One of the last remaining large-scale industrial development sites in Mt Wellington has come to the market in what shapes as a once in a lifetime opportunity for developers, add-value investors or owner-occupiers searching for the chance to purchase a property with immense future potential.
151C Marua Road in Auckland’s Mt Wellington is a 2.2ha freehold location with low site coverage, benefiting from excellent access from Marua Road and a second entry point from Mono Place.
The vast warehouse and office space provides 8,125sq m of total net lettable area, including 528sq m of canopy, with Nexus Performance Foams Limited leasing 4,035sq m of the building, leaving 4,090sq m available to occupy.
Colliers Brokers Hamish West, Ben Cockram and David Burley have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 8 September, unless sold prior.
Start your property search
West, Director of Industrial at Colliers, says properties of this size and scale are rarely seen on the market.
“This large site will be sought-after by a range of buyers who are searching for assets with future upside in a prominent location,” West says.
“The potential of the site is immense, and this property represents the chance for the new owner to explore long-term development opportunities.
“With a high-quality tenant in place for half of the building, the new owner will have the security of holding income before deciding their next moves. Mt Wellington has an incredibly low vacancy rate for industrial premises.”
Nexus Performance Foams, a subsidiary of NZX-listed Skellerup Holdings, began an eight-year lease in July 2019 with two-yearly market rent reviews. There are two rights of renewal in place for four years each with a final expiry in June 2035.
There is a redevelopment cause in place after the expiry of the first term and the lease provides a net rental income of $436,707 plus GST per annum. The areas occupied by Nexus include a 3,753sq m warehouse, 282sq m office, and 264sq m canopy.
The vacant section of the building comprises a 3,857sq m warehouse, 233sq m office, and shares half of the 528 sq m canopy.
The property is zoned Business - Light Industry under the Auckland Unitary Plan, which provides for industrial activities that do not produce objectionable odour, dust, and noise emissions.
Cockram, Associate Director of Industrial at Colliers, says the building has undergone previous improvements that enhance the warehousing function alongside the well-maintained office space.
“Aside from the spacious and highly functional warehouse, the property is well-serviced with great access, yard space, and car parking,” Cockram says.
“Marua Road has excellent proximity to multiple transport networks and serves as one of the key arterial routes linking the east of the city to State Highway 1, and the surrounding suburbs.”
The wider Mt Wellington area also offers tremendous access to the CBD, South Eastern Highway and Auckland Airport.
Burley, Associate Director of Investment Sales at Colliers, says the current owner has held this property for 26 years and it has stood the test of time in one of Auckland’s key growth locations.
“Marua Road is benefiting from the significant development which has occurred through Lunn Ave and Stonefields. It has become a pre-eminent location for many businesses including Mitre10, Placemakers, New World, Bunnings, Countdown, and others,” Burley says.
“Beyond this it boasts a fantastic array of amenities and is just a short drive from New Zealand’s largest shopping mall Sylvia Park.”
