end of 2022, the distribution centre offers over
28,250sq m of high-stud warehouse plus approximately 1200sq m of office, a
3800sq m canopy and 4700sq m of hardstand.
Zoned Business—Heavy Industrial, the
100% NBS building has a stud height of
14.5m.
The warehouse is a fully sprinklered space with 16 roller doors, creating efficient access for inwards and outwards goods. It also comprises a 248sq m workshop and a 228sq m dispatch office.
The 950sqm main office space features open-plan work areas, meeting and board rooms to the south, and a large lunchroom and washrooms to the north. There are 141 carparks and 21 van parks at the front of the property.
The layout of the site provides a functional internal flow of distribution and main storage facilities for the various business units, says Catley.
“GPC set out to consolidate 6-7 distribution centres into one, with a high level of efficiency and automation in the facility.
This facility caters for both online e-commerce ordering and GPC Repco’s national outlet replenishment with over 100 branches across NZ.
“Significant specialised tenant fit-out items include a Schaeffer 64,000-product line Goods To Person automatic picking system, the first of its kind in the Southern Hemisphere. This reflects the significant long-term investment and reinforces GPC’s commitment to the property. Solar panels, advanced energy control systems, and rainwater collection also target significant energy footprint reduction.”
The property is occupied by, and serves as the New Zealand distribution centre for, GPC, a leading Australasian distributor of automotive and industrial parts with an extensive network of over
10,000 locations across 17 countries. In New Zealand, GPC’s business is well known through the Repco, NAPA and Motion brands that are familiar to car enthusiasts.
The asset will be leased back to GPC on an initial 15-year net lease, commencing at settlement, at a proposed net contract rental of $6.5 million a year plus GST and all outgoings.
The rental is subject to fixed annual increases of 3.25 per cent and periodic market reviews.
The lease is proposed to provide three rights of renewal of five years each.
20 Puaki Drive is located in the popular industrial precinct of Wiri, 26km south of Auckland’s CBD, 8km east of Auckland International Airport and less than 1km from the Wiri Inland Port. Puaki Drive has light-controlled access directly on to Roscommon Rd. The property also benefits from proximity to the SH20 interchange (950m away) and its connectivity to SH1 in Manukau (3km away).