The most affordable option at present is Riverhead where Trevor Duffin, Rosemary Wakeman and Ashton Geissler recently sold 2122m² of vacant land zoned for industrial use in a subdivision of the former Carter Holt Harvey site in Sawmill Road at $237/m². In Hobsonville, all of the sites in a 23-lot industrial subdivision at 102 Hobsonville Road by The Neil Group have sold or are under contract. Lot sizes range from 2212m² to 6145m² and they have been purchased by a mix of owner occupiers, developers and investors. The last of the sites being offered for sale were priced from $375/m² to $550/m². The subdivision is part of nearly 70 hectares of land located between Hobsonville Road and the Upper Harbour Motorway that has been zoned for industrial use. Jomac Construction is developing an adjacent site at 110 Hobsonville Road on around 7.4ha of a 15ha landholding offering lots of 2400m² to 6000m².
Big Deals
In its last financial year to March 2016, Bayleys North Shore Commercial’s industrial team was involved in 45 sales of properties ranging in price from $337,000 to $8.7 million with a total value of $92.2 million. The team also leased 47,193m² of industrial space across 78 premises. Larger transactions included: 7-11 Saturn Place, Albany: Four industrial units totaling 3,070m² with multiple tenants on one title sold for $6,300,000 at a 6.9% yield. (Matt Mimmack, Laurie Burt) 7-9 Civil Place, Albany: 1,983m² building on 4,086m² site sold vacant to an owner occupier for $4,000,000. Completed in 2004, the building has 1,672m² of 9m high warehousing with a 40m² canopy plus 270m² of ground floor, offices, showrooms and amenities. (Matt Mimmack, Sunil Bhana, Mike Houlker) 8 Arrenway Drive, Albany: 1,806m² building constructed in 2004 on a 2,628m² site with 29 carparks sold for $4,040,000 to Chinese owner occupier. 8.5m warehouse with dual roller door access plus wellappointed air conditioned offices and showroom and high quality fit out and amenities. (Matt Mimmack, James Kidd, Laurie Burt)
Owner occupiers, developers and investors are also being targeted although design-build options for tenants are also being offered. Matt Mimmack says the North Shore’s industrial property investment market looks set for another very strong year in 2016. “With ultra-low vacancies and very strong demand from both investors and occupiers another year of solid price appreciation and rental growth can be expected. A strengthening economic backdrop in Auckland, with rising levels of construction activity, low interest rates and historically high net migration should underpin this performance. “We are seeing more interest in the industrial property market from residential property investors who are selling up or diversifying. Also, because of the low vacancy rates, more investors are prepared to take on some risk and look at well located properties that may only have a year to run on their lease or in some instances are vacant.”
investor/owner occupier for $3,308,000 at a 6.6% yield. Leased to Wallace Cotton until October 2017. (Matt Mimmack, Alex Strever) 3C Rothwell Avenue, Albany: 1980s 1,650m² industrial building with 6m stud warehouse and adjoining office building sold vacant to an owner occupier for $3,000,000. (Matt Mimmack, James Kidd) 217-225 Archers Road, Wairau Valley, Auckland: 7,227m² of low stud ground floor warehouse space and 673m² of upstairs offices located on over one hectare of land on the former Morgan Furniture Lazy Boy manufacturing plant leased for $556,000 net plus GST and outgoings (Colin Harper, Laurie Burt) 31 Hillside Road, Wairau Valley: 2,550m² building with 2,100m² of warehousing, with four roller doors, and 450m² of office and amenities leased for $320,000pa net plus GST and outgoings. Dual street access with ample car parks, secure yard and container drop areas with substantial frontage to Hillside Road. (Matt Mimmack, Rosemary Wakeman, Trevor Duffin) 70 Paul Matthews Road, Wairau Valley: 1,237m² building with 950m² warehouse and 287m² office leased for $180,000. (Trevor Duffin, Laurie Burt) Unit B, 227 Bush Road, Albany: 595m² of high stud warehousing and 240m² of air conditioned ground floor office plus 10 carparks leased at $113,450pa net plus GST and outgoings. (Matt Mimmack, Laurie Burt, Alex Strever).
8 Arrenway Drive, Albany.
17 Arrenway Drive, Albany: Two 10-year old warehouse, office and showroom buildings (545m² and 1,012m²) with multiple tenants on one 2,363m² title with 30 carparks sold for $3,500,000 at a 6.65% yield. (Laurie Burt) 60 Apollo Drive, Albany: 1,301m² warehouse/showroom with 20 carparks on a 1,729m² site in the Interplex Business Park sold to
Bayleys North Shore industrial team... Back Row: Colin Harper, Adam Watton, James Kidd, Matt Mimmack, Front Row: Ashton Geissler, Rosemary Wakeman, Laurie Burt, Trevor Duffin.
Bayleys North Shore Commercial Devereux Howe-Smith Realty Limited, Bayleys, Licensed under the REA Act 2008 D +64 9 489 0999| F +64 9 489 0990 29 Northcroft Street, Takapuna, Auckland 0622
www.channelmag.co.nz Issue 65 - May 2016
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