Big Mt Wellington warehouse for lease

5:00 AM Wednesday July 12, 2017 Colin Taylor

The former ASB cash handling facility at 11 Vestey Drive is being refurbished into a more generic warehouse. Photo / Supplied

A big warehouse owned by NZX listed property company Property For Industry (PFI) in the popular industrial precinct of Mt Wellington will be available for lease in the final quarter of this year.

Located at 11 Vestey Drive, the standalone building of about 3250sq m on a 5760sq m site, was previously used as a money handling, storage and distribution centre.

It has been freed up by the departure of longstanding tenant ASB Bank, with reducing demand for cash - meaning a facility of this size is no longer required.

PFI development manager Ewan Cameron says the building, developed in the 1990s, is undergoing a refurbishment and reconfiguration into more generic warehouse and office accommodation that would suit a wide range of industrial users.

“The building had a number of high security features required for its previous use, such as double fencing, bars over windows and a large vault, which are being removed. Partitioning and suspended tile ceilings and air conditioning in the front portion of the warehousing, previously used as a money counting room, are also being taken out and this space is being reinstated to its full stud height.

“We are basically reinstating the front warehouse area into its original condition while also removing high security features from the front office space. This will restore the property back to a more generic industrial warehouse with associated offices and amenities.”  

Greg Hall of Bayleys, who is handling the leasing of the property with industrial team colleagues James Valintine and James Hill, says it offers the next occupant 2904sq m of high stud warehouse space and 345sq m of office and amenities. There is also the potential for around 70 carparks along the front and one side of the building.

“It’s a property that provides an impressive amount of clear span, good quality warehousing with its solid concrete floor and a stud height of nine metres at the knee, making it well suited to a distribution business requiring extensive racking systems. It could also suit light manufacturing or large-scale storage activities,” says Hall.

“The upper level of office accommodation is extensively glazed providing plenty of natural light and a pleasant outlook over Vestey Drive.”

There is roller door access at the front and side of the building with a 64sq m canopy at the rear plus yard space and/or parking along the left side of the building.

Valintine says two drawcards for tenants are the property’s high ratio of warehousing – of close to 90 per cent to office space - and its strong location. It is close to the corner of Vestey Drive and Nial Burgess Place which connect with two major arterials, Great South Rd, about 100m away, and Mt Wellington highway, around 400m to the east. These provide easy access to and from the southern motorway and south-eastern highway.

“The property at 11 Vestey Drive is in a prime, slightly elevated position in the heart of Mt Wellington. It is surrounded by high quality industrial buildings mostly developed in the mid-1990s, with many well-known national and multi-national tenants.

“Mt Wellington is widely recognised as one of Auckland’s foremost industrial locations due to its central position, excellent roading linkages and good access to skilled labour.”

Valintine says the vacant premises represent a rare opportunity within PFI’s portfolio of 83 properties which currently has an occupancy rate of 99.6 per cent. PFI specialises in industrial properties located in Auckland, Hamilton, Mt Maunganui, Wellington and Christchurch, with a total value of about $1,122,000,000.

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Greg Hall, James Valintine and James Hill of Bayleys