The substantial industrial-zoned property housing a dealership for New Zealand’s biggest used-car seller has gone up for sale in one of Auckland’s most sought-after locations.
The Turners Cars branch at 1000-1008 Great South Rd occupies a sealed and secure freehold site of approximately 7131sq m with extensive frontage to a key Auckland arterial route in industrial Penrose.
With more than 50 years in business, the NZX-listed Turners Automotive Group has established itself as New Zealand’s largest seller of cars, trucks and machinery. With 30 branches across the country and a significant web presence, the company employs nearly 500 staff and buys and sells thousands of vehicles each year.
Turners Cars has been voted New Zealand’s most trusted used-car dealer in each of the past two years.
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The site housing its Penrose branch returns rental income of $176,400 plus GST per annum on a current lease which runs through to 2022, with a further four-year right of renewal and built-in CPI rent increases.
Colliers has been exclusively appointed to market 1000-1008 Great South Rd for sale by deadline for offers closing at 4pm on Wednesday 28 July, unless sold earlier.
Hamish West, industrial director at Colliers, says the property encompasses a sealed yard of some 5850sq m, with space for more than 200 cars, plus a small warehouse/office.
“The approximately 130sq m building housing the warehouse and office sits to the rear of the site on the southern side. Also attached to this building is a small Portacom office, which is owned by the tenant and not part of this offering,” says West.
Access to the site is via one of two entrances off Great South Rd.
“With some 82m of frontage to this busy arterial route, the site benefits from huge exposure with nearly 30,000 cars passing daily, making it one of the most sought-after commercial and industrial locations in Auckland,” West says.
“In addition to being occupied by a top-shelf tenant, this offering presents investors with the chance to secure much south-after industrial land with significant future redevelopment potential in a prime Penrose/Mt Wellington location. Being positioned within central Auckland, where available industrial property is a scarcity, will ensure this site is in hot demand.”
Ben Herlihy, industrial director at Colliers, says the property spans three freehold titles, making it ideal for long-term development for larger-scale industrial activities consistent with its zoning for heavy industry under the Auckland Unitary Plan.
“Penrose has long had a reputation as an engine room of industry, with the Penrose/Onehunga area estimated to generate around 8 per cent of Auckland’s GDP. The area surrounding the property for sale is home to numerous prestigious brands such as Mercedes, Repco, Recall, Aggreko, BOK Gas and Fletchers,” says Herlihy.
Paul Higgins, industrial director at Colliers, says the site’s credentials were further bolstered by its position close to the region’s major railway line and motorway network.
“With State Highway 1 just 1.1km away via Church St or 1.3km via Mt Wellington Highway, the site has great access to the CBD, airport and inland ports.
“An abundance of amenities is also accessible nearby, including New Zealand’s largest shopping centre about five minutes’ drive away at Sylvia Park,” says Higgins.
Article supplied by Colliers
