Mt Wellington warehouse and office building

11:06 AM Saturday September 20, 2014 Colin Taylor

Elevated view of a Mt Wellington warehouse and office property for sale at 8-10 and 12 Hannigan Drive.

A Mt Wellington office and warehouse property with a large yard area is being marketed for sale by Colliers International as a prime opportunity for a developer, investor or owner occupier.

The property, on two separate titles at 8-10 and 12 Hannigan Drive, Auckland, will go under the hammer at Colliers International’s auction rooms at 151 Queen St at 11 am on October 9, unless it sells before auction day.

"The site is very well positioned adjacent to what is planned to become a key arterial route so in the future it could be a great place for businesses to be seen in Auckland's central industrial area," says Paul Higgins, who is marketing the property with colleague Dwayne Warby.

"It is also less than five kilometres from the Mt Wellington motorway interchange and is offered vacant, allowing an occupier to move in and continue their business operations with minimal disruption; or a developer to begin renovations or construction straight away.”

Warby says the functional 2804 sq m office and warehouse building with a “huge” 2470 sq m yard on its own freehold title present a significant opportunity to add value.

"It is quite unusual for adjoining sites of this size to come on to the market in Mt Wellington so we do expect it to be of significant interest to developers and owner occupiers keen to maximise its potential value."

Higgins says only 25 per cent of the combined site has building coverage, providing further value add potential. “In a market like Mt Wellington, where undeveloped industrial land is very scarce, this property offers a clear opportunity for a developer to build on the vacant land and then lease or on-sell the new construction.”

Value could also be added by dividing the existing building or demolishing it and constructing a much larger new facility, Higgins adds. “Either way, the property provides a compelling opportunity to benefit from further development, given the proven industrial market growth trends now at play in the Mt Wellington area."

The road-front building contains a 1470 sq m warehouse and 300 sq m of offices and amenities over two levels. It also has a large 1034 sq m canopy providing covered loading and storage space, car parks and plenty of room for truck manoeuvring, says Warby.

“The clear span warehouse has a good stud height of 5.25 metres to the portal knee, and also provides vehicle access via four motorised roller doors – making this very functional warehouse space suitable for a wide variety of businesses.”

Higgins says strong bidding is expected in the auction room because of the property’s wide appeal to both owner occupiers and add-value buyers. “This property is in a low-vacancy area with the benefits of location, great road exposure and potential for redevelopment – making an attractive package for many types of buyers.”

He says Mt Wellington is considered one of Auckland's premier industrial areas, with excellent motorway access and a central location between the CBD, port and international airport.

"It is a very tightly held area with a short supply of properties, so those that do come on to the market generally get snapped up very quickly..”

Auckland Transport’s Auckland Manukau Eastern Transport Initiative(AMETI) roading project is expected to benefit the property, says Warby. Stage one of the project is almost complete, with upgrades to the Panmure Train station and a link road between Morrin Road and Mt Wellington Highway.

“This property is extremely well placed to profit from the AMETI roading upgrade project, with the roading to form part of the adjacent areas,” he says.

“In addition, the new road will provide a much better connection for freight and business traffic for business occupiers in the wider Mt Wellington area in general.”
Warby says the re-development of Lunn Avenue and nearby Stonefields has added to the attractiveness of Mt Wellington as a business location.

The area is zoned Business 4, which is characterised by low to medium intensity, light industrial and service uses. Permitted activities include bulk storage, motor vehicle sales and service, offices, warehousing, car parking and retail premises.

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