Big but rare Mt Wellington industrial complex
Exterior elevated view of big industrial property for sale at 20 Vestey Drive, Mt Wellington.
The sale of a big Mt Wellington designed-to-order office and warehouse complex with a large secured yard and on-site parking is being marketed as “a once in a decade opportunity”.
“Industrial properties of this quality and in this location are extremely rare,” says
Andrew Hooper of Colliers International who, with colleague Hamish West, is selling 20 Vestey Drive by deadline private treaty closing at 4 pm on Wednesday March 18.
“Its prestigious address, the quality and functionality of the building and the strength of the tenancy covenant will appeal to investors on multiple levels,” Hooper says.
The freehold 6898 sq m site is leased to Forman Building Systems (FBS) a leading marketer and distributor of specialist insulation, ceiling and interior fit out products,
FBS has been established in New Zealand for more than 100 years, and nine years ago was acquired by one of the country’s largest listed companies, Fletcher Building.
The property has a net lettable area of 4179 sq m and earns annual rent of $535,000 plus GST. Fletcher Building has just renewed its lease for six more years through to 2019, with a six year right of renewal.
“An investor couldn’t wish for a more secure tenancy covenant than the combination of Formans and Fletchers – two of the most established and respected companies in the country,” says Hooper.
“The quality of the tenancy for this investment is matched only by the location and quality of construction.”
Broadway Developments built the architecturally designed warehouse and office facility in 1996 using the same premium products in its construction which FBS markets and distributes: including acoustic rated wall panels, heavily insulated ceiling tiles and FBS partitioning systems.
Street level view of warehouse loading and canopy area of 20 Vestey Drive, Mt Wellington.
Hooper says the buildings have an appealing, open profile to the street with a northerly aspect directing natural light into the two-level office area.
The offices are a mix of open plan and private office space, including an executive, high stud boardroom on the top level.
A large 45 space entrance car park leads towards the reception, office area and showroom of 788 sq m. Another 430 sq m of first floor office space is above this. The fully fenced 800 sq m yard is also accessed off the front car park. The yard opens into the 2707 sq m, eight metre stud warehouse via three motorised roller doors, sheltered by a large, cantilevered canopy comprising 254 sq m of covered space.
“Abundant natural light enters the concrete tilt slab warehouse via multiple translucent roof panels which are now complemented by newly installed hi-bay LED industrial lamps that FBS also promotes to market,” says Hooper.
Gary Forman, one of the previous owners of FBS, says it was not just the business’ top-end building materials that were handpicked in the construction of their company base - the location was too.
“FBS was previously on Great South Road for 50 years so when we decided to move in 1996 we needed somewhere with the same great profile and exposure for the business. We also needed a strategic location for our operation and Vestey Drive ticked both those boxes. It is arguably Auckland’s most desirable industrial address.”
Vestey Drive is less than one kilometre from the State Highway One interchange via Mt Wellington highway and very close to the Sylvia Park shopping mall and commercial hub. It also links to the main arterial route of Great South Road, providing access to Auckland Airport - a 15 minute drive away through the neighbouring industrial areas of Otahuhu and Mangere.
The site has 69 metres of frontage to Vestey Drive and is directly opposite the intersection of Westfield Place.
West says Mt Wellington is considered one of Auckland’s best industrial areas and is only about 12 minutes normal driving from Auckland’s CBD.
“It attracts large multinational and national industrial occupiers along with the highest industrial rents in the greater Auckland region.
“Current high profile landlords in Vestey Drive include Property for Industry, Trust Management, Dilworth Trust Board and Broadway Developments.”
Andrew Hooper of Colliers.