Potential packed to the rafters

9:17 AM Saturday August 23, 2014 Colin Taylor

Potential packed to the rafters

A big 1.43ha Onehunga site with future development potential and encompassing a variety of industrial buildings, and a standalone Mt Wellington property are two of a number of vacant industrial properties for sale in Bayleys' latest Greater Auckland portfolio.

"The large freehold Onehunga property offers the opportunity to add value to existing buildings, occupy as is, or construct new buildings," says James Hill of Bayleys Auckland who is marketing it with colleagues Mike Houlker and Sunil Bhana.

Located at 102 Neilson Street, it is for sale with vacant possession by tender closing on Thursday, September 11, unless it sells beforehand by private treaty.

"The property is in a high-profile position on a main arterial with dual entry points from both Neilson Street and Galway Street," says Hill. "It provides superb access to the surrounding suburbs of Penrose and Mt Wellington, along with excellent motorway access in all directions.

"Sites of this nature and size are a rarity in this area and this one offers a multitude of options including scope for redevelopment or repositioning the site to create additional value."

The property comprises a number of older industrial buildings and workshops, and a two-level office block, totalling about 6000sq m. These comprise a main warehouse of 3162sq m that was formerly a tannery, a second warehouse of 1629sq m that was previously a salt store, workshops and amenities totalling 741sq m and a 498sq m office block.

Bhana says there are also large sealed yard areas located throughout the site and specialised plant from the previous occupation of the property that could remain or be removed.

"The site is fully secure with excellent areas for unloading containers and parking. Dual street access also provides for excellent traffic flow through the property."

The property is located on the northern side of Neilson St, which links the State Highway 1 north-south motorway with the SH20 Southwestern motorway.

"The location predominantly comprises medium to heavy industrial users with the more recent inclusion of trade-based operators taking advantage of both the profile and access to major transport links," Bhana says. "The property is also close to Onehunga Mall, which provides excellent amenities including cafes, restaurants and the well known Dressmart shopping complex."

The land is zoned Business 5 which applies to industrial areas and has a proposed zoning of Light Industrial under the new Auckland Unitary Plan.

The second vacant industrial property in Mt Wellington has the same zoning and is also for sale by tender closing on September 11. On a smaller 2595sq m freehold site, it encompasses a 2868.5sq m vacant standalone industrial building at 74-76 Leonard Rd and is being marketed by Hill in conjunction with James Valintine of Bayleys Auckland.

"This is a well-located freehold property that represents an affordable opportunity for owner-occupiers and add value investors," Valintine says. "Its efficient and flexible configuration means the warehouse and manufacturing area could easily be split into two because of a dividing wall in place. This space would suit a wide range of occupiers due to its good stud height. In addition, there is plenty of parking and container space to the front and side of the building."

The building has road front offices over two levels with the warehouse and manufacturing areas to the rear. A portion of the first floor office area has been converted into a substantial pharmaceutical laboratory that could stay or be removed by settlement, says Hill "This specialised fit out is of good manufacturing practice (GMP) standard and above generic food grade levels."

Hill says the property is well positioned in an established and sought-after centrally located industrial and automotive precinct only a short distance from SH1 via the Ellerslie-Penrose interchange.

"The surrounding buildings are mostly manufacturing and warehousing-type premises with neighbouring tenants including BP and Turners Auctions.

"A large-scale industrial development along Leon Leicester Ave will also bring further high-profile tenants to the area."