Colliers Portfolio | Issue 4 2022

Colliers Portfolio Issue 4

2 Taitimu Road, Tauriko Trophy building, premium location More on page 07

Accelerating success.

August

2022

Recent Deals SOLD

SOLD

SOLD

2 Colliers Portfolio

Unit AA, 16-18 Taylors Road, Morningside, Auckland Sold by Jonathan Lynch and Luke Baird

SOLD

213 Ponsonby Road, Auckland Sold by Ned Gow and Jonathan Lynch

SOLD

221 Lakeside Road, Wānaka Sold by Craig Myles

1121 Devon Road, New Plymouth Sold by Benet Carroll

LEASED

Bays 1-4, 38 Dalgety Drive, Auckland Sold by Brad Johnston, James Dickey, Ben Cockram and Greg Goldfinch

LEASED

6 Cory John Place, Bell Block Sold by Benet Carroll

27 Corbett Road, New Plymouth Sold by Benet Carroll

SOLD

99 & 101 Wairau Road, Auckland Sold by Shoneet Chand and Matt Prentice

Contents Colliers Portfolio Issue 4 04

05

07

10

11

12

Meet our expert Janet Marshall

14

Papakura industrial sites provide value buying

Rare developable industrial site in tightly held Māngere Bridge

New Zealand Research Report August 2022

15

Meet our expert Dean File

Welcome to our fourth Colliers Portfolio of 2022.

With only one week of winter remaining, we are starting to see the weather, and buyer sentiment, warm up.

Transactional activity has been slow during winter but the signs are clear that market activity will increase in the lead up to the end of the year. Now is a great window of opportunity to buy as there is less competition in the market and interest rates are still low by historical standards.

Our latest Portfolio features a great mix of industrial and investment sales as well as rural opportunities.

We are expecting a flurry of stock and sales from September onwards.

Gareth Fraser Auckland Director | Investment Sales

3

Key Listings

Stellar Industrial Investment in New Plymouth

Colliers Portfolio

Premium Listings

4 Colliers Portfolio

High-profile investment Anchored by NZ Post and Aviagen 2 Smart Road, 18 & 20 Constance Street, New Plymouth For Sale by Deadline Private Treaty closing: Wednesday 7 September 2022 (unless sold prior) WALE

Net rental: $768,666 + GST

Annual CPI Increases

Seismic rating >100%NBS

WALE: 4.69 years

Held in three titles

High growth strategic location

Multi-tenanted and multi-titled industrial investment opportunity strategically positioned in the most sought after commercial precinct in New Plymouth.

The property is held in three titles accommodating three outstanding tenants, including New Zealand Post Ltd, Aviagen NZ Ltd and Rockgas Ltd. This modern industrial facility in a prime location with secure leases is being offered as a single package with offers for separate titles to be considered.

Benet Carroll 021 0289 4537 colliers.co.nz/p-nzl67020051

News

Stellar industrial investment in New Plymouth A high-quality industrial investment opportunity is available in Waiwhakaiho, the most sought-after commercial precinct in New Plymouth.

There are 11 car parks in front of the main pedestrian access off Smart Road. An additional 15 car parks are provided for NZ Post at 18 Constance Street.

Marketed by Benet Carroll, Director at Colliers Taranaki, the property is strategically positioned on the commanding corner of Smart Road and Constance Street.

It is for sale by way of deadline private treaty, closing Wednesday 7 September, unless sold prior.

Rockgas occupies a 2,607m2 site, also at 18 Constance Street, that is accessed from Constance Street and via a shared drive with NZ Post off Smart Road. The leased area consists of a mixture of asphalt and metalled yard with a 4 tonne LPG dispensing cylinder and small portacom.

The property is being marketed as a single package with offers for the separate titles considered.

The properties are zoned Industrial C under the Operative District Plan but will be rezoned under the Proposed District Plan to Mixed Use. This zone is predominantly characterised by larger scale, bulky buildings such as warehouses and wholesale shops.

The fully leased offering is held in three titles; its tenants are blue-chip companies NZ Post, Aviagen New Zealand, and Rockgas. The weighted average lease term is just under five years and the property has a net annual return of $767,000 plus GST.

“It’s hard to find an investment of this calibre featuring modern industrial facilities in a prime location with secure leases,” Carroll says.

“This has all the sound fundamentals that investors seek – a diversified split-risk investment, fully leased, 100 per cent of NBS, and more than half the total rental is subject to annual CPI increases.”

The 3,312m2 corner site at 20 Constance Street houses a stand-alone warehouse developed in 2002 with extensive plant and machinery installed by the tenant.

NZ Post occupies the high-profile corner of Smart Road and Constance Street, contained within a regular shaped 3,513m2 site.

The distribution facility was built in 2002, and comprises a clear span warehouse, administration areas, and a mail sorting room totalling 2,334m2 of net lettable area.

Carroll says the commercial area of Waiwhakaiho has historically been characterised by light industrial property, strategically positioned between the region’s largest industrial precinct of Bell Block and New Plymouth CBD. In 2000, Harvey Norman relocated to Smart Road and is positioned across the road from NZ Post. The Valley Mega Centre has since been developed, which is Taranaki’s largest bulk retail complex accommodating brands such as Briscoes, Noel Leeming, Rebel Sport, and Chemist Warehouse. A Countdown supermarket and Mitre 10 Mega were also developed on the adjoining properties.

“The area is about to see one of the region’s most significant commercial projects with the redevelopment of the 7.44ha former industrial site, positioned 250m from NZ Post along Smart Road, into a multi-tenanted retail park,” Carroll says.

6 Colliers Portfolio

BOUNDARY LINES INDICATIVE ONLY

Proven investment with ten year lease and bank guarantee 46-48 Centreway Road, Orewa, Auckland For sale by Deadline Private Treaty closing at 4pm Tuesday 13 September 2022 (unless sold prior)

Returning $327,589 pa + GST & OPEX

2% fixed annual increases + market reviews

10 Year Lease + ROR’s & Final Expiry 2052

Established operator with 23 centres

1,908 sqm mixed-use freehold title

Perfectly positioned in proximity to Orewa College, Orewa Beach and the town centre, this quality, modern facility was constructed in 2017 by experienced ECE developers Signature Homes.

With a net return of $327,589 per annum plus GST and OPEX, fixed annual rental increases of 2%, and market reviews every five years, this established government backed investment is further supported by a 12 month bank guarantee.

The proven national operator ‘Educare’ has 23 locations around New Zealand and are one of the most respected brands in the ECE sector. Educare Orewa originally opened mid-2017 and has just under 10 years remaining on the current lease term, plus two further ROR’s of 10 years each, and a final lease expiry in 2052.

Sitting on a freehold, regular shaped 1,908sq m title that is zoned Business - Mixed Use, this investment is packed with features and is one that must be seriously considered.

Shoneet Chand 021 400 765

Matt Prentice 021 464 904

colliers.co.nz/p-NZL67020311

(unless sold prior)

2,939sqm 2,939sqm freehold freehold site site

Current rent Current rent $219,533 + $219,533 + GST & OPEX GST & OPEX

New ten Newlease ten year year lease term term

Rachel Emerson Grant White Rachel Emerson Grant White 021 502 877 021 981 007 021 502 877 021 981 007 colliers.co.nz/p-nzl67019853 colliers.co.nz/p-nzl67019853

High spec High spec as new as new building building

Favoured Prominent corner Favoured asset class Prominent locationcorner in asset class location Taurikoin Tauriko

Rich Davidson Rich Davidson 027 860 9338 027 860 9338

An “Essential Investment” - Farmlands Te Puke An “Essential Investment” - Farmlands Te Puke 29 Queen Street, Te Puke 29 Queen Street, Te Puke For Sale by Deadline Private Treaty closing 4pm Thursday 22 September 2022 (unless sold prior) For Sale

by Deadline Private Treaty closing 4pm Thursday 22 September 2022

(unless sold prior)

3,642sqm 3,642sqm site in four sitetitles in four titles

National National Tenant Tenant Farmlands Farmlands

Substantial Substantial rental income rental income $175,700 + GST $175,700 + GST

Rob Schoeser Rob Schoeser 021 490 425 021 490 425 colliers.co.nz/p-nzl67020278 colliers.co.nz/p-nzl67020278

Lease just Lease just renewed renewed

Simon Clark Simon 021 959Clark 710 021 959 710

Corner Corner Profile Profile

Excellent onsite Excellent onsite car parks/yards car parks/yards

Colliers Portfolio Colliers Portfolio

2 Taitimu Road, Tauriko For Sale by Deadline Private Treaty closing 4pm Thursday 15 September 2022 (unless sold prior) For Sale

by Deadline Private Treaty closing 4pm Thursday 15 September 2022

1 17

Superb industrial investment Superb industrial investment Trophy building, premium location Trophy building, premium location 2 Taitimu Road, Tauriko

Boundary lines are indicative only

Trophy asset with strong tenant mix 8

1 Pilgrim Place, Sydenham, Christchurch

For Sale by Deadline Private Treaty closing at 4pm Thursday 1 September 2022 (unless sold prior) Colliers Portfolio

L

6,739 sqm freehold title

4,026 sqm net lettable area

Oliver Salt 027 838 6494

A grade industrial buildings

Post EQ build

Fully let

Strong income streams

Christian Kellar 027 333 4057

colliers.co.nz/p-nzl67020102

Attention owner occupiers, developers and investors Lot 2, 70 Hastie Avenue, Māngere Bridge For Sale by Deadline Private Treaty closing at 4pm Tuesday 20 September 2022 (unless sold prior)

Freehold site

3,778m² (approx.) land

Todd Kuzmich 021 410 774 colliers.co.nz/p-nzl67080107

Central location

Paul Jarvie 021 337 419

Regular shaped site

Light Industry zone

Title expected Q2, 2023

Waihinga Meadows 154a Jellicoe Street, Martinborough For sale by Expressions of Interest before 3pm Wednesday 5 October

Total area 21.44ha

Edge of Martinborough Village

Opportunity to develop

Mike Laven 021 681 272

Future zoning

Desirable location and scale

Multiple purchase options

Rob Deal 027 241 4775

colliers.co.nz/p-nzl67020241

Unique Land Opportunity - Buy One or Both 165 & 167 Dominion Road, Papakura For Sale by Deadline Private Treaty closing 4pm Wednesday 7 September 2022 (unless sold prior)

Total land 26,311sqm

Paul Jarvie 021 337 419

Two titles of 8,094m² & 18,217m²

Available for immediate occupation

Josh Franklin 021 990 714

colliers.co.nz/p-nzl67020177

Light & Heavy Industry zoning

Huge growth location

James Dickey 021 026 81093

Functional site

Colliers Portfolio

9

(unless sold prior) plus GST if any

News 10 Colliers Portfolio

Rare developable industrial site in tightly held Māngere Bridge One of the few remaining developable industrial sites in Māngere Bridge is available to purchase offering buyers the rare opportunity to acquire a prime site with longterm upside in a sought-after location.

“The zoning anticipates industrial activities that do not generate objectionable odour, dust, or noise. This includes light manufacturing, production, logistics, storage, transport, and distribution activities.

Lot 2, 70 Hastie Avenue, Māngere Bridge is a newly created freehold site spanning 3,778sq m that is zoned Business – Light Industry Zone under the Auckland Unitary Plan.

“The largely flat and regular-shaped site means it can be developed in a range of ways and will be highly appealing for a wide array of buyers from owner-occupiers to investors.”

The new lot is of a largely regular shape and will be accessed via a right of way from Hastie Avenue.

The neighbouring site, Lot 1, 70 Hastie Avenue is home to a 1,795sq m office and warehouse building with 60sq m of canopy and a 400sq m yard that will become available for lease following subdivision.

Located less than 1km from State Highway 20, the surrounding area is well served by major arterial routes providing easy access to all corners of Auckland. The CBD is approximately 13km away, while Auckland Airport can be reached quickly.

Colliers Directors, Todd Kuzmich, and Paul Jarvie, have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Tuesday 20 September, unless sold prior.

The building was constructed in 2013 as a purpose-built facility for a piling company and offers a high stud, clear span warehouse with a well-maintained air-conditioned office space.

Jarvie, Director of Industrial at Colliers, says there is potential for an occupier to acquire Lot 2 to develop and Lot 1 to lease.

The current occupiers have used the site as storage for machinery for their piling business and are relocating to a new premises, which has led to the opportunity to subdivide and create the new lot.

“The adjoining sites provide prospective purchasers with a range of options and buyers may see value in leasing Lot 1, while adding further facilities in the developable site,” Jarvie says.

Kuzmich, Director of Industrial at Colliers, says it is incredibly rare to see sites such as this one become available on the open market given the scarcity of developable land in this established central Auckland industrial precinct.

“The surrounding area is home to a number of wellknown industrial operators such as Oji Fibre Solutions, Hubbard Foods, and Woolworths. Further construction is in the pipeline that will only solidify this precinct as one of Auckland’s most sought-after industrial spots given its favourable proximity to the nearby motorway network.

“There is a considerable shortage of sites of this size and scale that can be developed to meet the growing needs of Auckland businesses,” Kuzmich says.

“This is a highly desirable and tightly held location. Given the historically low vacancy rates for industrial property in Auckland, there will be strong demand for this site.”

Kuzmich says the Light Industry zoning will also be appealing for buyers given the flexibility offered by this designation.

“The Waterview Tunnel connection provides even greater access to the wider Auckland area with a direct route to West Auckland and an alternative bypass route to the North Shore.

“We expect there will be significant interest in this property and encourage all interested parties to contact us immediately.”

An expert mindset to drive exceptional results on the North Shore.

Experts choose experts.

Meet our expert Janet Marshall Janet Marshall is a Director based in Colliers’ North Shore office and specialises in office/retail leasing and investment sales. Janet has enjoyed a storied career at Colliers since joining the organisation in 2002 and received the prestigious Women in Property award from the Property Council in 2019.

Janet was previously a board member for North Harbour Business Association and currently sits on the board of the Takapuna Beach Business Association.

What is your professional background?

Previously I worked for the Ministry of Defence in the United Kingdom in Whitehall and Germany, and for the Special Air Service in Hereford. I have spent more than 20 years at Colliers and was the MVP of Administration in 2003 before moving into commercial brokerage two years later.

After being named Rookie of the Year for Colliers in 2005 and Marketer of the Year in 2013, I was made a Director in 2016 and have been incredibly appreciative of the opportunities Colliers has presented me with. I’m deeply passionate about expanding the diversity of our teams and support with the promotion of brokerage as a career choice in the community.

How did you get into the property industry?

I joined Colliers in 2002 as Office Manager/PA to the Managing Director in the Colliers North Shore office in Takapuna. Colliers encouraged me to go into brokerage and specialise in the office market, and after my first full year in brokerage I was overwhelmed to be awarded Rookie of the Year in 2005. I am incredibly passionate about the industry, and I have continued to be the office/ retail sales and leasing expert on the North Shore.

What is your advice to people starting out in the industry?

Work to your personality, building relationships is important, but be yourself. Use your strengths and develop your skills. Build your knowledge, listen, and never stop learning. Work in a way which aligns your strengths and makes you feel good. Attend a Toastmaster’s course too, it will really help your ability to speak with a range of different people.

What's the most fulfilling aspect of your role?

I enjoy finding solutions for all parties, whether it be for a sale or a lease. Being able to assist both the vendor and purchaser, or landlord and tenant, is extremely satisfying. Building relationships, being a specialist in your market, and looking to deliver exceptional outcomes for customers and clients is something I take pride in. I enjoy providing information so that clients can increase their knowledge in order to make informed decisions.

What motivates you to achieve professional success?

It is so satisfying finding a solution for all parties and providing good customer service, information, and advice, which ensures an excellent outcome. The repeat business I have been able to generate and meaningful relationships that I have built during my career provides me with a tremendous amount of satisfaction.

Further to this, I am proud to be an inspiration to new Brokers, particularly females, as I have met many exceptional and aspiring new and potential Brokers, who I know will make a mark in the industry.

New Zealand Research Report August 2022

Latest office vacancy results two years on from our first lockdowns

CBD Office Overall Vacancy Rate

Vacancy trends within Auckland and Wellington’s CBD office markets have been on different tracks over the last two years.

Leasing market activity, however, shows that the drivers of occupier demand are closely aligned with the flight to quality trend and a growing preference for premier locations.

12

Latest vacancy results paint a clear picture

Colliers Portfolio

Overall vacancy within Auckland’s CBD sat at 12.5% in June up from the 11.1% recorded in December 2021. This contrasts with movement within the capital’s vacancy rate which declined, for the third consecutive survey, to 5.9% from the 6.3% recorded in December. Vacancy within Wellington’s CBD now stands at the same rate as it did in

Source: Colliers Research

June 2019 prior to the impact of the COVID 19 pandemic.

A high quality workplace is needed to attract and retain employees In both centres the skewing of occupier demand for prime quality space is clear. The flight to quality, which has been apparent for some time, has gathered momentum over the last two years as businesses and government departments have looked to secure premises which meet the rapidly evolving operational and regulatory requirements of modern day offices. The ability to provide employees with an experience rich workplace, promote collaboration and innovation and meet ESG requirements are more easily achieved within prime quality premises.

The impact of the strong preference for quality is clearly illustrated by prime grade vacancy rates which sit well below those within the secondary sector. In Auckland, prime grade vacancy, as of June, stood at 8.2% compared with secondary grade vacancy which was recorded at 16.4%. In Wellington the variation is greater still with vacancy within the prime sector at a negligible 0.6% versus 7.3% for secondary grade space.

Quality doesn't only relate to the building While the above figures clearly illustrate the preference for quality, the results of the latest Auckland survey underline the fact that location has a significant impact on occupier appeal. As with the flight to quality trend, the shift in occupier preference for the CBD’s waterfront precincts is another trend which has gathered pace in recent years. As a result, the prime grade vacancy rate across the Britomart, Viaduct Harbour, Wynyard Quarter and Victoria Quarter precincts stands at just 1.7% Vacancy within the Core precinct, while higher at 8.3% has trended down over the last year. Western Corridor, Upper Queen and Quay Park precincts have all experienced increases in prime grade vacancy, with all now reporting vacancy rates over 15%.

Renewed focus on providing better quality in the right locations The clear tenant demand for higher quality office space, apparent over recent years, has driven a response from the development sector. In Auckland, this has seen the total CBD office stock increasing by approximately 17,000sq m over the last five years. The prime grade inventory has expanded by 132,570sq m over the same period. In Wellington, while new projects have been completed in recent years, the removal of stock (either permanently or temporarily) due to earthquake damage, or from low seismic ratings, has caused total prime grade inventory to reduce approximately 15,250sq m over the last five years. Prime grade stock has increased over the five year window, but the removal of the Asteron Centre has again reduced stock over the last year.

As stated earlier, the increase in inventory has been one of the reasons why vacancy trends in Auckland have differed from those witnessed in Wellington. However, it should be noted that the quantum of prime grade office space occupied in Auckland’s CBD has increased over the last five years, by 97,350sq m.

There are currently active development pipelines in both cities. In Auckland, approximately 78,700sq m of office premises are under construction and are targeted to be completed by the end of 2025. In Wellington, projects under construction is earmarked to deliver 69,000sq m over the period to mid 2026. In addition, a further 69,000sq m of office space is being refurbished or strengthened.

Some challenges emerging from the delivery of the pipeline A slowing of development activity is likely following completion of the current pipeline given a softening

economic backdrop, an escalation in building costs and constraints in land supply. The case for further development of high grade premises within preferred locations remain strong. Particularly, in Wellington, while undergoing the completion of the current pipeline, prime grade buildings will comprise only approximately 30% of total stock. This is well below the proportion seen in other major Australasian centres.

Prime Grade Office Vacancy Rates Auckland Waterfront Precincts v Other Precincts

Variations in rental tends evident Current demand dynamics are driving a widening of rental ranges across grades and locations, particularly in Auckland. Upward pressure is clearly evident for prime grade premises located within waterfront precincts and the northern part of the CBD Core precinct. Elsewhere, while face rents have remained stable, incentives are in play. The ability to maintain rental levels become more challenging within the secondary sector, particularly within the CBD’s southern precincts where landlords face intense competition in order to attract and retain tenants.

In Wellington, while preferred locations also command higher rentals, tighter market conditions have limited the variation across property grades. The lack of leasing options within the prime grade sector has driven rental growth across the CBD which led to increased competition for space within better quality secondary grade buildings. As a result, B grade building rentals are also on the rise.

Source: Colliers Research

New Zealand Key Economic Indicators - August 2022 Mar-22

Dec-21

(vs. previous quarter)

(vs. previous quarter)

Q-o-Q Change

Mar-22 vs.

Mar-21

Mar-21 vs.

Mar-20

Y-O-Y Change

March Quarter 2023F

2024F

2025F

GDP

-0.2%

3.0%

-3.1%

1.2%

3.3%

2.1%

2.4%

2.2%

2.6%

Current Account (% of GDP)

-5.2%

-5.8%

NA

-5.2%

-2.5%

-2.7%

-7.7%

-8.0%

-7.2%

Net Migration Gain (000's)

-12

-12

0

-12

-2

-1001.9%

-3

11

17

0.7%

7.6%

-6.9%

6.4%

6.7%

-0.3%

2.9%

4.4%

4.6%

Jun-22

Mar-22

Q-o-Q Change

Average Jun-22

Year to Jun-21

Y-O-Y Change

2023F

2024F

2025F

CPI Inflation

1.7%

1.8%

-0.1%

7.3%

3.3%

4.0%

3.9%

2.1%

2.0%

Unemployment Rate

3.3%

3.2%

0.1%

3.3%

4.0%

-0.7%

3.8%

4.3%

4.4%

May-22

Apr-22

M-o-M Change

May-21 (yr rate)

Y-o-Y Change

10 Year Average

2023F

2024F

2025F

26.3%

70.1%

89.7%

2531.6%

-2505%

-6.4%

9.5%

8.7%

8.1%

Jun-22

May-22

M-o-M Change

Jun-21 (yr rate)

Y-o-Y Change

10 Year Average

2023F

2024F

2025F

Floating Mortgage Rate

5.85%

5.46%

39 bps

4.4%

148 bps

5.6%

7.4%

7.4%

7.2%

3 Year Fixed Housing Rate

6.24%

5.81%

43 bps

3.5%

275 bps

5.2%

NA

NA

NA

81

82

-2%

114

-29%

119

7.41%

7.42%

7.23%

Jun-22

May-22

M-o-M Change

Jun-21

Y-o-Y Change

10 Year Average

2023F

2024F

2025F

Official Cash Rate

2.00%

2.00%

0 bps

0.3%

175 bps

1.91%

3.75%

4.00%

4.00%

90 Day Bank Bill Rate

2.22%

1.8%

41 bps

0.4%

235 bps

2.1%

3.98%

4.22%

4.24%

10 Year Government Bond

3.64%

3.47%

17 bps

1.8%

222 bps

2.8%

3.75%

4.35%

4.55%

US

0.64

0.64

-1%

0.71

-11%

0.73

0.66

0.66

0.65

UK

0.52

0.51

0%

0.51

2%

0.51

0.47

0.45

0.42

Australia

0.90

0.91

0%

0.93

-3%

0.90

0.90

0.87

0.85

Retail Sales (ex-auto)

Tourist Numbers Growth

Consumer Confidence

March Quarter

March Quarter

March Quarter

March Quarter

NZD vs:

Source: NZIER, Colliers Research

News 14

Papakura industrial sites provide value buying

Colliers Portfolio

As the supply of industrial land in Auckland continues to be put under pressure, two neighbouring sites in the high growth area of Papakura present a unique opportunity for developers or owner-occupiers.

“It’s incredibly rare to see properties like this being presented to the open market and they will generate significant interest among buyers who will recognise the wide array of possibilities on offer.

165 and 167 Dominion Road, Papakura comprises 26,311sq m of industrial land that is spread across two freehold titles. 165 Dominion Road is zoned Business – Heavy Industry Zone under the Auckland Unitary Plan, while 167 Dominion Road is zoned Business – Light Industry Zone.

“As Auckland’s population, growth, and infrastructure investment has continued to shift south, demand for land and industrial buildings in the area has increased.”

The properties can be purchased individually, or as a combined offering, and are available for immediate possession.

165 Dominion Road is a functional, square-shaped site spanning 18,217sq m that has recently been levelled and partially gravelled.

167 Dominion Road has 117m of road frontage with three points of access. The 8,094sq m site is a rectangular, functional shape with two separate buildings measuring 620sq m and 428sq m, respectively. The property offers low site coverage of approximately 13 per cent.

Dominion Road is considered one of Papakura’s main roads and has direct access from Settlement Road and Hunua Road, which are two main arterials within the industrial precinct. The sites are well serviced by nearby amenities with the Papakura township just 2.5km away.

State Highway 1 is approximately 3km away offering convenient access to the north and south.

Colliers Brokers Paul Jarvie, Josh Franklin, and James Dickey have been exclusively appointed to market the sites for sale by deadline private treaty closing at 4pm on Wednesday 7 September, unless sold prior.

Jarvie, Director of Industrial at Colliers, says the opportunity to acquire developable land will be highly appealing for buyers given the scarcity of industrial sites in South Auckland.

“These sites are two of the very few remaining landholdings in Papakura that have this much development potential,” Jarvie says.

Franklin, Director of Industrial at Colliers, says Papakura will continue to benefit from continued investment in the surrounding area.

“The ongoing development of the nearby Drury South will be a world-class, mixed-use enterprise district that will comprise 145ha of industrial and commercial land, 85ha of parkland, and 45ha dedicated to a new residential community.

“The Drury South development is well underway, and land is in short supply. These Dominion Road sites provide great value buying in comparison and will benefit from the development and growth in the area.”

“Central and local government initiatives and projects will ensure that the south becomes a prosperous and exciting region providing excellent opportunities for commercial property investment.”

Dickey, Industrial Sales Broker at Colliers, says the favourable zoning means buyers have a range of options at their disposal.

“The sites provide the ultimate in flexibility covering both light and heavy industrial zoning. 165 Dominion Road with Heavy Industry zoning has its own egress and allows for more objectionable odour, dust, and noise emissions.

A key attribute of the zone is that it contains sites large enough to accommodate large-scale industrial activities,” Dickey says.

“The property at 167 Dominion Road has its own unique features given the existing buildings and extremely low site coverage that provides vast development potential that is sought-after among purchasers. Light Industry zoning can include activities such as manufacturing, production, logistics, storage, transport, and distribution activities.”

Local expertise to provide specialist rural advice in Taranaki.

Experts choose experts.

Meet our expert Dean File Dean File is a Rural Sales Advisor based in Taranaki with extensive experience in the rural and agribusiness sector.

On top of selling rural real estate, File has also worked as a Livestock Buyer and was previously a Police Officer.

File’s wife Lea works alongside him, as an Executive Assistant.

The husband-and-wife team are community-minded people and Dean has been extensively involved in rugby administration, including a stint as the President of the Horowhenua Kapiti Rugby Football Union.

What is your academic and professional background?

I have a strong rural background commencing with dairy farming experience, including sharemilking, followed by my time in the New Zealand Police working primarily in rural communities.

My rural passion continued into the livestock procurement industry, initially as a prime stock buyer for AFFCO, which led into establishing my own livestock business. A natural flow on from there was including rural real estate in the business in 2008. I have focused solely on real estate for the past 10 years.

What do you love about your job?

I enjoy working with clients from all walks of life and getting a clear understanding of what they are trying to achieve, enabling me to help them to the best of my ability.

It is very satisfying being involved in the growth of the client’s business through the purchase of their first farm or the progression to a larger property.

What is a transaction/project that you are particularly proud of?

A significant multi-property dairy farm and supporting land sale that took place at the start of a downturn in the dairy sector. Rather than focusing on the negatives, we built a strong campaign using a wide range of media options and editorials.

At the close of the campaign we had received nine offers, allowing my vendors the opportunity to analyse them all to select what suited them the best.

What is the most challenging part of your role?

Trying to win a pitch and convince a client that you are the best person to help them sell their property is an ongoing challenge, but it represents an opportunity to show someone what value you can bring if they choose to engage your services.

I always view these moments as a chance to present a client with a pathway to how we can work together to achieve a favourable outcome.

What is your advice to people starting out in the industry?

Always be 100 per cent honest with people that you are dealing with. Communicate with them regularly, and regardless of whether the communication is of a positive or negative nature, you should always keep in touch.

If you don’t know the answer to something, find out rather than trying to convince clients or yourself that you actually know the answer.

Licensed REAA 2008 HSBC Tower, Level 23 188 Quay Street Auckland 1010 portfolio.colliers.co.nz

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August 2022