The proposed facility would also send discharge into the air in the form of toluene diisocyanate (TDI) - a chemical compound which can be hazardous - and methylene diphenyl diisocyanate (MDI).
The consent application was lodged on December 22 last year, and was then relodged after Auckland Council asked for additional information on February 2 this year.
In addition to the storage and use of hazardous substances exceeding allowable thresholds, the facility will also have stormwater discharge and infringe the permitted maximum vehicle crossing width for an industrial zone.
An independent report into the hazardous substances that will be used at the facility was prepared by Tonkin and Taylor, and is publically available as part of the consent notification.
It concluded that there were six "credible major accident events associated with the proposed foam and bed manufacturing plant".
"Three of the events specifically relate to potential effects on human health from the accidental release of TDI or MDI associated with the delivery, storage and use of these materials at the site.
"Three of the events are associated with a fire at the plant and the consequent effects of releases to air of smoke, decomposition products and possible discharge of contaminated fire water to the Manukau Harbour.
"The risk associated with each of the credible major accident events identified was assessed as being low."
The report found that the risks could be mitigated through effective site design and operational procedures.
Submissions on the application can be made by anyone, and close on August 18.
An Auckland Council spokeswoman said once the submissions close the process may go to a hearing.
The Herald has contacted an owner of Ambury Properties and New Zealand Comfort Group for comment. Yan did not respond to a request for comment.