The industrial land and building housing a leading Auckland fencing supplier has been placed on the market for sale with a range of add-value and redevelopment options.
The three-storey building on a freehold site at 228-230 Marua Road, in the heart of the Mount Wellington/Ellerslie industrial precinct, is fully leased to pool fencing and balustrade specialists City Fencing Limited – with additional rental from a cell phone tower operated by New Zealand’s largest mobile phone operator.
The Marua Road property generates holding income of $100,712 plus GST per annum. City Fencing Limited pays annual rent of $90,000 plus GST for its office, showroom and workroom space on a lease running through to 2021, with a further six-month right of renewal.
A Vodafone cellphone tower at the site generates income of $10,712 plus GST per annum on a lease which runs to 2048, with three-yearly rental reviews to CPI.
The Marua Road property is now being marketed for sale by deadline private treaty closing on October 22 (unless sold prior) through Bayleys South Auckland and Bayleys Auckland Central.
Salespeople James Valintine, Sunil Bhana and Alan Haydock said the property comprised of a commercial/industrial building of some 2,244 square metres on a site of approximately 1,624 square metres on two separate titles supporting multiple car parks.
“This large freehold site consists of three levels of warehouse, showroom and office accommodation which could suit a single occupier or, alternatively, could be altered or redeveloped to split the property into multiple tenancies,” Mr Valintine said.
“The property features a ground-floor showroom/warehouse of 735 square metres along with 124 square metres of ground-floor office accommodation and amenities.
“Level one incorporates a further office/storage area of 118 square metres, plus a 430-square metre low-stud workroom. A medium-stud workroom of some 434 square metres is available on level two. Additional areas provide a range of smaller workshop, mezzanine and storage spaces,” said Mr Valintine.
Mr Bhana said the property at 228-230 Marua Road was zoned Business – Light Industry under Auckland Council’s unitary plan. “This zoning allows for a range of activities including manufacturing, production, logistics, storage, transport and distribution,” he said.
“Surrounding properties are characterised by modern, small-to-medium commercial and industrial premises used by national and international businesses for the likes of showrooms, trade retail, warehousing, manufacturing and distribution activities.
“Major outlets in the immediate vicinity include Mitre 10 Mega, Plumbing world, the Fine Wine Delivery Company and a proposed Gull petrol station. The site for sale is within a two-minute drive of the Stoneridge on Lunn shopping centre, the sizeable residential catchment of Stonefields and the Edmund Hilary Retirement Village,” Mr Bhana said.
Mr Haydock said Marua Road and the adjoining Lunn Avenue had seen a transformation in use over recent years, from mostly traditional industrial activities to uses such as trade retail, traditional retail, commercial activities and showrooms.
“The property for sale is on the eastern side of Marua Road, which offers convenient access to key amenities and facilities in the areas around Lunn Avenue, Mount Wellington Highway and Sylvia Park. This location also offers commercial and industrial occupiers efficient access to main arterial transport routes and State Highway 1,” said Mr Haydock.
“The established Mount Wellington/Ellerslie industrial precinct is one of Auckland’s most sought-after industrial locations. As a general lack of industrial space continues to push new development to the city’s outer fringes, this precinct’s central positioning means sites here are always in strong demand.
“With a large land area and holding income in place across two titles, plus flexible options over future tenancies and development, the Marua Road property will be of interest to add-value investors, developers and owner-occupiers,” Mr Haydock said.