‘Once in generation opportunity’

5:00 AM Saturday April 8, 2017 True Commercial

With two Light Industry-zoned titles, the site at 59-61 Hillside Rd has been occupied by Cookson Boats since 1988. Photo / Supplied

A North Shore industrial complex is on the market for the first time in almost three decades through sole agents Colliers International.

The 8550sq m freehold site at 59-61 Hillside Rd, Wairau Valley, is being marketed exclusively for sale or lease by Matt Prentice and Shoneet Chand with offers closing on April 26, unless sold earlier by negotiation.

The property, spanning two Light Industry-zoned titles, has been occupied by racing yacht builders Cookson Boats since 1988.

Prentice says the company’s needs have changed in recent years, and the property has been placed on the market for the first time in a generation.

“This is a rare opportunity for investors, developers, tenants or owner-occupiers to acquire one of the largest industrial sites in an established, low-vacancy industrial precinct on the North Shore,” he says.

“We rarely see such large landholdings in the Wairau Valley area put on the market, let alone as a vacant possession. This is a transformational opportunity for the right business to establish a long-term presence in very desirable area.”

Prentice says industrial land in the area is in demand, citing Colliers International’s research that shows the vacancy rate has stayed extremely low in recent years.

“Our team of analysts has found the current North Shore industrial vacancy rate is about 1.8 per,” he says.

“The rate has remained below 2 per cent over the past two years, which shows demand for North Shore industrial property remains consistently strong.”

Chand says the Hillside Rd property has a total built area of 3970sq m and a 2100sq m yard. The main structure, built about 1972, is a 2276.9sq m warehouse and factory across two levels. Three more warehouse structures were added in 1996 and 2005.

A two-storey office of 246.5sq m is located at the front of the building, while an additional 392.2sq m of office and amenity space adjoins the warehouse at the rear.

“This large warehouse and factory offering can easily be split across multiple tenancies, making this an ideal investment property,” Chand says. “It’s an excellent option for owner-occupiers or tenants seeking large, flexible spaces for manufacturing, storage and distribution within a short distance of main arterial routes.”

Wairau Valley is the largest, longest-established North Shore industrial precinct, surrounded by a skilled labour force and with easy motorway access.

The Hillside Rd property is on the northern side of the street, about 500m west of Wairau Rd, which is one of two main arterial routes in the area.

The site is a short distance from the Tristram Ave motorway interchange, giving the site excellent access to the Auckland CBD, the wider region and beyond.

Chand says the site’s neighbours are mainly multiple unit factory developments of a similar age.

“Well-known nearby tenants include Orica Paints, King Self Storage, Dulux, Clearlite, Hillside Building Supplies, Bunnings, Mitre 10 and various tyre outlets.”

Chand says Cookson has built some of New Zealand’s best-known yachts on the site over the past few decades. However, it’s time to move on, and the motivated vendor has instructed us to present all offers.”

Chand says the original factory, built on concrete foundations and floor slabs, has a minimum stud height of 3.2m to 5m. The lower walls are of concrete tilt slab and block to 2.5m, while the upper walls are of aluminium joinery and translucent acrylic panels.

An internal stairwell leads between the 774sq m lower warehouse and the 1502.9sq m upper warehouse. External access is via two roller doors on each level.

The three newer warehouse additions are of similar construction, with concrete floor slabs, steel framed and clad walls, and insulated steel roofing.

  • A 424.8sq m rear warehouse, built in 1996, is accessed via folding metal doors and an internal staircase linking it to the lower level warehouse.
  • A 351.8sq m extension was added in 2005.
  • A 340.9sq m addition to the upper warehouse was built in 2005 on top of a steel deck and frame that elevates it above ground level, at the same level as the older structure.

The minimum 5.8m stud space is accessed via a full-height external roller door, an internal opening, and a rear stairwell.

The office wing is constructed of a reinforced concrete frame with aluminium glass curtain and textured cement walls.

A glass wall and door separates a recessed entry from a foyer and reception area, with terracotta paving flowing between the two spaces. The main office is behind a further internal glass wall and door.

The site contains an asphalt driveway, yard and parking area, as well as an unsealed parking lot.

Chand says an estimated 2100sq m of extra land on the site is usable, including about 650sq m of an easy, near-level contour. The rest is a medium pitch embankment at the rear which has been used for storage.

“This property needs to be seen to get an idea of its huge potential,” says Chand.