Eden Terrace Auckland with space to spare

5:00 AM Saturday July 29, 2017 True Commercial

The Porters Ave site, identified by a red border, has an unusually high profile. Photo / Supplied

An unusually large high-profile site at Eden Terrace, Auckland, is for sale through JLL, with negotiable leaseback terms on offer for the site.

Agent Nick Cape says the property, at 1A Porters Ave, is of a size and scale seldom seen on the city fringe in recent years.

The freehold property has a substantial net lettable area of 2760sq m and a carpark catering for 41 vehicles.

“It is close to arterials and exposure to New North Rd, creating excellent signage opportunities and will be near the new City Rail Link.

“Longer term it could be a site for apartments. In current form it would hold appeal for a textile business, co-working business, design centre or car parking company with offices above.”

Cape says whatever the plan, there’s substantial amount of space available to work with. “It could work for a single owner occupier, and there is potential to split the property into smaller tenancies to achieve a higher overall rental.”

The vendor, Peek Display Corporation Ltd, has built a successful business at the location over the past 30 years.

Managing director Tony Peek says since taking over the then traditional sign making company in 1962, he and wife Christine had built it into a more contemporary sign-making and printing operation.

“It was in the 1970s that we moved into trade displays for exhibitions and we were the first business to introduce ‘shell scheme’ wall panels in New Zealand. My son in-law Eugene is now the general manager and he has been running the day to day business for about 15 years. It is a true family operation.”

Peek says the central location has assisted in retaining key staff, with many of the 35-strong team having worked there more than 20 years.

“Operating out of 1A Porters Ave was key part of our success, as we could have all business lines under one roof. The size of the property allowed us to grow the business to become an industry leader. We could design, manufacture and store everything in one building. It would be great to see the new occupants achieve similar success and growth from these premises,” says Peek.

The motivation for Peek Display to move on is due to the way the business has changed.

“Thirty years ago we got a lot of displays built in-house, but now the industry has changed and we have to change with it, so we outsource a lot of the work.

“However, when we sell the property we will lease back the property at a market rental of $455,000 until we vacate,” says Peek.

“The location was crucial when we moved here as 90 per cent of our work was at the Greenlane showground. This isn’t the case now as we work in all areas of the city. We do expect the new Sky City Convention Centre to be a key location for us moving forward.”

The property is of solid construction, with a high floor-load capability, a high-stud warehouse and workshop areas. It has well-presented offices, plus an open air roof terrace.

Located just 3km from downtown Auckland, Newmarket and Grey Lynn and in close to Kingsland, Mt Eden, supermarkets, schools and the Mt Eden train station, this site can be seen as a rare opportunity.

JLL agent Alex Wefers says any business that locates itself on the property will reap the benefits of the transport links and proximity to the CBD and fringe areas.

“This is a great selling point for staff retention and attracting new staff, plus any visitors to the premises will appreciate the on-site car parking, something that is hard to find in such a busy location”.

The property was originally built to house New Zealand Co-operative Dairy Co and was converted in the 1980s. Peek made further alterations in the 1990s to suit the growing space requirements, extending the building to include an additional 330sqm workshop parallel to the railway line and 138sqm of mezzanine offices.

With the business being located in Eden Tce, Peek explains the site has additional perks.

“We have a good spot to park when it comes to getting to Eden Park as it is only a 10-minute walk from here.

“Our staff are appreciative they can drive in and park for free in such a great location; some come in by train, seeing we are only a two-minute walk from the train station. We also have great neighbouring tenants here. We get on with business but help each other out from time to time.”