"The vendor has placed the property on the market as part of plans to subdivide the wider 2.61ha site and construct a new purpose-built facility at the rear, making the front land and buildings surplus to their long-term needs.
"The vendor is offering the property for sale on a vacant basis, with settlement upon issue of a new title, scheduled for mid-2020.
"Owner-occupiers, especially those in the manufacturing and distribution, will appreciate the extra lead-in time to prepare for the move.
"Add-value investors and developers will also appreciate the opportunity to buy now and pay later — all the while using the next two years to find a new tenant or draw up plans to redevelop the site."
Warby says the Light Industry zoned property is at the centre of the Rosebank Peninsula — one of Auckland's most sought-after industrial destinations.
"Limited land supply and excellent connectivity make it one of the most tightly held areas in the Auckland industrial market.
"It is the closest industrial precinct to Auckland CBD and the Ports of Auckland, and benefits hugely from the opening of the Waterview Tunnel.
"The central city is about 10-minutes' drive in off-peak hours; surrounding suburbs provide a stable source of labour. Long-term occupiers and major brands in the area include Rheem, Blum, Bunnings Warehouse, Autex, Barkers and Methven."
Hooper says the property has significant improvements, including a fire sprinkler equipped factory and warehouse, office and amenities.
"The property has been in use since the 1970s for the design, manufacture and distribution of door hardware and security access systems.
"The owner-occupier is Allegion (New Zealand) Limited, which formerly traded under the name of Schlage and more recently Ingersoll Rand.
"Allegion has altered and extended the property's buildings over time, but they are now no longer suitable for its long-term operations.
"The company will continue to occupy the property until its new facilities are complete, after which the new title will be issued and a new owner can take possession."
Hooper says the property benefits from low site coverage and substantial road frontage. Access is via a right of way over the neighbouring property.
The main factory of 4566.5sq m and adjoining office and amenities of 649.2sq m were originally built in the 1960s and expanded in the 1970s.
"The factory comprises two clear-span bays with a stud height of 4m rising to 8m at the apex.
"The amenities to the side of the building are split over two levels, while a single-level office extension was added to the front of the property in the 1970s."
A new warehouse of about 1340sq m was also added in the 1980s. The main office, which is to be completely demolished as part of the subdivision, was also built in the 1980s.
Light Industry zoning provides for industrial activities that do not generate objectionable odour, dust or noise emissions. Hooper says this includes light manufacturing, production, logistics, storage, transport and distribution activities.
"Opportunities to purchase large industrial sites in this tightly held area don't come about often, particularly with vacant possession," he says.
