Industrial site in tightly-held Morningside
The 562sq m of warehouse and office building for sale at 34 Ethel St is identified by a blue border. Photo / Supplied
A light industrial property in the tightly-held Auckland city fringe suburb of Morningside is on the market with vacant possession.
Colliers International has been exclusively appointed to market 34 Ethel St for sale by auction on November 8. Investment sales associate director Jonathan Lynch says the sale represents an opportunity to secure a sought-after industrial asset in an area with almost no commercial vacancies.
“Morningside has been traditionally occupied by small-scale light industrial users and service retailers,” he says.
“However, Mixed Use zoning has encouraged owners and tenants to transition towards a more diverse range of uses. Showroom retailers, cafes, offices and residential are all becoming more and more common.”
Lynch says the 658sq m freehold property has about 562sq m of warehouse and office space.
It is one of three similar buildings within a 1976sq m strata-titled development.
“The property is being sold with vacant possession, making it ideal for owner-occupiers, or add-value investors,” he adds. “The medium-stud, clear-span warehouse has a pitched roof and provides about 437sq m of space that is currently being used for storage.
“The property also has 125sq m of partitioned offices and amenities, and sealed off-street car parking, including five covered and two open parks.
“This city fringe warehouse is ideal as is, but also has future potential - given the multitude of possible uses that are permitted under the Auckland Unitary Plan.”
Built in the 1970s, the property has a seismic rating of 70 per cent of the new building standard.
“The fit-out includes carpeted flooring, plasterboard walls and a textured plaster ceiling. It benefits from good natural light via windows to all three external walls.”
Investment sales broker Kris Ongley says the Ethel Street offering suits a wide range of occupants.
He says the surrounding activity is a mix of light industrial, showroom retail, office and residential apartment development.
“Morningside is fast becoming Auckland CBD’s ‘go-to’ suburb for keen industrial users trying to avoid the squeeze to the suburbs further afield such as Penrose and Rosebank Rd, while taking advantage of a zoning initiative under the new Unitary Plan.”
The property’s flexible Business Mixed Use zoning allows for office, retail, residential and light industrial development up to 18m in height.
“We’re anticipating interest from savvy owner-occupiers and add-value investors who appreciate just how rare opportunities like this are.”