Portside and prominent, a large-scale property in the tightly held Mount Maunganui industrial precinct will pique the interest of prospective purchasers looking to secure a prime asset that offers long-term upside.
12 Mark Road, Mount Maunganui is home to multiple buildings totalling close to 3,200sq m of floor area on a 7,413sq m freehold site that is zoned Industrial.
The fully tenanted property provides two cool stores, a dry store, and a highly functional office and warehouse building.
The site offers wide road frontage, drive-through access, and the existing tenancies that provide $463,667 in gross annual rental income expire in 2025.
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Colliers Brokers Simon Clark and Rob Schoeser have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Thursday 7 July, unless sold prior.
The two cold stores, one of which has a pre-cooler room, were originally constructed in 1985 with steel framing and provide a total building area of approximately 916sq m.
Access is gained through a sliding door to each on the northern wall with the front cold store being adjacent to the canopy. The stud height of the building is 7.4m and both stores can store product at -18 degrees Celsius.
The 923sq m dry store has a stud height of 7m at the knee and provides seven roller doors for access, while the centre of the warehouse has been converted into a chiller room. There is a canopy linking the cool and dry stores, while providing covered loading and unloading areas for trucks.
The spacious 1,200sq m warehouse and office building is leased to automotive parts supplier YHI and has a large rear yard for access and additional storage for containers.
Clark, Managing Director at Colliers Tauranga, says the position of the property will be highly appealing for buyers with the Port of Tauranga only minutes away.
“The site is strategically located, and the surrounding area enjoys strong demand from industrial and Port-related business, and it offers excellent access to the Port via the main gates on the nearby Hull Road,” Clark says.
“The Port of Tauranga is New Zealand’s largest port in terms of total cargo volume and container throughput. According to data from Stats NZ, $28.2 billion of exports passed through the Port in 2021.”
Schoeser, Commercial and Industrial Sales Broker at Colliers Tauranga, says the subject site will be desirable for owner-occupiers, investors, or developers given the size and redevelopment potential.
“Properties of this scale and nature are rarely presented to the open market and the wide road frontage makes it ideally placed for future development, while the rear service lane offering access back to Hull Road provides another layer of convenience,” Schoeser says.
“The high stud warehouse on the southern boundary could be incorporated into any future development of the site and may add to the underlying value of the land.
“Given the existing tenancies expire in 2025, the new owner will have time to strategically plan their future moves for the property, while enjoying a substantial rental stream from established tenants.
“Research from Colliers notes that commercial and industrial property sales activity strongly rebounded in the Bay of Plenty region in 2021. Investors, owner-occupiers, and syndicators were all active in the market with competition for assets driving the value of sales to a new annual record of over $970 million.
“Based on recent sales growth in the region we expect there will be significant demand for this property and encourage all interested parties to contact us promptly.”
- Article supplied by Colliers
