A large two-hectare piece of greenfield land in one of Auckland’s fastest growing areas is coming to the market for the first time since 1869.
Marketed by Paul Steele and Claus Brewer of CBRE, The property at 60 John Street, Pukekohe, sits on one title, surrounded by industrial facilities on all adjacent boundaries, and is zoned Light Industry.
It is for sale by way of deadline private treaty closing March 17 at 4pm.
CBRE agent Paul Steele, who is marketing the property, says it is a significant opportunity for developers and land bankers.
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“The site has historically been used for pasture, to graze horses. In this rapidly growing area, which is fast becoming the focus of Auckland as the city develops south and North Island attention increasingly tunes into potential offered by improving links between Auckland, Hamilton and Tauranga, the site offers a range of potential uses, including a mix of standalone and or unit developments.
“With so little industrial land available for development and expansion within the wider Auckland catchment, this property is an ideal and flexible platform upon which to build a standalone owner-occupier facility, a large warehouse with yard, or other facilities. Its size, flexibility and potential mean that we therefore expect substantial interest from industrial occupiers, developers and land bankers who recognise the growth of Pukekohe.”
The Crown subdivision of 1865 created individual lots of the scale of small farm lets in the area. At that time, John and Sarah McKinney travelled from Ireland to New Zealand. They obtained the grant of land, and it is from these town parcels that comprise the property now for sale for the first time outside the family since 1869.
CBRE agent Claus Brewer says that selling the property opens a new chapter for the family and the site. “Always a hard-working piece of land, it is time for the site to realise its 21st Century potential and find the right owner to take it forward.
“Today the site is one of the last bare lots along the border between the labour force and industrial precincts of Pukekohe. Close to the township’s centre, neighbours comprise hard-working local industrial businesses, close to Noel Leeming, Countdown, Mitre 10 MEGA Pukekohe and many other well-known businesses.”
With good access and frontage to John St, the property not only offers street presence but also great potential for employers, says Brewer.
“When you look at the local catchment and growth in the location, the property offers strong potential to create additional opportunities for industry and local employment. Furthermore, when you look at Auckland more widely, it is exceptionally challenging to secure any industrial land, so to find two hectares of desirably zoned land in Pukekohe offering the chance to build investment potential is becoming unique. We ask the market to consider where are the other comparable sites to this one: there really is hardly any industrial-zoned land offering expansion opportunities in this location.”
This, says Steele, is backed by CBRE’s research, which shows a lack of industrial land available for purchase.
“Pukekohe’s average annual growth outstrips wider Auckland. It is set to continue to run at 2.1% growth till 2023, versus Auckland’s projected 1.9%. Pukekohe’s population is set to grow from 23,630 people in 2018 to 36,490 by 2043, and industrial property market growth of 65% is forecast over the same period compared to 31% across wider Auckland.
“With 9,370 people employed in 2,586 business in Pukekohe, the town’s economy has been dynamic, growing by 58% since 2000 compared to the Auckland average of 50%. “
Brewer adds that overall industrial vacancy in the Auckland market has been trending downwards in the past 8 years, from its cyclical peak of 5% at the end of 2010 to just above 1% in December 2019. “The Pukekohe industrial market experienced the same vacancy trend, going from just under 7% to below 1% at the end of last year. With a relative lack of high-quality industrial buildings in the current Pukekohe stock - Prime quality space only accounts for about 12% of the total stock in the suburb - we expect that in the Pukekohe market the retail and wholesale trade sectors, as well as local manufacturing businesses, will dominate industrial space demand going forward.
“You don’t have to look hard to see that it is a challenge to find areas of industrial-zoned land that are not already owned here. As unencumbered bare land that anyone can purchase, 60 John Street offers great potential for the purchaser.”
Find out more about the listing here:
