East Tamaki sites ready for development

12:00 PM Tuesday April 26, 2016 True Commercial

Sites at 6 and 10 Progressive Way are close to developing areas.

The sale of two freehold Business 5-zoned sites in Auckland’s industrial business engine — East Tamaki — represents a rare opportunity for land bankers, developers and owner occupiers, brokers say.

With a total land area of 25,124 sqm, the two sites at 6 and 10 Progressive Way are being marketed by Paul Higgins and Greg Goldfinch of Colliers International, and are for sale by way of deadline private treaty, with offers closing 4pm, Wednesday 18 May, unless sold prior.

“It is exceedingly difficult to purchase freehold land for sale in the industrial market, especially so through the East Tamaki and Flatbush precincts,” Higgins says.

“This is a great opportunity to secure a really significant parcel of land in a popular spot through both properties, which would give the buyer over 2.5 hectares across the two contiguous titles, with the opportunity to also purchase the property adjacent to 10 Progressive Way — 62 Ormiston Rd — also on offer through Colliers International.”

A land holding of this scale is rare in East Tamaki, Higgins says.

“Auckland Council has identified East Tamaki as ‘Auckland’s industrial business engine’, and in recent years the area has paved the way as one of Auckland’s most established commercial and industrial precincts, attractive to industrial, retail and ancillary office occupiers.

“That has resulted in sites here being tightly-held, and it is very unusual to see three adjacent titles come up for sale like this. Accordingly, this offering represents a rare opportunity for land bankers, developers and owner occupiers — in a highly sought-after location.”

Unique aspects about the property include the fact it holds two separate titles, with the site area of 6 Progressive Way totalling 9814sq m and the site area of 10 Progressive Way totalling 15,310sq m, Higgins says.

“The land is current zoned Business 5 — which allows for low-to-medium intensity industrial activity — and is zoned under Light Industry in the Proposed Auckland Unitary Plan; a classification which provides for light manufacturing, production, logistics, storage, transport and distribution.

“Such a wide array of potential business uses renders the greenfield site an excellent development opportunity, and it is already serviced and ready for development.”

The sites are positioned in a high quality East Tamaki neighbourhood off Ormiston Rd — a main thoroughfare connecting East Tamaki with the eastern suburbs and Flatbush — Goldfinch says.

“Flat Bush has been identified as one of New Zealand’s highest growth areas, with Auckland Council labelling it as the country’s largest and most comprehensively planned new town. The suburb’s population is expected to hit at least 40,000 by 2025. Meanwhile, wider Ormiston is expected to exceed 125,000 people by 2031.

“That’s significant growth.”