A highly visible, vacant industrial property in East Tāmaki in Auckland offers buyers the opportunity to acquire an asset with low site coverage and strong redevelopment potential.
11 Greenmount Drive, East Tāmaki, accommodates a functional building with 3,336sq m of total net lettable area on an 11,801sq m site that is zoned Business – Heavy Industry Zone.
The property would suit owner-occupiers, investors, or developers given there are a range of ways it could be utilised and positioned for the future.
The current improvements could be utilised and expanded, or the new owner could take advantage of an existing resource consent for a new 7,200sq m warehouse building with ancillary office, canopy, and yard.
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The low site coverage of only 26 per cent provides approximately 8,392sq m of vacant land that would be ideal for development.
There is also the option to add on to the existing building. The vacant land could also be utilised as a large yard area.
The property is available with vacant possession meaning the new owner can quickly make moves to use the site as they see fit.
East Tāmaki remains one of Auckland’s most desirable industrial locations and is experiencing historically low vacancy rates.
Colliers Directors Edward Washer, Greg Goldfinch, and Paul Higgins have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 8 November, unless sold prior.
A higher stud warehouse that spans 1,335sq m as well as an office were added to the original building in 2002.
The existing improvements total 3,336sq m and includes a mixture of high stud warehousing, offices, and workrooms.
The flat and regular shaped site has 65m of road frontage meaning it enjoys notable exposure to passing traffic.
The vendor purchased the property for a specific purpose that has since become redundant but has secured a resource consent for the comprehensive redevelopment of the site.
Washer, Director of Industrial at Colliers, says there’s a range of options available to prospective purchasers.
“With vacant possession on offer an occupier can take advantage of the existing improvements and set up their operations,” Washer says.
“The current building is located at the rear of the site and is a full drive-around facility, adding to its appeal.
“On the other hand, an owner-occupier can utilise the existing improvements and redevelop or extend down the track by capitalising on the notably low site coverage as the existing building covers less than 30 per cent of the site.”
The property is conveniently located 4.8km away from State Highway 1 on-ramps and a mere 2.5km from Highbrook Business Park.
Additionally, Greenmount Drive is located between the main arterials of Ti Rakau Drive and Harris Road.
These roads provide connections to the motorway, Pakuranga, Botany town centre, and the extensive residential catchments of Flat Bush and Howick.
Goldfinch, National Director of Industrial at Colliers, says few industrial locations are as keenly sought as East Tāmaki.
“With its proximity to Auckland’s CBD, Wiri, the airport, and key transport infrastructure such as the port and rail networks, prominent industrial operators including DHL, Mainfreight, and NZ Post have flocked to the wider area,” Goldfinch says.
“Research from Colliers notes the vacancy rate for prime industrial floorspace in East Tāmaki is only 0.1 per cent, indicating how tightly held this premium location is. Industrial land supply of road-front sites like this one are in short supply across the wider Auckland region.”
Higgins, Director of Industrial at Colliers, says the Heavy Industry zoning will be appealing for buyers given the flexibility on offer and potential for development at the subject property.
“This zoning provides for industrial activities that may produce objectionable odour, dust, and noise emissions, whilst also enabling warehouse and distribution uses as permitted activities,” Higgins says.
“A key attribute of the zone is that it contains sites large enough to accommodate large-scale industrial activities.
“It is rare to see sites of this scale with such development potential being brought to the open market.”
- Article supplied by Colliers
