New leasing at Hamilton’s Te Rapa industrial park
An artist’s impression of part of the Stage Two development at Hamilton’s Te Rapa Gateway industrial park. Photo / Supplied
A new tranche of six warehouse-office buildings at Hamilton's Te Rapa Gateway industrial park is for lease off the plans through Alex Ten Hove and Anne-Marie Brown of Bayleys Hamilton.
The units range in size from 292sq m of warehouse and 120sq m of office; to 545sq m of warehouse and offices covering 140sq m. Already under construction, they will be finished early next year, with lease prices varying from $66,000 plus GST to $104,000 plus GST a year.
Ten Hove says Otago Port's subsidiary Chalmers Properties is developing the 60ha Te Rapa Gateway precinct which was intended to supply 20 years’ worth of industrial land.
“However, in just five years more than 60 per cent of the land is already committed and the units in Stage Two for lease on Clem Newby Rd are not expected to stay on the market for long,” he says.
“Demand for industrial land and property in Hamilton is outstripping supply and similar leased units developed in Stage One on 700 Arthur Porter Road were snapped up.
“This project is filling a hole in Hamilton’s industrial leasing market and lifting the standards in Te Rapa,” Ten Hove says.
“With industrial vacancy rates at all-time lows, the market has been waiting for a new industrial property at Te Rapa.
“Chalmers Properties invests in developing land sites and property for tenants, adding high-quality, low maintenance buildings with planted lawns and sustainable features at competitive rental rates.”
“Engineered to meet the latest industrial requirements, the sites have covenants to protect property values, ensuring a good mix of high-quality tenants, including showrooms and national businesses,” Ten Hove says.
“Designed to a high standard, a number of special features have been built-in - over and above requirements to create an attractive, fit-for-purpose development.
“The units include ultra-fast broadband, on-site parking, high-stud warehousing, roller doors, tilt-slab construction, appealing office layouts with air-conditioning and 20sq m canopies - which add to the benefits associated with the complex.
“This approach has already attracted high quality tenants like Metroglass and Prochem on a long-term basis, and the quality of the development was recognised at a recent Property Industry Awards event.”
Ten Hove says the units adjoin six in Stage One, so there is full drive-through access between Arthur Porter and Clem Newby Drives. The Waikato Expressway is also scheduled for completion next year.
He says the major drawcard for tenants is Te Rapa Gateway’s location alongside the Waikato Expressway and The Base, the region's biggest shopping centre.
“Te Rapa Gateway is also close to developing regional infrastructure, including Ports of Auckland's inland port which was opened at the end of April. It has Open Country Dairy, the country's second biggest exporter of dairy products, in an ambient store to consolidate its freight. It’s also near Tainui Group Holdings 500ha inland port which is under development.”
Ten Hove says Te Rapa Gateway is Hamilton's fastest growing industrial area and its zoning provides for a diverse range of warehousing, bulk storage, processing and manufacturing.
“Companies which have set up at the industrial park include Christchurch machinery and tool supplier TopmaQ, and O'Brien Plumbing and Bathroomware – both new businesses to Hamilton.
“Several large businesses are now housed at Te Rapa Gateway and include Bidvest, Lely, Normans Transport, Southpac Trucks, roofing manufacturer Metalcraft Industries, packaging company Attwood, Hynds Pipes and Viridian Glass.
“Growth has been driven by economic confidence in the Waikato, low interest rates and industrial land prices which are half of those for key Auckland industrial areas and also quite a bit cheaper than Tauranga land.
“Vacancy rates for industrial property are low and builders are struggling to keep up with the demand for new developments. Most of the new space is taken up before building even begins,” Ten Hove says.