One of the largest industrial sites that has come to the open market in recent years offers buyers the opportunity to acquire a stake in Auckland’s rapidly growing Northwest.
Located at the Western extent of Spedding Road in Whenuapai in Auckland, the property spans a generous 46ha.
The strategically located site, known as Spedding, has recently been rezoned to Business – Light Industry Zone under the Auckland Unitary Plan following an extensive private plan change process.
Earthworks are expected to begin in October with titles likely to be issued in the final quarter of next year.
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The property is situated approximately 20km from Auckland’s CBD and 8km from Albany’s industrial hub with the area benefitting from recent infrastructure developments, such as the extension of the Upper Harbour Highway, the expansion of the Northwestern Motorway, and the completion of the Waterview Tunnel.
These projects have significantly improved the area’s connectivity to the rest of Auckland and key transport infrastructure such as the Auckland Airport.
With approximately 900m of frontage to the Northwestern Motorway, there is substantial exposure available for future occupiers.
Research from Colliers notes that industrial vacancy rates are at 1.7 per cent across Auckland and that rate has held below 3 per cent since August 2013, despite inventory increasing by more than 1.5 million square meters, indicating the strength of demand for industrial property in the city.
Colliers Directors Josh Coburn, Blair Peterken, and Greg Goldfinch have been exclusively appointed to sell individual sites and are taking international expressions of interest with the deadline for offers closing at 4pm on Wednesday 31 May, unless sold prior.
Coburn, Director of Site Sales at Colliers, says sites of this scale are rarely presented for sale.
“Industrial land has become an extremely scarce commodity in Auckland, especially sites of scale and it is unlikely we will see another site of this size unlocked for quite some time,” Coburn says.
“The Light Industry zone is the prevalent industrial zone in Auckland, and provides for a range of land uses, including manufacturing, production, logistics, storage, transport, and distribution activities to a name a few, meaning there is vast potential for a range of prospective occupiers but it’s the potential for large lots that truly sets Spedding apart.
“There is the opportunity for one buyer to acquire the whole site and create a world class estate, but it is likely better suited for a range of occupiers to acquire a portion of the site individually, with the vendor accommodating their needs and delivering the required infrastructure, including the roading upgrades.”
Peterken, Director of Capital Markets at Colliers, says the location of the property is a major drawcard given the explosion of development in Northwest Auckland.
“There’s an outstanding array of amenities in the surrounding area, including the Westgate Shopping Centre and major national retail brands such as Bunnings, Harvey Norman, Rebel Sport, and Briscoes, among others,” Peterken says.
“The fact that Costco, which is only a few hundred metres away across State Highway 16, have chosen the area is a clear vote of confidence in the future potential of the location. The research and analysis work that Costco put in to determining this as their first location shows strength and a clear direction for this area.
“Other major industrial occupiers already have substantial footprints in the area, for example, Mainfreight, who have opened a 15,000sq m facility to service customers in the west and north, reducing reliance on the congested south and central Auckland arterial routes. There are many more larger occupiers already considering a presence in this location.
“The surrounding suburbs around Whenuapai include Red Hills, Westgate, and Hobsonville Point and are all parts of the West Auckland region that are home to multiple residential developments with strong forecasts for future population growth.”
Goldfinch, National Director of Industrial at Colliers, says the site is perfect for large-scale industrial occupiers to secure their next location.
“With vacancy rates for industrial property across the wider Auckland region remaining stubbornly low and practically no zoned sites of 5ha or more left in Auckland, this purchasing opportunity presents businesses with the chance to own a sizeable portion of land to take control of their future and develop their own premises,” Goldfinch says.
“Occupiers and tenants can be part of the next sought-after industrial location in Auckland that will likely be the most high-profile industrial business park development in the next few years.
“It is no exaggeration to say this is an offer that is unlikely to be replicated in the foreseeable future and we encourage all interested parties to contact us immediately to ensure they don’t miss out on being a part of this exciting new development.”
- Article supplied by Colliers
