A freehold industrial property with considerable growth potential in the emerging suburb of Riverhead in the north-west of Auckland is being presented to the market for sale.
5 Timber Place is a near-level, metalled site that spans 7,846sq m and is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
The current owners wish to leaseback the property for 12 months, providing rental income to be negotiated at market rental rates.
During the lease period the tenant will upgrade the stormwater pond and rain garden at their expense. The works will be completed during the first term of the lease.
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Accessed via the Northwestern Motorway, Riverhead is experiencing steady growth with new residential and industrial developments taking shape.
Colliers Directors Ryan de Zwart and Jimmy O’Brien have been exclusively appointed to market the property for sale and are taking expressions of interest closing at 4pm on Wednesday 4 December, unless sold prior.
De Zwart, Associate Director of Industrial at Colliers, says the property will appeal to buyers of all kinds.
“Investors, owner-occupiers, and developers could all benefit by acquiring this site given the potential capital appreciation that awaits due to the growth of the surrounding area and the lack of available industrial land in Auckland,” de Zwart says.
“Because there is a proposed leaseback agreement in place there is a steady rental stream available that means the new owner can strategically plan their future moves.
“The potential for an extension of the leaseback offers further flexibility.”
As residential and commercial development continues to take shape in Riverhead, access to surrounding amenities is also improving.
Westgate, a major commercial and retail hub, can be reached in approximately 10 minutes, offering a wide range of retail services such as New Zealand’s first Costco and many well-known national brands.
O’Brien, Director at Colliers Auckland North, says industrial property remains in short supply across the Auckland region and the most recent research from Colliers notes the vacancy rate for industrial floorspace in the city sits at only 2.1 per cent.
“This lack of industrial space is evident across the North Shore, which is leading operators to look west with locations such as Riverhead becoming more attractive given there is freedom to develop with blank canvas sites such as this one,” O’Brien says.
“Parts of Auckland’s north-west are set to undergo considerable growth and the improving connectivity to the area through enhanced infrastructure and roading is underpinning the area’s appeal.”
De Zwart says the flexibility afforded by the Business – Light Industry zoning of the property means there is a wide array of options on offer for the new owner.
“As noted in the Auckland Unitary Plan, the zoning anticipates industrial activities. This includes manufacturing, production, logistics, storage, transport, and distribution activities, or the site can remain as is for yard-based business uses,” he says.
“This means a range of different industrial operators would be able to utilise this site for their operations.
“Given the under-supply of industrial land across Auckland this property represents an opportunity that is not to be missed and we encourage all interested parties to reach out to us to explore their options.”
- Supplied by Colliers
