A big parcel of serviced industrial land within the 70 hectare Manawatu Business Park in Palmerston North has come to the market for sale.
"This opportunity as ideally suited to a developer, part owner/occupier or investor," says
John Binning, national director of capital markets at JLL who selling 44 hectares of fully serviced subdivided land at Manawatu Business Park on behalf of Argosy Property Limited by way of private treaty.
"Manawatu Business Park is located within the suburb of Milson, an outer north eastern industrial precinct of Palmerston North about 6.5km northeast of Palmerston North's city centre," Binning says.
Individual lot sizes start from 2000 sq m and over with design-build options available to meet specific tenant requirements and boundary realignments are being offered. Amenities within the business park include a childcare centre and the land is zoned specifically for industrial businesses that can operate 24/7.
Binning says significant aesthetic developments have taken place within the park improving the street lighting, footpaths and levelling the site
The frontage and access to the site is via 31 El Prado Drive in Milson, which is just five minutes' drive and 2.4km from Palmerston North Airport. The North Island rail network and main arterial routes are also close vicinity to the site.
Manawatu Business Park is home to a number of large quality warehouse operators including Ezibuy, Big Chill, Allfex, Hooker Brothers, Fliway Group, Vestas, Tyremax, Fresh Max, Budget Plastics and Provida Food. Foodstuffs distribution hub is adjacent to the park.
Development surrounding the site comprises modern industrial distribution and warehousing along with vacant industrial land.
Binning says Palmerston North is growing as a recognised distribution and logistics hub that services both the central and lower North Island.
"There is a strong demand for 'greenfield' land for modern industrial developments in the greater Wellington region and the Manawatu Business Park can meet this growing need. Land value rates are also approximately two thirds less than Wellington and just 20 per cent of Auckland's land value making this an affordable and strategic long-term investment," he says.
"The development of the Transmission Gully Highway Project north of Wellington will make the whole proposition of supplying the Wellington region even better from a logistics point of view. This land is also located within a two hour radius of New Plymouth, Taupo and Hawkes Bay."
Binning says there are a number of large developments in the pipeline for Palmerston North which will further enhance the attractiveness of the area including the expansion of Massey University, Bupa Retirement Village, council Housing, AgResearch in Grasslands as well as a supermarket, retail and commercial development.
"Palmerston North has a long history of innovation in the business sector which is why it is home to the head offices of Toyota New Zealand, Higgins Group, FMG Insurance, New Zealand Pharmaceuticals Limited, and Hunting and Fishing New Zealand," Binning says.
"According to Statistics New Zealand, it is New Zealand's seventh largest urban city and is projected to increase its population by 13.4 per cent from 2013 to 2033."