Mt Wellington industrial sale worth $38.8m

In one of the biggest industrial property transactions of the year, a 4.48ha freehold site with 29,526sq m of buildings at 100 Carbine Rd, Mt Wellington, has sold for $36.8 million.

The property was sold with vacant possession by Augusta Value-Add Fund No.1 Limited after marketing and working with the purchaser by Bayleys Real Estate senior brokers Mike Houlker, Sunil Bhana and James Valintine; along with James Hill and Bayleys' national industrial director Scott Campbell.

The new owner-occupier will move into the premises in March following the departure of Bunnings Warehouse, which is relocating its Auckland distribution centre to another property.

Hill says 100 Carbine Rd is one of the largest industrial holdings in the popular Mt Wellington industrial precinct with access points off both Carbine Rd and Bowden Rd and an exit also onto Gabador Place.

It comprises an original office and warehouse complex dating back to the 1970s with a stud height ranging from 7m at the knee to 10m at the apex; a separate two-level air-conditioned office building; and a large staff cafeteria at the front.

In 2005, a new extension was constructed at the southern end of the property providing additional clear-span, high-stud warehousing from 9m at the knee to 11m at the apex with yard areas for storage, container devanning and car parking.

This is the third property to sell in the Augusta Value-Add Fund No. 1 portfolio, a wholesale investor fund established and managed byAugusta Funds Management, a subsidiary of NZX listed property company Augusta Capital Limited.

Augusta managing director Mark Francis says that the transaction reinforces the company's strong track record in identifying and executing value-add opportunities on behalf of investors. "We are also delighted that we were able to orchestrate an outcome that enabled valued client Bunnings to continue to operate from Carbine Rd for a period that also worked for their business and for the purchaser."