Large industrial complex offers number of options

NZ Herald

30 Jan, 2015 04:00 PM4 mins to read

This big industrial complex for sale at 4 Carr Rd, Mt Roskill, is metres from SH20.

A large freehold site of 1.14 hectares in Mt Roskill housing a large industrial complex that is occupied by a multinational company is for sale as part of Bayleys' latest Greater Auckland portolio.

Sited on 11,432 sq m of land at 4 Carr Rd and encompassing 6110 sq m of buildings, the property is being offered for sale by deadline private treaty, closing at 4 pm on Thursday, March 5 unless it sells beforehand by negotiation through Mike Adams and James Appleby of Bayleys Auckland and their colleague William Coates of Bayleys' West Auckland division.

"This property offers a number of options to a diverse range of potential buyers," Adams says.

"It is owned and occupied by a private offshore based company which has been operating from the site since 1999. The company is offering it for sale with a new lease in place from settlement at initial rental of $580,000 per annum net plus GST.

"The property has worked well for them and their preferred option is for an initial lease back term of five years, with two five-year rights of renewal. This would obviously suit a passive investor wanting good exposure to the industrial sector," says Adams. "However, given it's a big site, strategically located in an area that has been undergoing redevelopment, it may also be of interest to a more active purchaser looking to maximise the value of the land. In this case, the vendor may look at a shorter term lease back that would provide such a new owner with a substantial cash flow while going through the planning and consent process."

Adams says the property is located in the Carr Road and Stoddard Road commercial precinct which was traditionally an industrial area. However, in recent years there has been a new focus on redevelopment, with the Stoddard Road retail centre and the massive Carr Road Bunnings warehouse store, which occupies the neighbouring site, being examples of recent modern development.

Adams says the owners have undertaken a feasibility study and concept plans for a Mixed Use redevelopment of the site using a large proportion of the current buildings and infrastructure which would be available to interested parties along with seismic assessment reports on each of the buildings.

The property is at the Hillsborough Road end of Carr Road and is surrounded by a mix of commercial and industrial premises. Other businesses close by, in addition to Bunnings, include Resene, Kitchen Studio, Chipmunks Childcare, AA Vehicle Testing and Giles Carpets.

The property is currently zoned Business 4, with a Light Industrial proposed under the Auckland Unitary Plan.

Appleby says it is a well presented property within a park like setting with a mix of buildings constructed over the years, with a number of additions and substantial upgrades in recent years. Buildings comprise a main factory and warehouse of 3127 sq m, a newer warehouse of 1183 sq m, 828 sq m of offices, a 329 sq m cafeteria and smaller ancillary buildings.

He says the L-shaped site is of reasonably level contour and offers 22.4 metres of good frontage to Carr Rd and excellent exposure to the South Western State Highway 20 motorway system which is located near the rear boundary. Access to this motorway is about 600 metres providing an easy link to Auckland International Airport around 13 kms away, and to the Southern Motorway section of State Highway One in Manukau.

State Highway 20 will link to the North Western motorway on the completion of the Waterview connection in early 2017, providing a ring route around the central city to the North Shore.