An oldie but a goodie ... warehouse gives multiple options in quiet location

The vacant warehouse is close to town but tucked away in a cul-de-sac.

A vacant older Mt Eden mixed-use warehouse and office complex in the Auckland city fringe gives its buyer multiple options, including redevelopment into an apartment complex.

Peter Kermode and Jonathan Lynch of Colliers International are marketing the industrial property at 14D Haultain St for sale by auction at 11 am on Tuesday December 16 unless it sells earlier by negotiation.

The 1980s building is of solid, concrete block and steel construction with a 5m stud warehouse running down one side and covering 192sq m. The other half of the building incorporates a 73sq m low-stud warehouse and 78sq m of office and amenity space on the ground floor. Directly above, on the top level, is 154sq m of open plan offices.

"The beauty of this freehold unit is its closeness to the inner-city market but within a hideaway location at the end of a quiet cul-de-sac," said Kermode.

"Along with a Mixed Use zoning and the added bonus of being able to live onsite, this makes it attractive to a range of potential owner-occupiers or tenants who could include artisan businesses, catering companies and cottage industry manufacturers. Or it could simply be used for storage.

"Packages like this, in locations like this, don't come along very often."

Kermode said the "expected net annual rental income" was in the vicinity of $60,000, although this could be increased through refurbishment.

The 495sq m building is divided in half, with a high-stud warehouse along one side and a two-level combination along the other side, made up of low-stud warehousing and office space with amenities.

Kermode sees more options from an add-value investment perspective.

"Astute investors could take advantage of the record low Auckland industrial property vacancy rates and generate a tenant income stream at short order, while they consider development or refurbishment options for either apartments or other mixed use possibilities."

He said the area was changing towards more residential, semi-commercial uses.

"This city fringe precinct has undergone recent significant intensification from industrial to boutique industry and even hospitality uses - for example a nearby warehouse conversion into a micro-brewery and restaurant in Akiraho St."

The property was beside expensive inner city villas and had an elevated north-westerly aspect. It was also in the Auckland Boys Grammar school zone.

"The property could easily accommodate four to six apartments with an industrial-styled aesthetic," said Kermode.

The Mixed Use zoning, which would remain under the proposed Auckland Unitary Plan, allowed for broad-based activities such as childcare facilities, residential, retail, office and healthcare uses as well as light industrial.

Lynch said Haultain St was only 3km from downtown Auckland and equidistant from Newmarket and Grey Lynn.

It had easy access to the CBD, other suburban business hubs and to motorway access ramps.