The last five industrial units in a new business park being developed in the Westgate Town Centre in northwest Auckland are being offered for sale and lease off the plans.
The final stage of the Northside Business Park, at Lot 4, 9 Northside Drive, Westgate, is being taken to the market by experienced property company Midpoint Investments following the rapid sell down of the first two stages of the development encompassing 10 industrial units.
Bayleys North Shore Commercial is marketing the third stage of the project which encompasses a mix of warehouse, showroom and office accommodation, with the units sized from 261sq m to 500sq m. Asking prices range from $949,000 to $1,969,000.
"The first two stages of the Northside Business Park sold out swiftly off the plans to a mix of owner occupiers and investors and we are expecting a similar take up of these final units so we're advising interested parties to act quickly," says Bayleys North Shore commercial industrial manager Matt Mimmack.
Mimmack says the units comprise functional clear-span warehousing ranging from 161-320sq m with a stud height of seven to eight metres, accessed via motorised roller doors with a 20m canopy above. All of the units also come with attractive, air-conditioned ground floor showroom and upper level office space, with full height glass paneling over their two levels.
"The adjoining units are being built to high-spec modern industrial design and construction standards with a seismic rating of 100 per cent of New Building Standard and attractive exterior cladding and landscaping within a gated, secure business park," Mimmack says. Each unit also has designated car parking ranging from four to nine spaces.
The Northside Business Park is near the intersection of Northside Drive and Fred Taylor Drive on the northwestern corner of the 56ha Westgate Town Centre which is being master planned by NZ Retail Property Group in conjunction with Auckland Council.
Midpoint Investments acquired about 3ha of land zoned Light Industry in this part of the town centre and built five industrial units at Lot 1, 3 Northside Drive prior to developing the Northside Business Park. These units were also sold off the plans by Bayleys North Shore Commercial.
Construction work has commenced on stage one of the Northside Business Park comprising eight units with the tilt-slab concrete panelling now in place. This stage is scheduled for completion in August with stages two and three scheduled for completion in December 2018.
Mimmack says about 70 per cent of sales off the plans have been to owner-occupiers with the balance to investors.
"The owner-occupier market remains very strong and is being driven by confidence within the business sector about continuing economic growth, particularly in this rapidly growing part of Auckland. Low interest rates are also helping fuel owner-occupier demand for premises, making it often just as cost effective to borrow to buy as it is it to lease.
"There's also a lot of investment confidence in the industrial property market at present, with very low vacancy rates meaning investors are comfortable about buying quality new offerings vacant because they know that tenant demand for these types of premises is very strong.
"We can assist these investors because we have plenty of tenants looking for modern new premises, particularly North Shore based businesses who are prepared to consider moving northwest because there is very little new industrial development taking place on the Shore."
Mimmack says there is substantial demand for industrial premises at Westgate from trade sectors such as builders, plumbers and electricians, involved in the large amount of construction work being undertaken in northwest Auckland. New and expanding distribution and storage businesses are also significant occupiers of industrial space in the area. Mimmack says being part of the Westgate Town Centre, which is expected to be the economic hub for Auckland's expanding northwest, is an added attraction for business occupiers because it means they and their staff have access to the many amenities that go with the creation of a major new town centre.
The town centre's master plan has been segmented into 17 mixed use zone and the first stages have involved the development of retail components and a town square. New retail complexes include the Northwest Shopping Mall and a number of bulk retail premises such as supermarkets, Mitre 10 Mega, Palmers Planet, Harvey Norman, Briscoes and Rebel Sports stores.
Auckland Council is funding the town centre's public infrastructure which includes a multi-purpose library and community centre, currently under construction; a major underground bus interchange and six hectares of parkland space.
Mimmack says the rear of stage three of the Northside Business Park borders one of the public reserve areas proving occupants with a pleasant outlook.