Industrial space for lease within properties owned by one of New Zealand's largest commercial landlords, Argosy Property, is profiled in the latest Bayleys Industrial Workplace portfolio, providing options for Wellington and Auckland occupiers.
Argosy Property, the NZX-listed and top 50 entity by market capitalisation, has a diverse portfolio of 50 properties worth over $2 billion across industrial, office and large-format retail, and a “green” portfolio worth $675 million.
The bulk of its industrial portfolio is located in Auckland given the long-term structural trends in that market.
Better-known in the capital for its substantial office assets, and recently receiving the Property Council’s supreme award for its 8 Willis St and Stewart Dawson’s Corner office project in Wellington’s CBD, Argosy also has a targeted presence in the region’s industrial market.
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Its industrial assets are concentrated in the prime precincts of Seaview/Gracefield in Lower Hutt, and in Grenada North, giving them geographic diversification out of Auckland and exposure to the robust Wellington industrial market.
Fraser Press of Bayleys Wellington Commercial says space is now available in a generic warehouse development at 39-49 Randwick Road, Moera which lies broadly within the Seaview/Gracefield precinct.
Lease options are historically limited in this distribution hub, with some of the tightest fundamentals seen in the Wellington region.
“Until recently, the space for lease was occupied by long-established manufacturer and distributor Viridian Glass, which has consolidated operations back to Auckland. They had a 15-year track record on this site,” says Press.
“We have leased the southern bay to Machirus Transport, a long-standing Wellington business, for its 3PL (third-party logistics) operations, and are now looking to lease the northernmost 2,000sqm bay which has a decent yard and parking.
“It would be a good fit for another 3PL provider or manufacturer, or as overflow space for an occupier already in the area.
“It’s a versatile, well-positioned and flexible warehouse option for a business looking to right-size their space requirements.”
This warehouse bay has a stud height of approximately 6.5 meters at the knee, includes double gantry rails, and has dual access from Randwick Road or via a rear road.
Skylights ensure abundant natural light throughout the space, with multiple roller doors leading to a well-maintained sealed yard and ample car parking. Beyond the warehouse area is a well-appointed single-level office and modern amenities
Press says the space is pitched at the competitive rental rate of $110 per square metre plus GST and outgoings, with Argosy motivated to see it occupied.
In Auckland, space within two new developments that underpin Argosy’s medium-term sustainable development pipeline are available for lease.
In Doraval Place, Mt Wellington is the Mt Richmond industrial park development with design-build options available for tenants.
There are five new spec’ build options within a functional precinct, ranging in size from 3,472sqm to 16,342sqm and comprising high stud warehouse, office over two levels, with additional outdoor terraces, canopy, yard, and parking.
The warehouses are up to 13m at the knee, clear span with functional truck access and multiple roller doors.
The offices are all split over two levels allowing for flexible floor plates for incoming business administration or showroom needs.
Sunil Bhana of Bayleys says the site has dual access from Mt Richmond Drive and Mt Wellington Highway for safe and efficient vehicle movements, is strategically located between Great South Rd and Mt Wellington Highway and only 2km from the Mt Wellington interchange.
“It’s a chance for proactive businesses to get ahead of the curve in arguably one of the region’s best-located industrial business parks.”
In Onehunga, good progress is being made on Argosy’s new industrial development in Neilson Street, with completion expected in 6-8 months.
Bhana says there are two warehouse buildings available for lease – one at around 5,406sqm and the larger one, 12,076sqm – both with additional outdoor terraces, breezeway/canopy, yard, and parking.
The warehouses are 11m at the knee, clear span with functional truck access and multiple roller doors, have offices over two levels and there is dual site access from Neilson Street and Captain Springs Road.
“It doesn’t come much better than this for industrial occupiers looking to position themselves for efficiency and growth,” says Bhana.
“There are no racking impingements given the clear span, high-stud credentials, it’s close to the airport, and there are infrastructural links to every compass point.”
Bayleys’ national head of industrial and logistics, Scott Campbell says the development market has been subdued for industrial stock in Auckland and elsewhere around the country, but Argosy’s foresight and capability will deliver quality space that aligns with stakeholder commitments to sustainability and ESG priorities.
“Occupiers are very particular around the sort of space they want to commit to, and there’s more to choose from in the market currently given the sub-lease space available.
"However, this new-build space stands out and will give astute occupiers the opportunity to future-proof operations.”
Argosy’s head of development, Marilyn Storey recently said that New Zealand compares favourably with Australia and Europe in terms of quality and sustainability credentials of its new-build industrial buildings.
“We (Argosy) are building clear span, seismically-resilient buildings and integrating climate adaption into our design.
“Warehouse height to the knee is critical, as are increased floor loadings, because it’s all about capacity and efficiency.”
- Supplied by Bayleys
