Callesen says the property is in a market where there is a shortage of chiller space. "The capitalised value in relation to land value and costs is extremely attractive."
The lettable area of the complex comprises 157sq m of offices, 1800sq m of cool store, 370sq m of environmental load-out area, a 502sq m rail load-out area, a 343sq m loading platform, 289sq m of canopies, 960sq m of yard and parking, 66sq m for plant and services and a 35sq m deck.
The offices are part of the main building at the northwestern corner.
"Given the size of the property, they are minimal and of good quality, but have no prominence," says Webb.
The cool store and warehouse is divided into five areas. At the northern end is the environmental load out area consisting of five loading docks. Immediately behind the docks is the large central cool room. Webb says it has a stud of 8.2m and operates at a temperature of 4C. Doors to the rear open to the southern covered loading dock, which extends to a raised loading area.
To the west of the cool store is a lean-to roofed warehouse with a stud of 4.2m, incorporating the disused rail siding. To the east is an extension built in 2007 carrying a lower stud cool store separated and secured away from the main cool store.
Webb says the property has concrete foundations and floors, steel frame, polystyrene sandwich panel warehouse walls, galvanised iron roof and is in sound condition for its age.
"Although this is a substantial cool store complex, it takes up only 43 per cent of the total land area when the primary site of 7565sq m is combined with a one third interest in a further 1675sq m of freehold land owned by the vendor. This a valuable redevelopment site in the long-term."
Zoned Business 6 under the Auckland Operative Scheme, the site will become light industry under the proposed Auckland Unitary Plan, providing for a wide range of lighter industrial uses.
Callesen says although many people will see limited demand for the premises given its specialised nature and the scale of the development, that is overcome by its quality. "It will appeal to the refrigerated freight industry as well as food processing companies if Goodman Fielder ever leaves the property.
"An astute investor will see the right fundamentals for successful investment - an international tenant on a long lease in a purpose built property, with three yearly rent reviews and future development land."
Callesen says Mt Wellington is a popular area for investors and owner-occupiers. "It is one of the more established industrial areas in Auckland. Development started post-World War II and has continued by way of new buildings and redevelopment of older properties.
"The redevelopment of brownfields sites is a result of pressure for new premises in a sound location, such as Mt Wellington, and this has grown markedly in the past decade."
Webb says Mt Wellington is well located for services, amenities and the Southern Motorway close by at the Mt Wellington interchange. "It is handy to an established labour supply from the surrounding Otahuhu, Penrose, Mt Wellington, Onehunga and One Tree Hill suburbs."
He says prices for Mt Wellington industrial properties have firmed to the extent that the pre-2007 level has been restored for good quality functional buildings. "This has been given impetus by tenants buying their own buildings, reducing the number of properties for sale.
"A lack of stock on the market means rental rates have firmed, although rents tenants can afford is limiting rental growth. Cost of construction and land values makes the purchase of existing stock, even at low yields, reflect prices at below replacement costs and therefore good buying."
