Industrial facility in fast-growing Papakura
The property at 62 Hunua and 2 Croskery Rds in the Hunua industrial precinct of Papakura is identified by a red border. Photo / Supplied
An industrial facility in one of Auckland’s fastest growing regions is for sale as a tenanted investment property.
David Arlidge and Josh Franklin from Knight Frank South Auckland are marketing the freehold land and buildings at 62 Hunua and 2 Croskery Rds, for sale by deadline private treaty closing at 4pm on March 7 unless sold prior by negotiation.
A total of 5442sq m of industrial building space sits on a total land site of 9903sq m across three titles.
“The facility is tenanted by a long-established engineering company, George Grant Engineering,” says Arlidge. “There are two eight-year leases that commenced on November 1, 2015, earning $681,000.00 plus GST and outgoings per annum. The rent review provision ensures a steady rental growth during the lease.”
Arlidge says the tenant has been supplying and servicing the construction industry with structural steel for more than 25 years.
“The site is in the Hunua industrial precinct of Papakura which is home to many engineering businesses.
“Papakura’s industrial areas are booming and this has been accelerated by the excessive shortage of industrial land and buildings across South Auckland.
“The existing established business location provides 135ha of predominantly Heavy Industrial zoned land and buildings. Griffins Foods, Independent Liquor and Fletcher Concrete are a few of the major occupiers in the region.
“The development of Drury South Crossing, a 361 hectare master planned industrial precinct next to State Highway 1, will increase the popularity and potential of this southern region. Residential developments at Paerata Rise and Auranga will ensure a large staff catchment,” says Arlidge.
He says the greater location is destined to become a new town with a forecast population of a further 30,000 residents in the next 30 years.
The site encompasses three modern industrial buildings with the largest building at 62 Hunua Rd constructed in 2006 - following the development of 2 Croskery Rd in 2001.
Franklin says the main building has a modern three-level office and warehouse of 2745sq m, with a 9m stud height and multiple roller doors.
“On the southern side of the building is a drive-through canopy with enclosed loading bays. The warehouse is modern with concrete tilt-slab design and construction.
“The 2 Croskery Rd site comprises a modern clear-span warehouse of 1204sq m with five roller doors providing excellent access. In addition, there is a further high-stud building of 433sq m.
“The buildings are heavily engineered and built to handle gantry rails and cranes. All three have a 100 per cent new build standard rating,” Franklin says.
“While currently used as an engineering facility, the buildings could be converted to manufacturing, or storage and distribution use, at a later date. The configuration of the site provides flexibility for the buildings to be re-configured into three separate tenancies if required,” says Arlidge.