Greenfield site, golden chance
A golden opportunity to develop in the heart of East T¯amaki’s industrial precinct has arisen as a bare 2.3ha site with resource consent for a
12,970sq m warehouse complex has come to the market.
68 Cryers Rd is being offered by Bruce Catley, Claus Brewer, Lewis Watson and Alex Divers of CBRE New Zealand on behalf of the industrial property company Fernbrook. It will be sold by deadline private treaty closing at 4pm, Tuesday, November 14, unless sold prior.
Claus Brewer, national director, advisory & transaction services — Industrial & Logistics, says this property will appeal to a range of purchasers.
“Freehold purchase opportunities of this quality, scale, location and sought-after asset class are not frequently brought to market.
“68 Cryers Rd really stands out as a result, and will appeal to purchasers wishing to land-bank, build out a proposed development, develop an alternative unit scheme or occupy rarely available yard or a low-ratio development. The vendor has cleared the site and undertaken extensive due diligence, planning, design and consenting.”
The opportunity to develop the site at pace exists due to work undertaken to facilitate development of the Business—Light Industry-zoned property.
Resource consent has been obtained for full utilisation of the site and building consents lodged for an initial building comprising a 9800sq m warehouse with a 460sq m office.
The balance of the site could be used as yard or an additional warehouse of approximately
2500sq m.
The approved warehouse design features a high-specification building with a 16.75 m roof ridge and drive-around truck access.
The site has been cleared but the hardstand remains, which could offer a short or longer term income pending development.
The site also has existing capacities for three-waters, gas and power. Current power availability is 1MV, with an ability to increase supply for manufacturing and users with high power requirements.
Fernbrook general manager Alistair White said the property was originally purchased to accommodate a business that no longer has such a requirement, and redevelopment isn’t wholly consistent with its portfolio. “Fernbrook remains confident in the investment fundamentals of the Auckland industrial market and is simply seeking to recycle some capital to other exciting new projects,” he says.
Bruce Catley, capital markets managing director, Industrial & Logistics at CBRE NZ, says 68 Cryers Rd is a particularly good opportunity for organisations looking to develop it at pace.
“Previously, this was a food manufacturing site so its power capacity and existing services are well suited to an occupier of a similar nature. These sites are limited in availability across the market.
“Second, it offers 70m of road frontage and convenient access to SH1. This provides the purchaser with a powerful opportunity to create a unit development in a market that holds strong demand from the SME sector. The purchaser could also develop the site in phases over time.”