Big site opportunity in popular area

By Colin Taylor

Mt Wellington's vacancy rates are among the lowest in any industrial area, but lease deal gives a chance to get in

Exterior elevated view of a large industrial site for lease at 100 Carbine Rd, Mt Wellington.
Exterior elevated view of a large industrial site for lease at 100 Carbine Rd, Mt Wellington.

A big Mt Wellington industrial property is being marketed for lease as one of the last buildings of this size in the area on the market.

"The overall industrial vacancy in Mt Wellington is 5 per cent and this site at 100 Carbine Rd covers an area of 4.4ha," said the national director of industrial at Jones Lang LaSalle, Sam Smith.

"It is a significant chunk of the vacancy in the area and when it is leased, industrial vacancy in Mt Wellington will fall to 3.4 per cent - a level we last saw in 2007."

The property comprises 16,000sq m of quality warehousing, 1096sq m of office and amenities, and 5031sq m of canopy and yard.

"It is particularly suited for occupiers who are seeking significant storage or manufacturing space," Smith said.

The site includes an original warehouse with 8800sq m of space with a 7m stud height and a 7500sq m modern warehouse extension rising to a 10m stud.

The warehouse can be accessed via five roller doors and the property has entrances off Carbine Rd and Gabador Place providing drive through yard access.

The building also has a full fire sprinkler system.

The property is offered by way of a sub-lease by the current tenants, VisyPet, which runs through until October 2017.

Interested parties have the option of using space from 7000sq m to 16,281sq m of warehousing.

"Large sites in Auckland's central industrial area don't come on to the open market very often and when they do become available, properties like this are highly contended for," Smith said.

"With a limited supply of industrial stock and a lack of suitable space for the needs of many modern industrial users within already consolidated areas, tenant options are very restricted. Mt Wellington is considered one of Auckland's premier industrial areas due to its excellent connections - only 12 minutes' drive away the Auckland CBD and with quick access to State Highway 1."

The associate director of industrial at Jones Lang LaSalle, Paul Steele, says brownfield sites are increasingly becoming the only option for businesses hoping to establish themselves in Auckland's more established industrial suburbs such as Mt Wellington. "This is because very few large-footprint warehouse and office facilities are being offered - especially for larger occupiers seeking to find satisfactory sites."

Steele predicts there will continue to be limited options for industrial buyers in the Mt Wellington area and occupiers will need to be more realistic about their requirements to satisfy their business needs. "Overall property costs for occupiers are likely to creep up and this is being demonstrated with reduced incentives for tenants in established industrial areas including Mt Wellington."

- NZ Herald

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