Elevated view of big industrial property for sale at 8-10 Bowden Rd, Mt Wellington.
Elevated view of big industrial property for sale at 8-10 Bowden Rd, Mt Wellington.
A big, multi-purpose industrial property, backing on to the southeastern arterial motorway link in Mt Wellington, is on the market for sale and is likely to appeal to an owner occupier or investor.
The vacant, freehold property at 8-10 Bowden Rd, comprises a large warehouse and manufacturing building on a big 1.1 ha land holding.
"This property will be of interest to buyers looking for a large industrial property for their own use or for investment purposes in one of Auckland's most popular industrial precincts," says Greg Goldfinch of Colliers International who, with colleagues Andrew Hooper and Hamish West of Colliers International, is marketing it for sale by deadline private treaty with offers closing on December 2 - unless it is sold before that date by negotiation.
Greg Goldfinch, of Colliers International.
The 6872 sq m building was constructed in the 1950s and includes a factory and warehouse area of 6154 sq m along with front and rear offices, amenities and canopy.
The four bay warehouse has drive through access and gantry cranes, and is complemented by a large yard area. Some holding income is generated through a billboard which is leased to APN Outdoor Ltd until November 2018, with a further five-year right of renewal.
Hooper says the area's current Business 5 zoning permits a wide range of low to medium intensity industrial activities.
"Under the Proposed Auckland Unitary Plan it is earmarked for broad and accommodating Light Industry zoning which allows a range of activities including light manufacturing, production, logistics, storage, transport and distribution. Large retail activities are also permitted in the zone which is designed to enable businesses to concentrate on generating economic activity for Auckland."
Hooper says the site was previously home to Steel & Tube, which has moved to a new purpose-built facility.
"The location is expected to make it keenly sought-after by a range of buyers," he says.
"It's very difficult to buy freehold properties of this size in Mt Wellington which is one of Auckland's preferred industrial precincts because of its central location. The property's huge exposure to the southeastern arterial route will undoubtedly be a big drawcard."
West says the building has been well-maintained and its functional nature would suit a range of businesses, particularly manufacturers. "It is a very usable industrial building with a large warehouse and appropriate office component. It would be ideal for manufacturing by businesses requiring a large property with excellent access to the CBD."
Hooper says an investor could also add significant value to the property by redeveloping it and leasing it out.
"There is a trend in Mt Wellington for landlords to replace the predominant older styled manufacturing facilities with new industrial and trade retail buildings. Due to increasing property values and extremely low vacancy rates in the precinct, it can make a lot of commercial sense for owners to seek the highest and best use for their land holdings.
"This site would be ideal for a showroom given its visual profile and dual road access points."
Goldfinch says the property's size will make it attractive to buyers who are looking to secure a strategic land holding in Mt Wellington. "The high demand for industrial land in the Mt Wellington industrial area means values are expected to continue to rise. Because of this, we expect this site to be of interest to buyers who want a large, prime piece of land and a well-functioning building."
West says Mt Wellington provides industrial and trade businesses with a convenient central location between the CBD, port and international airport.
Hamish West, of Colliers International.
"It has the benefit of being roughly mid-way between Auckland CBD and Auckland Airport, both of which are around 12 kilometres away. The suburb was one of Auckland's first industrial areas and it continues to be an established home base for many of New Zealand's well-known companies.
"Mt Wellington is a very tightly held area with a limited supply of development land, so properties that come on to the market generally get snapped up very quickly," West says.
