Award-winning collaboration the key to Lovegrove Crescent
Award-winning collaboration the key to Lovegrove Crescent
29 November 2014
Auckland, 29 November 2014 - At a time when CBRE New Zealand is looking ahead to the soon-to-be-announced world-wide International Property Awards, two recent South Auckland sales have demonstrated the strength of agency collaboration and CBRE is now marketing an industrial property for sale at 12-16 Lovegrove Crescent, Otara.
Collaboration was at the heart of CBRE New Zealand’s selection as a finalist in the International Property Awards. It was also central to two recent South Auckland industrial sales - at 12 Ha Crescent and 89 Richard Pearse Drive for Euroclass - and underpins the marketing of 12-16 Lovegrove Crescent.
“We are achieving great success due to our collaborative approach,” says Claus Brewer, Director of CBRE’s Industrial and Logistics Services business, based in Mt Wellington. “Premium grade industrial properties are extremely hard to find, and owner occupiers and investors are actively seeking properties. Our joint approach is proving to be the key that unlocks the door for investors and occupiers into great properties in new areas across the Auckland region.”
Recognised in May this year as the Best Property Consultancy in Asia Pacific at the prestigious Asia Pacific Property Awards 2014-2015, CBRE New Zealand is now competing against other regional winners from Africa, Arabia, Europe, UK and the Americas to find the ultimate World’s Best Property Consultancy. The winner will be revealed at an awards ceremony in Dubai on 4 December 2014.
CBRE was initially named Best Consultancy in New Zealand before being selected as the winner at the Asia Pacific International Property Awards, which were announced on 9 May 2014 in Kuala Lumpur, Malaysia. This qualifies CBRE New Zealand for entry into the worldwide awards.
CBRE Senior Managing Director New Zealand, Brent McGregor, said: “Winning both the Best Property Consultancy for New Zealand and the Best Property Consultancy for Asia Pacific is an outstanding achievement.
“Our professionals work hard every day to deliver the best real estate services to our clients, and these accolades are a testament to their efforts. It would be a further feather in our cap to be named ‘International Best’.”
CBRE has worked collaboratively over recent months to sell two A-grade South Auckland industrial properties on behalf of Euroclass Design & Build.
Now occupying the facility as owner, Irvine Flooring bases its North Island distribution from the 6,500sqm site.
Built by Euroclass, the property includes a 3,888sqm clear span warehouse with 10 metre stud height and a 1,043sqm drive-through canopy, plus 278sqm of offices and a secure 2,334sqm concrete yard.
Paul Steele says: “Irvine Flooring came up from Christchurch after the earthquakes and secured space as a tenant. Their purchase of the building is an example of the ongoing shift into owner-occupation, particularly in the fast-growing Wiri industrial zone, where Euroclass are currently developing Stonehill Business Park.”
This sale has been followed by the sale of 89 Richard Pearse Drive in Mangere by Euroclass, a transaction that went unconditional two weeks ago.
Occupying a flat 9,144sqm site that creates space for a large yard for all-weather loading and unloading, the property has a 5,110sqm clear span warehouse with 10 metre stud, plus a 1,064sqm canopy, complemented by three roller doors providing access to the warehouse, and 800sqm of offices over two levels.
Located on Richard Pearse Drive overlooking a reserve, the property has quality neighbours and is close to the local amenity of Airport Oaks.
Tim Boyle says: “The investor sought A-Grade property, preferably in the popular Airport Precinct, which is home to many of Australasia’s largest logistics and customs companies. It is only a short distance from the airport, with excellent access to SH1 and 20, linking the CBD to the southern corridor.
“As there is very little grade A property available in the market right now, and interest rates are flattening, owner occupier demand continues to be very strong and is likely to continue in this vein.”
Expressions of Interest are sought before Christmas.
Occupying a freehold 3,594sqm ‘Business 5’-zoned site only 1.1 kilometres from State Highway 1, the 2,118sqm facility comprises three distinct warehouse bays with associated office space towards the front of the property.
The 1,804.99sqm of warehouse space is of low to medium stud and accessed via multiple roller doors situated at the front and either side of the building. The 177sqm ground floor offices are complemented by 125sqm of office space on level one. There are two yard areas situated to the north and south of the main building, featuring roller door access into the warehouse.
Nikolai Vulinovich says: “The property is located on the northern side of Lovegrove Crescent, in the Otara Industrial Precinct. There is excellent access to SH1 via the East Tamaki Road Interchange which is located only 1.1km to the south west. Other established occupiers in the area include Designer Textiles, Manukau Institute of Technology and Viking Group.
“The office space is provided at an excellent office to warehouse ratio, with the current tenant using a portion of the ground floor area as a showroom adjacent to the main reception.
“The facility is fully leased to Trans-Space Doors Limited. Due to expire in September 2015, a recent valuation has indicated a market rental of $172,500 per annum.
“As the property offers holding income until September 2015, it would suit both an owner occupier looking to move in in September 2015 or an investor seeking a high return.”
Tim Boyle says that the property is being marketed after CBRE has sold a number of properties on Lovegrove Crescent over recent months.
“We are seeing growing demand for the area off the back of low vacancy in East Tamaki and the area’s proximity to the motorway. Lovegrove Crescent is also close to many amenities, including a shopping centre, retail, motorway, petrol stations and a strong labour pool.
“The tight market we are in means that hitherto relatively unexplored areas including Otara are coming into view for investors and occupiers, as they have good fundamentals.
“The latest successful sale of lots 1-4 at 15 Lovegrove Crescent, which we sold recently, is a case in point. This industrial facility was bought by an investor who will remediate the site and will be in the market looking for tenants seeking up to 4,000sqm of space in the New Year. To an investor, leasing opportunities here provide varying options for tenants moving forward.”
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 and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 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 website at www.cbre.com.