As the Auckland region continues to experience a shortage of well-positioned heavy industrial-zoned land, and with occupiers in the manufacturing sector hamstrung through the lack of supply, investors will be tempted by a high-yielding freehold property with good scale in the West Auckland suburb of Glendene.
Located in the industrial precinct known as Span Farm, the warehouse/office property at 3 Bancroft Crescent has been occupied by the same tenant, Majestic Textiles Limited (MTL) for 30 years as its main manufacturing, distribution and administrative facility.
The flat 3,584sqm site supports around 2,503sqm of established buildings with strong profile to Bancroft Crescent.
The 1970s era building provides more than 2,000sqm of clear-span, high-stud functional warehousing with multiple roller door access points, offices over two levels at the front of the property, good amenity and storage space, and large yard areas for container devanning and on-site parking.
Start your property search
As occupier, MTL is well set-up in the building with significant plant and infrastructure, and recently refurbished the space. While the existing lease is up in February 2026, further rights of renewal take the final expiry date out to 2032.
The property returns net annual income of $379,000 plus GST, and the lease has regular rental reviews to market and CPI.
The latest refresh to the property undertaken by MTL, which was established in 1972 and is a market-leader and preferred supplier in the global automotive textile sector, underpins their long-term presence as tenants.
This fit-for-purpose property would be hard to replicate elsewhere in the region today, according to agents particularly given ongoing construction sector challenges and the scarcity of favourably-zoned land.
Matt Preston and James Hill of Bayleys said the property's motivated vendors are looking to realign their property portfolio and the private treaty campaign closes 7th December, unless sold prior.
Preston stressed that the Business Heavy Industry zoning is compelling given the dire shortage of both existing and forward pipeline of property that meets the demands of the manufacturing sector.
"We hear a lot about the distribution and logistics sector scrambling for space, but the same can be said for the more gritty manufacturers that need premises that allow for production at scale yet are still pivotally located to streamline the movement of products.
"MTL is a well-entrenched tenant with this proven location having supported its business and operational model for three decades now."
The Glendene industrial precinct lies between New Lynn and Henderson and historically has experienced very low vacancy rates.
Hill said the location close to Great North Road provides efficient access to arterial routes, with the Waterview tunnel effectively opening up connections with South Auckland.
"Major national and international brands like like NZX-listed wine company Delegat Group Limited, packaging solutions business SEE, HydroTech, Total Storage and manufacturers The Pallet Company have strategically positioned themselves in the neighbourhood," he said.
"Properties seldom change hands in the Glendene industrial precinct so investors should take note of this opportunity in a precinct that has demonstrated pulling power."
Article supplied by Bayleys
