Mitre 10 move leaves North Shore HQ for sale

5:00 AM Saturday March 19, 2016 True Commercial

The frontage of Mitre 10 head office at 46 View Rd, Wairau Valley.

Mitre 10’s current head office, in one of the North Shore’s most tightly held commercial areas, has come to market — presenting an opportunity for owner occupiers, investors, tenants and developers, brokers say.

The 3603sq m office/warehouse, on a 6892sq m freehold site, at 46 View Rd, Wairau Valley, is being marketed for sale or lease by negotiation by Colliers International brokers Matt Prentice, Shoneet Chand, Jimmy O’Brien and Ryan de Zwart.

“Mitre 10 — a well-known New Zealand chain of home improvement stores — is utilising this property as its head office until its lease expires in March 2017.

“The company is moving on to a brand-new purpose-built facility on Corinthian Drive — which is currently under construction — unlocking this fantastic opportunity in an extremely tightly-held commercial precinct.”

The property is likely to appeal to a range of purchasers including owner occupiers, investors and developers, as well as tenants, Prentice says.

“Large, stand-alone Wairau Valley properties like this are a rare find, and with its size, high profile location, excellent signage opportunity and ample carparks, this office building is sure to suit a wide range of business uses in the future, with immediate potential uses including call centres or data centres.

“There is the added benefit of holding income of $657,595 per annum net until March 2017, which investors or developers could rely on while looking at plans for the site.”

The land is zoned Business 9 under the North Shore City Council’s Operative District Plan 2002 and it is drafted to be future-zoned as Light Industry under the Proposed Auckland Unitary Plan, which provides for light industrial activities, Prentice says.

“The property comprises approximately 3000sq m of office space over two levels, a small storage warehouse and 90 on-site carparks, 24 of which are stacked.

“The ground floor office and amenities extends across 1749sq m, while the mezzanine floor office and amenities totals 1143sq m. The mezzanine floor plant room has a floor area of 183sq m, while the warehouse/print room is 463sq m and the warehouse office is 64sq m.”

The building was originally constructed in 1978, and refurbished prior to 2005, Chand says. “It was once an industrial premises that has since been converted to two levels of office space — and its condition is commensurate with its age.”

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An aerial view showing the property for sale identified by a red border.

It is constructed of concrete floor slabs with concrete block plaster to the southern boundary with low pitched steel roof trusses and central supporting columns, steel purlins and a long run iron roof, Chand says.

“A key drawcard of the investment is its location, on the northern side of View Rd in the Wairau Valley.

“The Wairau Valley is an established industrial area originally developed in the 1960s and 1970s. With subsequent infill and redevelopment, in the 1980s through to today, and high levels of growth of low vacancy rates, there has never been a better time to get hold of property in the precinct.”

Demand trends currently in the area mean there are very few investment properties offered for sale, Chand says.

“Properties in this area tend to be very easy to let, with many occupiers queuing up to gain a foothold in the locality.”

Wairau Rd now has a mix of showroom, bulk retail and some smaller retail shops, with a number of well-known retail and commercial occupiers such as Pak’nSave, Repco and Rebel Sports, which have opened in the area within the past few years, O’Brien says.

“The immediate surrounding properties to 46 View Rd are industrial properties developed throughout the 1970s, with a number of interspersed modern developments including a hospital.

“Overall, the Wairau Park/Link Drive area is characterised by a mix of bulk retail developments, motor vehicle dealerships, entertainment venues and a range of industrial developments from smaller factory units through to large national and international manufacturing businesses.”

“The bulk retail aspect is particularly focused on homeware, servicing the established residential neighbourhoods surrounding Wairau Park such as Forrest Hill, Glenfield and Unsworth Heights.”

Wairau Valley is on the eastern side of Auckland’s northern motorway, de Zwart says. “The property is in close proximity both to the Tristram Avenue interchange to the southeast via Wairau Rd and the Northcote interchange via either Sunnybrae Rd or Wairau Rd and Taharoto Rd, with Auckland’s CBD only 15 minutes’ drive away — further increasing the region’s overall commercial appeal.”

Colliers’ research shows the North Shore as a whole will continue to be an industrial hot-spot in the foreseeable future, de Zwart says.

“The latest research shows vacant industrial space remains in short supply in the area, and while there are pockets of small scale development activity, a continued demand and supply imbalance remains.”