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City fringe warehouse provides scant supply solution

The scarce supply of warehousing around Auckland's critical city-fringe suburbs continues to steer investors towards well-located assets, reflected by interest in a versatile premises with dual leasing capability, Bayleys salespeople say.

James Were of Bayleys Auckland Metropolitan Markets and Bayleys Auckland Corporate Leasing director, Ben Wallace, are marketing a modern office/warehouse combination covering two floors and 692sq m (more or less) at 45E Normanby Road.

The property is offered for sale and lease with a deadline closing at 4:00pm on Wednesday, 22nd May 2024 (unless sold or leased prior).

Mr Were says that existing properties in good locations – particularly those positioned to benefit from significant new infrastructure such as the City Rail Link – provide the biggest opportunity in the market right now.

“Developers are still challenged bringing new supply to market, with feasibility roadblocks including lending and finance creating additional hurdles to surmount. While construction costs have largely stopped climbing, density provisions have escalated land values, particularly those in high value locations and walkable public transport catchments.

“The subject property provides crucial warehousing supply and the prospect of enhancing value in a traditionally tight local market. The attractive combination of functional facilities, modern offices and a strategic location provides an attractive opportunity for flexible use and will likely suit owner-occupiers, long-term investors, add-value purchasers and tenants.”

Totalling 426sq m (more or less), the ground floor tenancy includes 220sq m of functional, clear-span, on-grade warehouse accessed via a full height roller door and 206sq m of modern air-conditioned offices.

Upstairs, a second tenancy can be leased separately or tenanted by an entire operator to take advantage of a well-appointed, predominantly open-plan layout with two generously sized offices/meeting rooms.

There are six-to-seven car parks and both levels benefit from direct access to covered car parking on the doorstep.

Mr Wallace says the property’s configuration, which would support two independent tenants provides a split risk opportunity for future leasing, with scope for rental upside potential.

“Leasing prospects have been strong off the back of rising net migration numbers, with confidence in the small-to-medium business sector reflected by continued leasing activity and a record year for deals at Bayleys in 2023.

“Prime assets continue to achieve high market rents, but businesses reassessing their requirements are increasingly looking to smaller footprints in high-amenity areas for a source of value.

“The subject property provides an excellent option through this lens, having been modernised by the current owner with a current seismic assessment of 100 percent of the New Building Standard, and a recently replaced roof.”

Normanby Road is approximately two kilometres from Auckland’s central city, and within five minutes of the State Highway 1 and State Highway 16 motorways.

“Surrounding properties are of a mixed nature, including residential, commercial conversions, and retail. However, the precinct is rapidly transitioning from suburban to high-density with opportunities for investors and occupants to get ahead of commercial demand to service a multitude of new apartment developments currently underway in the immediate area.

“This is a locale that will no doubt benefit further from the City Rail Link project, connecting Auckland’s central city to the Mount Eden Train Station and western suburbs with rapid transit.”

Click here for more information on the listing.

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