A vacant, freehold industrial property next to the Edgar Centre in Dunedin is offered for sale ‘as is, where is’ through Colliers International.
The property at 130 Portsmouth Drive, Dunedin, is being marketed by Colliers International director Dean Collins on behalf of Chalmers Properties Ltd.
The sale of the property opens up an excellent opportunity for industrial owner occupiers and developers, Collins says.
“This is a rare freehold property in a location where most of the surrounding land is leasehold. It also has a great profile on a busy arterial road. These factors are highly sought after and we’re expecting interest from businesses looking to move as well as developers.”
The 8428sq m site contains an existing 3240sq m building which was originally constructed in the 1980s as a coolstore facility. With the existing occupier moving on, the property is being offered vacant and could suit industrial businesses looking to secure a large building in a prime Dunedin location, says Collins.
“The building on site could suit a number of businesses looking for a new location in a high-profile spot. The building could be redeveloped or replaced by a new owner occupier to suit their own requirements,” he says.
The property is expected to be in demand among developers, given the large appetite among businesses for modern, quality industrial facilities in Dunedin.
“Demand outweighs supply at the prime end of the industrial market at the moment, with a lack of suitable existing premises,” Collins says.
“As a result we’re seeing more businesses missing out on prime industrial space and reluctantly staying put. Others are investigating new build opportunities as business confidence grows, although it is difficult to find suitable sites in the central industrial areas, especially freehold sites which are always highly sought after.”
Options available to developers could include constructing a new, high-specification industrial or trade facility and leasing it to a business looking for a new premises on a prime, main-road location in central Dunedin, he says.
“The site’s visual profile is one of its key advantages. It is a corner site on the corner of Teviot St and Portsmouth Drive, which is one of the main routes into and out of the Dunedin CBD. The property also has a big frontage to Portsmouth Drive of more than 100 metres, along with three vehicle access points and plenty of on-site parking.”
The location, known as the Southern Endowment industrial area, has continually been popular among industrial occupiers. In recent years, some sites have been redeveloped for trade retail uses, with occupiers including Bunnings, Mitre 10 Mega, Placemakers, Mico and Turners Car Auctions alongside more traditional industrial and logistics businesses.
The property is for sale by deadline private treaty closing on March 15, unless it sells earlier.
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