With the industrial sector in Auckland remaining under pressure from both a lack of available and suitably-zoned development land, and a dire shortage of existing stock, the decision by the South Auckland-based Wallace family to explore the options available for a sizeable parcel of land in Takanini is expected to resonate with the market.
The Wallace family has owned the 11.59 hectare flat L-shaped site at 296 Porchester Road, within the Takanini industrial area, for decades, utilising it as a multi-faceted equine facility.
The site is to the south-eastern end of Popes Road and the western side of Porchester Road, and is just two minutes to the upgraded north/south motorway interchange at Takanini.
Bayleys South Auckland senior broker Ben Bayley and Bayleys Auckland senior director commercial and industrial Chris Bayley are marketing the property which seeks expressions of interest by a closing date of Wednesday, 16 March 2022.
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Ben Bayley said the land is a legacy holding for the Wallace family, but they now wish to move the property forward and will consider all options including sale, design build lease or partnerships with prospective buyers.
“As long-time owners of this former rural-zoned land, the family recognises that with zoning changes and the current regional shortage of bare land opportunities with scale, the property now has broader potential.
“In light of the growth being seen in the broader South Auckland market, the property’s pivotal location, and the exponential demand from industrial occupiers for space, they’re keen to see the land utilised more effectively.
“As vendors, they are seeking expressions of interest for the land which may include – but is not limited to – sale of all or part of the land, joint ventures and/or lease opportunities.”
The site could be subdivided, while an existing resource consent is in place which allows site works to commence immediately making this an attractive proposition for buyers with immediate needs.
“The flat contour and development consent means earthworks could be done fairly quickly and the light industrial zoning allows for a wide range of activity under the Auckland Unitary Plan,” he said.
“Owner-occupiers, developers, and investors are encouraged to signal their interest and talk through the options with us.
“There’s a glaring shortage of large-scale land for private ownership in the region, and the logistics, manufacturing and transport sectors are crying out for space, so this opportunity presents multiple layers of potential for the market.”
Chris Bayley said it would be hard to replicate the fundamentals of this land opportunity.
“As the Auckland halo effect has taken hold, land in South Auckland has new appeal.
“Takanini is well-positioned in the middle of the Auckland-Hamilton axis of the Golden Triangle and the rezoning of land in this particular precinct was designed to facilitate business development in the area.
“With South Auckland's main industrial locations Wiri and East Tamaki at capacity, a site of this size has compelling credentials.”
He said the land could work well for an industrial business park development on part of the site as access is streamlined, the location is underpinned by sound growth fundamentals and there’s a sizeable labour pool in the catchment.
“A lot of residential and commercial growth is expected around Takanini in the next 10 years and multiple developments are progressing quickly,” he said.
“Fletcher’s Waiata Shores mixed-use development at Takanini is well-advanced, with the master-planned community having a high level of amenity including an A-grade commercial development anchored by Countdown.
“Nearby, Bellfield Estate, a new residential development undertaken by Singapore-based GYP Properties is moving along, while the proposed Sunfield development by Winton is also gaining momentum.
“Other future-urban zoned land in the vicinity underpins the growth fundamentals and up to 170,000 additional people are expected to reside in the area in the next 20 years.”
The Porchester Road site is adjacent to Spark’s $60 million data centre in an evolving quadrant of Takanini, while the Takanini Town Centre and the Southgate Shopping Centre are close by.
The property for sale currently contains a stable complex and part of the former horse training track, a house previously used for staff accommodation, a carport and farm sheds.
- Article supplied by Bayleys
