One of the largest mixed-use sites that will be presented to the open market in Auckland this year offers buyers of all kinds the opportunity to secure a top-tier asset that has considerable future growth potential.
7 Fraser Road, Mount Wellington is currently used for industrial purposes and has 9,572sq m of warehouse and office space on a 33,306sq m freehold site that is zoned Business – Mixed Use Zone under the Auckland Unitary Plan.
The property can be positioned in a variety of ways and will appeal to buyers looking for a development site or occupiers who covet a large-scale property for their business operations and want to own their own premises, while the vendor would also consider leasing the property, including redeveloping it for a tenant.
The sheer size of this prominent site means the highly functional property, which enjoys significant road exposure from its corner location, provides the ultimate in flexibility for prospective purchasers.
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The property can be available with vacant possession for a new buyer and the location is particularly sought-after given it is only 350m away from the Panmure public transport centre and 2.9km from the State Highway 1 interchange.
Colliers Directors Hamish West, Greg Goldfinch, and Gareth Fraser have been exclusively appointed to market the property for sale or lease via deadline private treaty closing at 4pm on Wednesday 22 March, unless sold prior.
The current improvements include warehouse, manufacturing, and office space with a sizeable yard that offers considerable parking and convenience for visitors to the site. There is also 1,134sq m of canopy.
Culum Manson, Director of Mansons TCLM, is the vendor of the property and says the site is well located and presents a multi-faceted opportunity for the right buyer or occupant.
“Whether it is to be used for retail, residential, or industrial it has a lot of scope in all sectors,” Manson says.
“However, we have a number of projects on and with other commitments we are unable to get to this one in the medium-term, so we are happy to sell outright or lease to an appropriate occupier.”
West, Director of Industrial at Colliers, says the lack of supply in the industrial market across Auckland will fuel demand for this property.
“Recent research from Colliers notes there is a low vacancy rate of only 1.4 per cent for prime industrial properties in Mount Wellington, while in the neighbouring Penrose and Onehunga precinct the vacancy rate is only 0.3 per cent,” West says.
“With sizeable properties such as this one so scarcely seen on the open market, it presents buyers with a rare chance to acquire an asset of significant scale.”
Greg Goldfinch, National Director of Industrial at Colliers, says the location adds to the future potential of the site.
“Mount Wellington is considered one of Auckland’s premium industrial hubs given its proximity to key staff catchments, the CBD, Ports of Auckland, and the airport,” Goldfinch says.
“In recent years, the area has notably progressed as a residential and retail location. The subject property is only 2.5km from the Sylvia Park shopping complex, while public transport links provide convenience for residents.”
Gareth Fraser, Auckland Director of Investment Sales at Colliers, says the zoning will be highly appealing for buyers who will have a range of options at their disposal.
“The Business – Mixed Use Zone is typically located around centres and along corridors served by public transport. It acts as a transition area, in terms of scale and activity, between residential areas and the City Centre Zone, Metropolitan Centre Zone and Town Centre Zone,” Fraser says.
“It also applies to areas where there is a need for a compatible mix of residential and employment activities. The zone provides for residential activity as well as predominantly smaller scale commercial activity that does not cumulatively affect the function, role, and amenity of centres. The zone does not specifically require a mix of uses on individual sites or within areas. There is a range of possible building heights depending on the context.
“Given the raft of possibilities on offer from this outstanding purchasing opportunity we expect there will be significant demand in the marketplace.”
- Article supplied by Colliers
