Freehold property has prize potential

Almost 2ha of freehold industrial land with substantial improvements is for sale in one of Auckland’s most accessible locations.

The property at 10-12 Harrison Rd, Mt Wellington, is within a tightly held pocket of industrial land between Mt Wellington and Ellerslie.

It enjoys exceptional motorway access and is set to benefit further from significant investment in infrastructure and development in the surrounding suburbs.

Colliers International is marketing the 19,965sq m property for sale with vacant possession on an ‘as-is, where-is’ basis. Expressions of interest are to be lodged by 4pm on Wednesday, March 25.

Jason Seymour, capital markets director at Colliers, says properties of this scale very rarely come to the market with vacant possession.

“This is a unique opportunity for owners-occupiers, add-value investors and developers to acquire a substantial landholding in a tightly held, growth location.

“The property’s size, shape, zoning and location allow for a multitude of refurbishment and redevelopment options.

“A new owner could explore re-zoning all or part of the site to complement the residential development along the northern and eastern boundaries.

“Alternatively, a new owner could retain the existing improvements to maximise the site’s business light industry zoning, which is scarce this close to Auckland’s CBD.”

Peter Herdson, national director of Colliers’ capital markets team, says the property is located at the end of Harrison Rd, which is accessed directly from the Ellerslie Panmure Hwy.

“The property is close to the boundary of Ellerslie, which is among Auckland’s most sought-after residential suburbs. It is also conveniently located near Sylvia Park, one of New Zealand’s largest shopping centres.

“The site provides easy access to Auckland’s motorway network, including State Highway 1 at the Ellerslie interchange and SH20 at the nearby suburb of Onehunga.

“The wider area has benefited from significant central and local government investment as part of one of New Zealand’s largest urban renewal projects.

“A huge infrastructure transformation is underway across Tāmaki, including new rail, road and bus interchanges at Panmure, and ongoing construction of the AMETI eastern busway.

“The Tāmaki transformation programme, which is focused on housing, health, education and employment, will continue to drive growth in the immediate and surrounding areas.”

The property comprises a mostly two-level commercial building to the east with extensive car parking and undeveloped land to the west.

The 7,134sq m building, which provides office space ranging in quality and condition, is accessed via covered stairs and a wheelchair access ramp leading to the main entrance.

The building was originally constructed in 1990 with a second stage completed in 2000, followed by more recent additions and modifications.

The site is accessed via a driveway extending off Harrison Rd. This leads to a large car park in front and beside the building, together with landscaped grounds.

A new owner will need to determine appropriate use and Auckland Council consenting requirements for car parking in this area.

The site’s zoning provides for light industrial activities including manufacturing, production, logistics, storage, transport and distribution.

This zoning generally caps the building height at 20m, but greater height is allowed if the building makes efficient use of land and does not have adverse effects on adjacent residential zones.

Interested parties are invited to undertake their own due diligence investigations of the land and improvements.