Industrial blocks scarce in Penrose

12:55 PM Sunday May 25, 2014 Colin Taylor

Sites like this Penrose property are hard to find.

A big landholding in Penrose with a high stud warehouse and oversized yard has become available for sale or lease in an area where similar properties are scarce.

"This solid, high stud industrial property at 31 Maurice Rd comes with huge yard areas that are virtually impossible to find in today's market," says Todd Kuzmich of Colliers International who, with colleague Paul Jarvie, is marketing the property for sale or lease with offers closing at 4pm on June 5.

The property comprises a freehold site of just over 12,000sq m plus a half-share in a 2378sq m right of way, providing access along the entire length of the property.

"There is a serious shortage of opportunities for businesses looking to secure a property with such expansive yard areas in this central location," Kuzmich says.

"We are regularly approached by businesses needing a large yard for either external storage or truck manoeuvring and devanning.

It's very difficult to come up with suitable options, until a property like this becomes available. It doesn't happen very often and we are expecting very strong interest in 31 Maurice Rd."

The current tenant is Steel & Tube, a reinforcing steel operation based there for many years. The company will vacate the property in early 2015 as part of a consolidation of several premises in various locations to one larger site.

"As the property is on a short-term lease, it is an excellent opportunity for either owner-occupiers or tenants. We are also expecting interest from investors who will benefit from the short-term cash flow while positioning the property for a new tenant," Kuzmich says.

Built in the 1980s, the 4825sq m building comprises a heavy duty manufacturing warehouse in two bays with associated two-level offices.

Kuzmich says the property has been very well maintained and the entire warehouse was completely reroofed in 2010.

The warehouse is constructed of reinforced concrete foundations and floors, and concrete and steel framing to a stud height of eight metres rising to 8.5m at the apex which has been strengthened to support gantry cranes in both bays.

The warehouse cladding is made of a precast concrete base wall with long run steel above. The southern boundary wall is precast concrete panel and long run steel roofing with intermittent translucent panels to admit sunlight. There are five roller doors positioned on different sides of the building.

The offices are split over two levels, and various staff amenities are provided including lunchrooms and locker rooms with showers.

"This property was purpose-designed as an engineering factory capable of supporting numerous heavy-duty gantry cranes," Jarvie says.

"There is a significant cost in constructing an industrial facility to this standard over typical warehouse construction costs. The six gantry cranes in the warehouse do not form part of the property chattels, but are potentially available for sale by negotiation so this property provides a ready-made solution for an occupier who needs this type of facility.

"However it is equally well-suited to generic warehousing and distribution functions, given the regular shape of the building and its high stud height within the warehouse."

Jarvie says the property is well-located in Penrose, which is a sought-after district because it is close to Auckland's CBD, about 10 to 15 minutes' drive away off peak.

"It provides an occupier with great transport links via Church St to State Highway One, the Southeastern Highway and Auckland International Airport."