City fringe factory site a rare break

10:45 AM Saturday October 4, 2014 Colin Taylor

The Morningside property has housed a metal fabrication business but its basic condition is very sound.

A "typical" city fringe factory, office and warehouse building constructed in the 1970s in Morningside, 4km southwest of the Auckland CBD, is among a wide variety of properties featured in Barfoot & Thompson Commercial's latest Insite portfolio.

"The office showroom at the front has been upgraded to a good standard as an open-plan space," says broker Murray Tomlinson, who is offering the property for sale with vacant possession by tender closing at 4pm on Wednesday, October 22 - unless it sells beforehand.

"This is a property with a user-friendly front yard and building particularly suited to an owner-occupier looking for a city fringe property to work from. It could also interest some investors," Tomlinson says.

"A noticeable feature of the area is a lack of 'for sale' and 'for lease' signs because these fringe city industrial land and building opportunities are becoming very hard to find," he says.

"The Morningside-St Lukes precinct is on the radar of fringe users but, while values are rising fast, property here still represents value for money."

The factory, office and a lunchroom area within the 661.14sq m building comprises 472.44sq m and is complemented by an office and showroom area of 137.75sq m, a mezzanine office of 40.6sq m and an amenities area of 10.35sq m. The factory stud height rises from about 2.6m to 6m.

The building occupies a 976sq m freehold site zoned Business 4 now, and Light Industry under the Proposed Auckland Unitary Plan which includes light manufacturing, production, logistics, storage, transport and distribution activities.

The site is a regular shaped rectangle measuring 20.12m across the front with a depth of 48.50m. "It is essentially flat and the front part without the building is comprised of a sealed driveway and yard space," Tomlinson says. "There is a small, flat unbuilt area to the rear northern boundary."

Tomlinson says the construction is reinforced concrete foundations, concrete block and brick veneer walls, concrete slab and timber floors, steel portal frame and iron roofing, internal plasterboard over timber and wood joinery with glazing to the front.

Part of the rear of the building forms a general office area while to one side is a separately partitioned office with built-in cupboards; on one side of the showroom is a toilet and hand basin. Carpeted stairs provide access to the mezzanine floor which is partially open to the main showroom.

An asphalt and concrete sealed yard occupies about 30 per cent of the frontage and provides parking for 10 cars as well as access to the warehouse via a roller door.

Tomlinson says the factory has housed a working iron and steel fabrication business for many years and the general condition of the building reflects this.

"However, the base shell of the factory, the walls and roof all look sound. It appears a succession of internal room partition additions have been installed over the years, including a wall down the middle of the factory.

"These room partitions appear to be non-structural and the factory would probably benefit from their removal.

"Likewise, the factory ceiling, lighting and wiring in general could all benefit from a significant rationalisation and upgrade and the floor may benefit from resurfacing."

Tomlinson says the prospective purchaser would acquire a simple structure with a nicely balanced office and workspace ratio.

"It's a property that would benefit from the stamp of personal refurbishment to turn it into a winner of an offering."

The property is in an industrial precinct bordered by the city fringe arterial routes of Morningside Drive, Sandringham Rd and New North Rd and is on the northern side of Ethel St facing south, midway between Collins St and McDonald St.

New North Rd is 500m to the north and it's about the same distance to Morningside railway station.

Tomlinson says surrounding light industrial and semi-commercial properties are all of similar age.

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