A serviceable warehouse and office building in the sought-after industrial precinct of Onehunga is available for sale or lease, presenting a cost-effective offering for prospective tenants or purchasers.
305D Neilson Street, Onehunga has approximately 3,389sq m of total net lettable area and is located on a key arterial route that connects Onehunga with neighbouring industrial hubs Penrose and Mount Wellington. The property is available with vacant possession from Q4.
Onehunga is a key cog in New Zealand’s industrial and manufacturing economy and the combined Onehunga and Penrose area generates approximately 8 per cent of Auckland’s GDP, while employing nearly 70,000 people, according to data from Waka Kotahi.
The area also has a particularly low industrial vacancy rate, highlighting the demand for industrial floorspace that is being felt across the wider Auckland region.
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The subject property provides good on-site parking and is strategically located, offering occupants easy access to motorways, the rail network, Auckland Airport, and the city’s ports.
Colliers Directors Paul Higgins and Ben Cockram have been exclusively appointed to market the property for sale or lease via negotiation.
Built in the 1960s, this hardworking industrial facility offers the ability to drive around and through the building and has generous lower stud warehousing and practical offices.
Market estimates suggest this offering could return approximately $423,000 in annual rental income.
The property is zoned Business – Heavy Industry Zone under the Auckland Unitary Plan, which provides for industrial activities that may produce objectionable odour, dust, and noise emissions.
Such zoning is keenly sought among buyers and occupants given the flexibility it offers.
Higgins, Director of Industrial at Colliers, says this property provides the opportunity to secure a premises that will allow for the efficient and secure storage of goods, while providing easy access for employees, clients, and suppliers.
“There is a strategic advantage in utilising a property such as this one for your business operations given it represents some of the most affordable warehouse space in Auckland,” Higgins says.
“The location is one of the key benefits due to its proximity to all major transport infrastructure in Auckland and the surrounding industrial firms that populate Onehunga.”
Recent research from Colliers notes the Onehunga and Penrose industrial hub has a vacancy rate of only 0.5 per cent for prime industrial properties, while the overall industrial vacancy rate in Auckland is 1.7 per cent, indicating the scarcity of space in the city.
Cockram, Director of Industrial at Colliers, says given this property is available with vacant possession, there will be strong demand among interested parties.
“It is rare to see a property of this scale offered to the market with vacant possession and will provide owner-occupiers with the chance to secure their own premises and not be bound to a lease,” Cockram says.
“There is also the potential for an owner-occupier to purchase additional office space next door, adding further appeal.
“On the other hand, this might be perfectly suited for a firm looking to acquire floorspace for lease or an investor may purchase the property and lease it out and we predict there would be strong demand given the lack of supply of industrial space in Auckland.”
- Article supplied by Colliers
