Vacant possession and potential in Westgate
A highly visible industrial property with low site coverage in rapidly growing Northwest Auckland offers buyers of all kinds the chance to acquire an asset with significant add-value potential.
559-567 Don Buck Rd, Westgate, includes a modern 1674sq m industrial facility that sits on a 9375sq m freehold site zoned Business–Light Industry under the Auckland Unitary Plan.
With only 15 per cent coverage, the new owner will have the opportunity to intensify the site’s usage and unlock its full potential.
The property is currently used as a showroom and yard, and it can be acquired with vacant possession as the vendor is moving on as they expand their operations.
Alternatively, a short-term sale and leaseback could be arranged.
Enjoying a strong profile to the road, the property sits next to Placemakers Westgate, while a Lone Star restaurant is on the other side.
Westgate Shopping Centre is only moments away as well as the growing nearby residential catchment underpinned by myriad new developments.
Bus services regularly travel along Don Buck Road and the motorway network is less than 1km away.
Colliers directors Josh Coburn, Shoneet Chand and Matt Prentice are marketing the property via deadline private treaty closing 4pm, Tuesday March 26, unless sold prior.
The industrial building at the property was constructed by the current owners in 2016.
The warehouse, which has 936sq m of floor space, has five roller doors providing convenience for the occupants.
The office space is split over two levels and is a mixture of partitioned and openplan layout with common areas, a lunchroom, and bathroom facilities.
The site is fully security fenced.
There are also ancillary workshops and an old showroom at the property that could be cleared to allow for a future development.
Coburn, director of site sales and capital markets at Colliers, says the potential of this property cannot be understated given the low site coverage, sought-after location and growth of the surrounding area.
“Occupiers and developers will be lining up to inspect this rare offering given there are so many options available to prospective purchasers,” Coburn says.
“Being able to acquire a property such
as this one with vacant possession is incredibly rare and would allow the new owner to potentially set up their operations and begin trading quickly before further maximising the potential of the site.
“Investors will also be drawn to the property given the scarcity of available industrial land across Auckland, meaning there will be plenty of potential tenants.”
Colliers’ recent research notes the overall vacancy rate for industrial floorspace across Auckland is only 1.8 per cent.
Continued demand for industrial property means this rate has remained consistently low for the past decade.
Chand, director of investment sales at Colliers, says the growth of Westgate and the nearby suburbs has been a key feature of the expansion of the northwest of Auckland.
“Westgate, Redhills, Hobsonville and Hobsonville Point have all grown substantively during the past few years and commercial services and retailers have expanded to keep pace with that population boost. Improved transport links to the area have improved its connectivity and will greatly assist industrial businesses.”
Prentice, director of industrial sales and leasing at Colliers, says the Business–Light Industry zoning means the future occupants will be able to use this functional property for a range of operations.
“The zone anticipates industrial activities that do not generate objectionable odour, dust, or noise. This includes manufacturing, production, logistics, storage, transport, and distribution activities,” Prentice says.