Well-sited Frankton land block

The L-shaped property for sale at 71 Killarney Rd is indicated by a red border. Photo / Supplied

A substantial freehold land holding in Frankton is for sale providing a rare development opportunity in the long established central Hamilton industrial precinct.

Located at 71 Killarney Rd, the property comprises 3710sq m of L-shaped land with about 16m of frontage to the major arterial road.

Featured in Bayleys' final national Total Property portfolio for 2018, it is one of seven Waikato properties that will go under the hammer in Bayleys' Hamilton auction room on December 6, unless sold prior to that date.

It's for sale with vacant possession and is being marketed by Bayleys Hamilton's Mike Swanson and Alex Ten Hove.

"This prime industrial holding offers a development opportunity in a popular location where industrial land is in high demand but in very short supply," says Swanson.

"It comprises mostly bare, flat land with the exception of three small industrial sheds with a total floor area of around 400sq m. One of the features of the property is its depth, stretching nearly 110m from the road front to the rear of the site. It offers an immediate option to develop or alternatively could be viewed as a long-term land banking opportunity."

Ten Hove says the site is well positioned in a busy industrial/commercial setting close to state highway connections, being only one block away from SH1 with SH23 also nearby. Surrounding industrial businesses include Roadmarkers NZ, automotive parts suppliers, tool suppliers, plumbers, tyre retailers, metal yards and transport, logistics and supply companies. Commercial occupants include car sales yards, a gymnasium, a Challenge Service station and a string of big name fast food outlets.

"The land for sale is centrally located providing accessibility to other parts of Hamilton," says ten Hove. "Excellent highway access increases its appeal for businesses with wider business interests in the Golden Triangle of Auckland, Tauranga and Hamilton which generates almost 50 per cent of New Zealand's GDP."

Bayleys Research's recently completed survey of the Hamilton market shows industrial accommodation conditions remain tight, with a vacancy rate of just 2.3 per cent in the city's major industrial precincts. Frankton's industrial vacancy fell to 2.2 per cent from 3.3 per cent in September 2017.