Waterfront industrial site has wharf
The property at 25-27 and 34B Gabador Place (lower left) is dominated by disused tanks and has its own wharf. Photo / Supplied
A prime Mt Wellington industrial waterfront property is for sale with its own wharf and the option to obtain management rights over the site’s water access to the Tamaki River - a tidal estuary on the Hauraki Gulf.
“This is an attractive investment opportunity,” says John Binning of JLL who, with colleague Sam Smith, is marketing 25-27 & 34B Gabador Place for sale ‘as is’ through an expression of interest campaign, closing April 27.
The freehold property in four titles is dominated by disused tanks and warehouse-styled buildings and features a 20 metre leasehold concrete wharf that can accommodate barges and other vessels.
“A statutory coastal permit, which includes a water space management area, is available to purchasers through a leasehold agreement,” Binning says.
The Tamaki River and estuary is used for both commercial and recreational purposes. It also has a marina and ferry terminal at Half Moon Bay, where commuter ferries travel to Auckland’s CBD and Waiheke Island.
The property for sale is owned by Ports of Auckland and has a total land area of 12,209sq m made up of two lots at 25-27 Gabador Place comprising 11,607sq m; and another two lots at 34B Gabador Place totalling 602sq m.
The property is surrounded by a mix of commercial businesses, including boat manufacturers Rayglass, McMullin & Wing, and boat storage company Mount Wellington Marine.
It is zoned for Light Industrial use under the Unitary Plan which can permit manufacturing, production, logistics, storage, and transport and distribution, providing purchasers with excellent scope for development.
Boundaries of the Mt Wellington industrial property are roughly indicated by a red line. Photo / Supplied
“It is also in the heart of Mt Wellington – an area that is benefiting from urban regeneration and a growing demand for industrial space,” says Binning.
Smith says industrial space in Mt Wellington is hard to find, with a shortage of vacant land and limited sales between 2015 and 2016.
“Industrial vacancy in the Mt Wellington area stood at 3.6 per cent as of December 2016, with an overall Auckland rate of 2.9 per cent,” Smith says. “Assets are being tightly held by owners with less than 15 sales last year. In light of this trend, the sale of the property on Gabador Place presents a rare opportunity to acquire a strategic asset in one of Auckland’s most tightly held industrial precincts.”
Binning says the property offers multiple options to owner occupiers seeking a flexible site. “It also has excellent redevelopment potential in an area where land values have been rising.
“The average land value in Mt Wellington has gone from a post-global financial crisis low of $338 per sq m in 2010 to a record high of $438 per sq m at the end of 2016. This growth has been driven by a limited availability of vacant land in a popular industrial location.
“Mt Wellington is a long-established industrial precinct with good access to State Highway 1. Major occupiers in the area include DHL, T&G, Tip Top, Fletcher Aluminium and Sylvia Park business centre and shopping complex, which offers a large range of amenities."
John Binning and Sam Smith of JLL