"The total floor area of the complex is just over 17,000sq m, with the balance of the flat site containing extensive asphalted carpark areas and internal roading. This part of the property includes around 7000sq m of surplus land with direct road frontage on to Hunua Rd."
Brewer says the existing buildings could be upgraded, removed in whole or part, or the site could be completely redeveloped as a new complex or subdivided into smaller sites.
"The property offers several options, which we know is of real value to purchasers and developers in the current market. The smaller block is about 2.5ha, with fencing and separate access to Hunua Rd. The site is about to undergo redevelopment to provide a truck fleet facility for Winstones.
"With regards to zoning, industrial activity is permitted on both titles. The 5ha holding at 40 Hunua Rd is zoned Industrial 3, and the 2.5 a site at 58 Hunua Rd is zoned Industrial 4 under the Auckland District Council Plan (Papakura Section)."
Brewer says the established industrial facility leaves a legacy of its former heyday with a significant power capacity feeding into the site and a consented water bore among the existing infrastructure.
Tim Boyle, associate director of CBRE in South Auckland, says a buyer may potentially secure short-term income from the existing improvements at 40 Hunua Rd, depending on timing, while 58 will be leased by Fletcher Concrete and Infrastructure at $310,000 per annum net for a period of 10 years from February 1, 2014.
The Laminex Group, which traded formerly as Formica New Zealand, has operated a high-pressure manufacturing plant within the complex and before that, the Hunua Rd site was used for agricultural purposes.
Catley says that the Hunua Rd site has established industrial neighbours, including Griffins Food and Independent Liquor.
"It is well-placed with regards to current transport connections, and the recently upgraded Southern Motorway Interchange at Papakura is nearby."
Catley says Hunua Rd is also a key growth area in Auckland. "With new road infrastructure under way, as well as the large Papakura residential catchment and its associated workforce, Papakura in general and Hunua Rd specifically are both set to benefit from being a designated growth area.
"Papakura has been branded as one of Auckland's 10 Metropolitan Centres, which are identified in terms of their hierarchy as having important retail and employment functions at a sub-regional scale."
Boyle says the two adjoining properties represent opportunity on several fronts.
"Firstly, there may be the potential for some short-term income from Fletcher Building Products Limited, together with the passive income produced from the long-term lease to Fletcher Concrete and Infrastructure Limited."
Brewer says Papakura's growth and Auckland's commitment to improving transport connections and infrastructure in the identified sub-regions will ensure commercial and industrial precincts are prioritised in the short- and long-term.
"The purchaser of the site at 40 and 58 Hunua Rd would be buying at a stage when large industrial landholdings are rapidly diminishing."
Catley says CBRE is receiving interest in the site from a range of investors and developers.
"There is an abundance of options for this substantial industrial holding going forward. This is an opportunity at a time where we have seen a dramatic decrease in the number of industrially zoned sites over give hectares available in the market."
