Maritime potential at Mt Wellington

The waterfront industrial property at 15 Rakino Way, Mt Wellington. Photo / Supplied

A large waterfront industrial property with development potential is for sale at 15 Rakino Way, Mt Wellington.

The freehold property is in Auckland's industrial heartland, say CBRE agents Chad Greer, Bruce Catley and Claus Brewer. They are selling it by a four-week deadline private treaty, closing December 12 at 4pm, unless it's sold earlier.

Greer says there is exceptional demand for properties of this calibre.

"Industrial properties with this level of add-value, seldom come up. As the only one of its type currently available in Mt Wellington, it's likely to grab the attention of investors, owner-occupiers and developers," he says. "It has good quality warehouse and office facilities in a prime industrial position alongside the Tamaki River. The low site coverage has untapped potential, either by expanding the existing structures or a complete redevelopment."

The 14,971sq m Light Industrial-zoned site houses 2369sq m of net lettable areacomprising: a 656sq m warehouse; 154sq m of warehouse-office space; a mezzanine area of 154sq m and 1405sq m of corporate-grade offices. There is 500sq m of hardstand, plus about 60 on-site car parks.

Brewer believes maritime or marine development options are certain to be considered, given its closeness to the Tamaki River.

"The occupier has been there for many years, and the level-site is ripe for more intensive use.

"A survey of surrounding properties shows what's possible here. A new owner could create a bespoke design, one tailored entirely to their needs."

Nearby companies work in engineering, manufacturing, food, boat building and exhibition display. The site neighbours the Auckland Rowing Club at Ian Shaw Park.

Brewer says Mt Wellington has long been a popular industrial location. "It's become further integrated with the city's industrial and logistics infrastructure, with more attractive supporting amenities, anchored by a growing Sylvia Park, some 3km away.

"As heavy industries move further out, Mt Wellington has become a Grade-A location for corporates, close to a large labour force and is well suited to businesses with high staff counts."

Brewer quotes CBRE research showing the attractiveness of the Auckland industrial property market.

"The industrial sector is showing the strongest performance of all sectors this year.

"Vacancy was below 1 per cent in the first half of the year, and rents are up 6.2 per cent year-on-year, with prime rents continuing to push towards new benchmarks.

" Consequently, land values have risen by 4.4 per cent over the first half of this year, continuing the strong growth trend of recent years.

"Mt Wellington was an outstanding performer over the first six months of 2018, reflecting its increasing commercialisation, plus the scarcity of land," says Brewer.