Marina property on market for first time in a century

A property occupied by a boat building workshop at Milford Marina, North Shore, is being marketed as a “once in a lifetime opportunity” and is for sale for the first time in over 100 years.

5 Omana Rd, Milford, Auckland, is being marketed by Matt Prentice and Shoneet Chand of Colliers International. It is for sale by deadline private treaty closing on December 15 2016, unless sold before the deadline.

With the property having been in the same family ownership for a century, the owner has decided to divest it to a buyer who could consider various possible options for the site’s future, Prentice says.

“This is a pretty unique property that is quite different from the usual industrial warehouses that come on to the market on the North Shore. It is currently home to a boat builder but could potentially be used for a range of marine-based activities, given its underlying zoning.”

The freehold property, which includes a private slipway into Milford Marina, is on land designated to become Marina Zone under the Unitary Plan. This zone provides for the development and operation of existing marinas, meaning a wide variety of marine-related industry could be possible for the site, depending on consents.

Enquiries are expected from buyers with an eye for the site’s potential future value, given its prime waterfront location in a wealthy catchment, says Chand.

“Properties on Milford Marina are tightly held and rarely offered to the market, meaning they are highly sought after among affluent local investors,” he says.

“With a lease in place to the current occupier, this property makes an ideal investment, with an income stream in place until such a time as the new owner may decide to undertake a redevelopment.”

The 1052sq m site, which has drive-through access, contains a 367sq m workshop and office building. Off-street parking is provided at the front of the site, with a yard and the slipway to the rear.

History

The history of the Milford Marina dates back over 150 years to when scows first made their way up Wairau Creek to carry stone from the quarry situated under what is now the Milford Mall.

In the 1920s, when development of Castor Bay was underway, a footbridge was built across Milford Creek – constructed above mast height to accommodate vessels moored in the creek.

In 1957, plans begun for the development of the marina and by 1960 a council scheme proposed turning the Estuary into a non-tidal lagoon by installing lockgates. In 1961 Milford Cruising Club moved 200 tons of concrete blocks from Tamaki River to form a groyne on the southern bank of Wairau creek mouth.

The first part of Milford Marina consisting of 89 berths was constructed in 1968. In 1975, a total of 112 berths were provided. The old bridge was demolished in the 1970s and a new, mechanical drawbridge was completed last year. Today the marina is now home 220 permanent vessels.

Location

The property is adjacent to the Milford Cruising Club and just 350m from Milford Beach, in a location midway between the beach and the Milford Centre mall.

The mall is to be extended and upgraded by owner New Zealand Retail Property Group, which has achieved planning consents for a major development to overhaul the centre, including the construction of 167 high-end apartments and a 2500sq m expansion and upgrade of the existing mall.

Milford is an established coastal suburb that is well known for its relaxed lifestyle and unique village atmosphere. It has become a highly sought after suburb to live and is home to high calibre schools which include Westlake Boys’ College, Westlake Girls’ College, Rosmini College, Carmel College and Milford Primary, says Prentice.

Significant amenities and large commercial developments nearby include North Shore Hospital and the Smales Farm business park, which is home to over 5000 workers and is expected to increase to 10,000 workers in the future.

 

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