Marina workshop ‘sale of the century’

4:57 PM Wednesday November 30, 2016 True Commercial

The Milford Marina property, at 5 Omana Road, is a rarity as such sites seldom reach the market.

Inquiries are expected from buyers with an eye for the site’s potential future value, given its prime waterfront location in a wealthy catchment.

A marina property in the affluent Auckland suburb of Milford is on the market for the first time in more than 100 years.

Now occupied by a boat building workshop, the premises at 5 Omana Rd is being marketed by Matt Prentice and Shoneet Chand of Colliers International.

It is for sale by deadline private treaty closing on December 15, unless sold earlier by negotiation.

Though owned by the same family for a century, the owner has now decided to divest the property to a buyer who could consider various possible options for the site’s future, Prentice says.

“This is a pretty unique property that is quite different from the usual industrial warehouses that come on to the market on the North Shore. It is currently home to a boat builder but could potentially be used for a range of marine-based activities, given its underlying zoning.”

The freehold property, which includes a private slipway into Milford Marina, is on land designated to become Marina Zone under the Unitary Plan.

This zone provides for the development and operation of existing marinas, meaning a wide variety of marine-related industry could be possible for the site, depending on consents. Inquiries are expected from buyers with an eye for the site’s potential future value, given its prime waterfront location in a wealthy catchment, says Chand.

“With a lease in place to the current occupier, this property makes an ideal investment, with an income stream in place until such a time as the new owner may decide to undertake a redevelopment.”

The 1052sq m site — which has drive-through access — contains an approximate 367sq m workshop and office building. Off-street parking is provided at the front of the site, with a yard and the slipway to the rear.

Once a commercial hub, Milford Marina began work 150 years ago. It was an era when scows plied Wairau Creek, carrying stone from the old quarry situated under what is now the Milford Mall. When Castor Bay was being developed during the 1920s, workers built an unusually high footbridge across Milford Creek. It was high enough to allow sailing boats which moored in the creek to pass beneath.

In 1957 plans began for the development of the marina and by 1960 a council scheme proposed turning the estuary into a non-tidal lagoon, by installing lockgates.

In 1961 Milford Cruising Club moved 200 tonnes of concrete blocks from Tamaki River to form a groyne on the southern bank of Wairau creek mouth.

The first part of Milford Marina, consisting of 89 berths was constructed in 1968.

By 1975 a total of 112 berths had been provided. The old bridge was demolished in the 1970s and a new mechanical drawbridge was completed last year. Today the marina is now home 220 permanent vessels.

The property for sale is adjacent to the Milford Cruising Club and just 350m from Milford Beach, a location midway between the beach and the Milford Centre mall.