A recently built, international grade industrial asset in Auckland’s most sought-after industrial precinct and occupied on a long-term basis by GPC, one of Australasia’s leading automotive and industrial parts distributors, has come up for sale at 20 Puaki Drive, Wiri.
The exceptional 33,468sqm warehouse and office distribution facility is being offered for sale by way of an International Expressions of Interest campaign run by Bruce Catley and John Holmes of CBRE New Zealand closing Thursday 16 November 2023 at 4pm, unless sold prior.
Bruce Catley, Capital Markets – Managing Director, Industrial & Logistics, at CBRE NZ says that 20 Puaki Drive is a special offering in the Auckland industrial market.
“This is one of the most significant Premium Grade Industrial investment opportunities to be marketed for a number of years - the best industrial facility that has come to market of this scale in Auckland for a long time. They very rarely come to the market.
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“It is a one-year-old facility of exceptional quality on a significant 5.81 hectare site, strategically located close to the Wiri Inland Port and SH20 and SH1 motorways.
"Currently owned and set to be leased back to GPC on a long initial 15-year lease, it is a true trophy industrial property.
"With the industrial land shortage in Auckland and the costs of construction these days, buying a new facility such as this makes a great deal of sense, and we expect good local and offshore interest in it.”
John Holmes, Capital Markets - Senior Director, CBRE NZ adds that the property’s size, scale and quality will appeal to Australian and Singaporean institutional investors, as well as to domestic institutions.
“Industrial property remains a preferred asset class among investors. Offshore investors look for scale, and this is a scale opportunity to enter into the Auckland industrial market in a blue chip location with a high quality tenant on a long lease in a best-in-class facility.”
Completed towards the end of 2022, the distribution centre offers over 28,250 sqm of high stud warehouse accommodation plus approximately 1,200 sqm of office, a 3,800 sqm canopy and 4700 sqms of hardstand. Zoned Business - Heavy Industrial, the 100% NBS building has a stud height of 14.5m.
The warehouse is a fully sprinklered space with 16 roller doors, creating efficient access for inwards and outwards goods. It also comprises a 248sqm workshop, and a 228sqm dispatch office.
The 950sqm main office space features open-plan work areas, meeting and board rooms to the south, and a large lunchroom and washrooms to the north.
There are 141 car parks and 21 van parks located at the front of the property.
The layout of the site provides a functional internal flow of distribution and main storage facilities for the various business units, says Catley.
“GPC set out to consolidate 6-7 distribution centres into one, with a high level of efficiency and automation in the facility. This facility caters for both online e-commerce ordering and GPC Repco’s national outlet replenishment with over 100 branches across NZ.
“Significant specialised tenant fit-out items include a Schaeffer 64,000-product line Goods To Person automatic picking system; the first of its kind in the southern hemisphere.
"This reflects the significant long-term investment and reinforces GPC’s commitment to the property. Solar panels, advanced energy control systems, and rainwater collection also target significant energy footprint reduction.”
The property is occupied by, and serves as the New Zealand distribution centre for, GPC, a leading Australasian distributor of automotive and industrial parts with an extensive network of over 10,000 locations across 17 countries.
In New Zealand, GPC’s business is well known through the Repco, NAPA and Motion brands that are familiar to all car enthusiasts. A rapid-growth Fortune 500 company, GPC is listed on the New York Stock Exchange.
The asset will be leased back to GPC on an initial 15-year net lease, commencing at settlement, at a proposed net contract rental of $6,500,000 per annum (plus GST) and all outgoings.
The rental is subject to fixed annual increases of 3.25% and periodic market reviews . The lease is proposed to provide three rights of renewal of five years each.
20 Puaki Drive is located in the popular industrial precinct of Wiri, 26km south of Auckland’s CBD, 8km east of Auckland International Airport, and less than 1km from the Wiri Inland port. Prominent businesses in the locality include Hilton Foods, NZ Post, Countdown, Nestle, Martin Bower, The Warehouse, Visy Packaging and Synlait.
Puaki Drive has light-controlled access directly onto Roscommon Road. The property also benefits from proximity to the SH20 Interchange (950m away) and its connectivity to SH1 in Manukau (3km away).
- Article supplied by CBRE
