A classic warehouse property fit for a variety of uses has gone up for sale in one of Auckland’s most desirable industrial locations.
The approximately 680sq m building, positioned on a freehold site of some 1,050sq m in the sought-after Penrose industrial precinct, is expected to appeal to both investors and owner occupiers.
Located at 33 Fairfax Avenue, Penrose, the property is located in a highly popular location, with an extreme shortage of land for development a driving fundamental in the lift in land values over recent years.
Colliers has been exclusively appointed to market 33 Fairfax Avenue, Penrose, Auckland, for sale by way of an auction at 11am on Wednesday 14 July, unless it is sold earlier.
Ben Cockram, Industrial Associate Director at Colliers, says the regular rectangular shape of the site and building, along with an attractive warehouse-to-office ratio of about 82 percent, make the property suitable for a wide range of uses.
“The site’s zoning for light industry under the Auckland Unitary Plan facilitates a myriad of activities that do not generate objectionable odour, dust or noise. This ranges from manufacturing and production, to logistics, storage, transport and distribution,” says Cockram.
“Coupled with its prized location in a centrally-located industrial precinct with great motorway connectivity, these attributes position the Fairfax Avenue site as classic warehouse real estate which is sure to attract keen demand.”
Constructed around 1978, the building for sale incorporates an approximately 561sq m warehouse with a stud height ranging from about 4.9m to 5.8m. The balance of the lettable area comprises of office accommodation, amenities and mezzanine areas.
“The ground floor contains a small office and lunchroom plus two toilets. There is further office accommodation on the first floor and a small mezzanine for additional storage. The offices were last refurbished in 2013,” says Cockram.
“The construction is concrete block and steel structural framework with a long-run iron roof which was last replaced in 2006 providing a seismic rating of 80% of new building standard. There is three-phase power feeding into the building, which also has an alarm system.
“The front courtyard is fully secured with a robust steel gate and fencing. This area provides off-street parking for about 10 vehicles as well as space for container set-down.
“The property is leased to leading New Zealand flooring industry supplier Gilt Edge Industries. Established over 50 years ago, the business employs 32 staff across a dozen locations. It occupies the Penrose property on a lease which expires in September 2022. A market rent review is scheduled for this October,” Cockram says.
Hamish West, Industrial Director at Colliers, says one of the property’s greatest strengths is its “winning location” in the heart of Penrose.
The site for sale is positioned on the eastern side of Fairfax Avenue, some 200m south of its intersection with Walls Road, amid neighbouring big-brand occupiers including NZ Post, New Zealand Couriers, PB Tech and AA Insurance. It is handy to main arterial routes including Great South Road and interchanges with the motorway network.
“Long considered a powerhouse of industry, the Penrose/Onehunga area is estimated to generate around 8 per cent of Auckland’s GDP, according to NZTA research,” says West.
“This well-established industrial hub has seen many businesses thrive, thanks to its close connection with the main railway line and other key transport routes such as State Highway 1 and State Highway 20. The area is expected to see a big increase in heavy truck access as the Auckland economy grows.
“Just 9km from the city’s CBD, this location also offers easy access to Auckland Airport and inland ports,” says West.