A large, 1.29 hectare site comprising two, adjacent, freehold title properties has come to market in the Auckland industrial hub of Onehunga.
“This is a versatile site with lucrative options for both occupiers and developers,” says Ben Herlihy, who, along with colleagues Hamish West and Chris Palmer of Colliers International, is marketing the properties at 64 Victoria Street and 11 Spring Street, Onehunga, Auckland, for sale by deadline private treaty closing 4pm, Thursday October 8th, unless sold prior. The properties are for sale individually or together.
“With its current set up as a manufacturing facility, it would be a seamless transition for the properties to continue functioning in the same capacity. Alternatively, the sheer size of the site presents a huge land holding opportunity for developers, particularly with its potential residential possibilities.”
“Under the Proposed Auckland Unitary Plan both properties will be designated Mixed Use. This is intended to revitalise the area by promoting a diverse assortment of residential, business, educational and leisure uses within the vicinity.
“Onehunga is an area Auckland Council’s identified for urban intensification, and this site could certainly accommodate future residential development.”
The property’s currently leased to Compac, a New Zealand owned company exporting fruit-sorting equipment and technology to 40 countries worldwide, and new owners will have the option to purchase the property as vacant possession or with temporary holding income.
“Although the current tenant has committed elsewhere, it is willing to operate on a short term leaseback arrangement which could provide developers with useful holding income while they undertake development and planning permission.”
West says the functionality of the space is additionally very well suited for manufacturing operators seeking a central site.
“The Victoria Street property features two large warehousing bays totalling 3,256 sqm with roller doors at either end and Onehunga is a very convenient, central location between multiple industrial and business hubs – especially for distribution operations.”
The two properties occupy an entire block and have dual street frontages onto Victoria Street and Spring Street as well as drive through access.
Number 64 Victoria Street is the larger of the two properties with a total building area of 4,797 sqm on a 7,697 sqm site. The property includes an office and staff amenities area as well as a warehouse with mezzanine storage.
The Spring Street accessed property includes an office/warehouse and a secondary staff office with amenities totalling 2,398 sqm on a 5,211 sqm site. An outdoor, green courtyard is located in the centre of the main building as leisure space for staff.
The location is also just a brief walk from Onehunga Town Centre and Dressmart.
Palmer says excellent rail access and continually improving motorway access makes Onehunga within easy reach of the Auckland’s central business district and is contributing to the area’s significant regeneration.
“Completion of the Waterview Tunnel which will connect the south western State Highway 20 motorway with West Auckland and North Shore will further benefit the area’s desirability to businesses and residential developers.”
State Highway One and the South Eastern interchange is approximately two kilometres east of the properties and State Highway 20 is easily accessed from nearby Neilson Avenue.
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