Auckland, 21 November 2011 - A prime 3.2 hectare slice of greenfield Business 5-zoned development land in one of Auckland’s fastest growing industrial areas has come up for sale at 90 Pavilion Drive, Airpark II.
Marketed by Scott Soroka and Claus Brewer of CBRE on behalf of Auckland Council, the property is for sale by public tender, closing on 24 November 2011.
The freehold land is predominantly flat, in a park-like setting, with potential to subdivide.
Located on the northwest corner of Pavilion Drive, with a reserve on the boundary of two sides, with a long rear boundary backing directly onto the Oruarangi Creek reserve, the property is located in an area known as Airpark II (two), which is adjacent to the Airport Oaks Industrial Estate.
“Airpark II is a relatively new industrial estate developed in the mid-2000s. It is a modern and upmarket industrial estate containing a number of high quality industrial buildings,” says Soroka. “The precinct is dominated by large scale, predominantly industrial premises with attached office components.”
Only 1km from the Auckland Airport and 30 minutes drive from the Auckland CBD, the location is easily accessed from all directions via major traffic arterial routes.
“Airpark II is surrounded by many national and international companies,” says Brewer. “Immediate neighbours include Villa Maria, which shares a boundary and has used the site in the past for event car parking. However, this is a clean freehold title with no easements.
“The property’s s ease of accessibility, its strong covenants and the modernity of Airpark II ensure that quality development occurs in the locality. It is an appealing location for a range of occupiers.”
Brewer says that major changes to George Bolt Memorial Drive, along with the new motorway links connecting SH1 and SH20, mean shorter travel times. “Work has already been completed on the expansion of Mangere Bridge,” he says, “and the connection to SH20 at Waterview is scheduled for completion by 2015.”
Soroka says that a number of potential industrial development plans have been created for the site. “Alternatives that have been proposed for the site include an 8,000sqm warehouse, including a 100sqm office and 1,242sqm canopy, or a 3,690sqm warehouse, 1,600sqm office and 900sqm canopy.
“One of the more ambitious plans puts forward an option for a major, two-stage development that includes a 15,000sqm warehouse and 400sqm office and 1,200sqm canopy down one side, with a further 5,000sqm warehouse extension possible as a stage two development,” he says. “This would provide the right occupier with considerable potential over an extended period of time.”
Brewer says that the limited number of greenfield sites that are available to buy in the Airport precinct make this an attractive proposition to a range of potential investors.
“Usually, companies are only able to lease land of this type in this area,” he says. “90 Pavilion Drive is different in that it is available for either a developer or a business who might engage a developer to maximise the potential of the site. Users of the airport with an appetite to create either a large single-unit facility, or a staged multi-tenanted complex, will find this an appealing prospect.
“In addition, at a time when industrial owner occupiers are coming back into the market, driven by a favourable credit environment and low interest rates, 90 Pavilion Drive could appeal to businesses looking to grow their base of operations and provide them with a platform of options for the future, including possible exit strategies.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com