The freehold property is being marketed by Chad Greer, Bruce Catley and Claus Brewer of CBRE via a four-week Deadline Private Treaty campaign due to close on Thursday 6 December 2018 at 4pm, unless sold prior.
Chad Greer says that there is exceptionally strong demand for industrial properties of this calibre in this central location.
“Industrial properties in Mt Wellington with this level of add-value seldomly come up for sale. As the only property of its type, size and nature for sale on the open market in this sought-after location, 15 Rakino Way offers significant development potential for investors, owner-occupiers or developers.
“Not only does it have good quality warehouse and office facilities, but it occupies a prime industrial position alongside the Tamaki Estuary. Its low site coverage offers significant untapped value that could be realised either by expanding the existing structures, or through a complete redevelopment.”
The property comprises a 14,971sqm Light Industrial-zoned site with approximately 2,369sqm of net lettable area within the 656sqm warehouse, 154sqm warehouse office with an associated mezzanine area of 154sqm, plus 1,405sqm of corporate grade office. Approximately 500sqm of hardstand and 60 onsite car parks surrounding the buildings provides for ample car parking and yard space.
Describing the property as ‘an industrial offer with a potential maritime or marine aspect given its location and proximity to the Tamaki estuary’, Bruce Catley says that the current occupier has been on site for many years, and the level site is ripe for repositioning to allow for more intensive use.
“You only have to look at the nature of the surrounding properties to see what’s possible on this site. It is rare for a site in this location to be undeveloped, with potential for businesses to stamp their mark and create a facility that is tailored to their needs. ”
15 Rakino Way occupies a waterfront location along the Tamaki Estuary in the Mt Wellington industrial precinct. Just off Carbine Road via Fisher Crescent, the site is only a 15-minute drive from the Auckland CBD via the nearby SH1 motorway interchanges, and is close to main sea, air and freight ports.
Neighbours include a range of established businesses across the engineering, manufacturing, food, boat building and exhibition display sectors, plus immediate neighbour the Auckland Rowing Club in Ian Shaw Park.
Claus Brewer says that although these attributes have long made Mt Wellington a desirable industrial area, its attraction is only growing as the city evolves.
“Over recent years, Mt Wellington has become far more integral within Auckland’s industrial and logistics footprint. Moreover, the area offers increasingly attractive supporting amenities anchored by Sylvia Park, only 3 kilometres away.
“Today, as many heavier industrial users move further out, Mt Wellington has become a Grade A location attracting corporates to its nearby amenities and convenience. Close to a large labour force, the area is suited to businesses with a high staff count.”
Brewer says that CBRE’s most recent research shows that 2018 has reaffirmed the attractiveness of the Auckland industrial property market.
“The industrial sector is showing the strongest performance of all sectors. Vacancy was below 1% in the first half of the year, and rents are up 6.2% year-on-year, with prime rents continuing to push towards new benchmarks. Consequently, land values have risen by 4.4% over the first half of this year, continuing the strong growth trend of recent years. Mt Wellington has been an outstanding performer over the first six months of 2018, reflecting the increasing commercialisation of the area combined with the scarcity of available land.
“Consequently, as we see this trend only set to continue, the purchaser of 15 Rakino Way will have a spectacular opportunity to generate the sort of value that will benefit their holdings for years to come.”
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ABOUT CBRE GROUP, INC.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com..