A golden opportunity to develop in the heart of East Tāmaki’s industrial precinct has arisen as a bare 2.3 hectare site with resource consent in place for a 12,970sqm warehouse complex has come to the market for sale.
68 Cryers Road is being offered for sale by exclusive agents Bruce Catley, Claus Brewer, Lewis Watson and Alex Divers of CBRE New Zealand on behalf of the industrial property company Fernbrook by Deadline Private Treaty closing Tuesday 14th November 2023 at 4pm, unless sold prior.
Claus Brewer, National Director, Advisory & Transaction Services - Industrial & Logistics, says that this exceptional property will appeal to a range of purchasers.
“68 Cryers Road is located within the extremely tightly-held industrial precinct of East Tāmaki. Freehold purchase opportunities of this quality, scale, location and sought-after asset class are not frequently brought to market.
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“68 Cryers Road really stands out as a result, and will appeal to purchasers wishing to land-bank, build out a proposed development, develop an alternative unit scheme, or occupy rarely available yard or a low-ratio development. The vendor has cleared the site and undertaken extensive due diligence, planning, design and consenting to date.”
The opportunity to develop the site at pace exists due to work that has been undertaken to facilitate development on this Business - Light industry-zoned site.
Resource consent has been obtained for the full utilisation of the site and building consents lodged for an initial building comprising a 9,800sqm warehouse with an ancillary 460sqm office. T
he balance of the site could be used as yard or an additional warehouse of approximately 2,500sqm.
The approved warehouse design features a high specification building with a 16.75 m roof ridge and drive around truck access. The site has been cleared but the hardstand remains, which could offer a short or longer term income pending development.
The site also has existing capacities for three-waters, gas and power. Current power availability is 1MV, with an ability to increase supply to enable opportunities for manufacturing and users with high power requirements.
Fernbrook’s General Manager, Alistair White, said the property was originally purchased to accommodate a business that no longer has such a requirement, and redevelopment isn’t wholly consistent with the generality of Fernbrook’s portfolio.
"The property is smaller and the location divorced of our larger holdings. Fernbrook remains confident in the investment fundamentals of the Auckland industrial market and is simply seeking to recycle some capital to other exciting new projects.
"To assist any successor, we have demolished the previous improvements and secured resource consent for the comprehensive redevelopment of the site, and now lodged building consents for the larger of the two buildings.”
Bruce Catley, Capital Markets – Managing Director, Industrial & Logistics, at CBRE NZ, says that 68 Cryers Road is a particularly good opportunity for organisations looking to develop it at pace.
“Previously, this was a food manufacturing site so its power capacity and existing services are well suited to an occupier of a similar nature. These sites are limited in availability across the market.
“Second, 68 Cryers Road offers 70 metres of road frontage and convenient access to State Highway 1, giving a direct route to Auckland CBD, Auckland Airport and the greater South Auckland area.
"This provides the purchaser with a powerful opportunity to create a unit development in a market that holds strong demand from the SME sector.
"The flexibility exists to own your own facility at Cryers Road and develop it, and/or yard users have the ability to acquire and occupy in an area where development is maximised due to it being the high-value, high-demand location.
“The purchaser could also develop the site in phases over time. A smaller proposed warehouse could be developed in conjunction with the first warehouse, or built at a later date. This could include a second office and be used by a separate occupier, or the two warehouses could be adjoined by a breezeway and used by a single occupier.”
68 Cryers Road is located in the popular industrial precinct of East Tāmaki, 18km south-east of Auckland’s CBD and 16km northeast of Auckland Airport. Well located on Cryers Road in the centre of East Tāmaki and extending off Highbrook Drive right behind Highbrook Business Park, the site benefits from excellent access to the wider precinct, the motorway, port and inland port network, says Brewer.
“East Tāmaki is an established industrial location that has seen significant growth due to improved transport links. Today it is home to many high-profile businesses such as Fisher & Paykel, DHL, Fisher & Paykel Healthcare, and Garmin Ford, NZ Post and Goodman’s market-leading Highbrook Business Park.
"Concentrated residential development is situated to the east within Flat Bush, and the location is exceptionally well positioned from central Auckland and southern suburbs to feed the entire spectrum of the labour pool.
“68 Cryers Road therefore provides a ready-made base for growth from one of the region’s best locations, offering the best mix of location and consenting, it presents an incredible platform for growth.”
- Article supplied by CBRE
