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New buyers in the mix for rare ‘entry level’ Penrose industrial site

The nearly 350-square metre vacant warehouse/office unit on Station Road lies in the heart of the Auckland suburb’s industrial precinct.

It presents what commercial property specialists say is a unique chance for a new investor or small business occupier to get an affordable toehold in an area with historically low vacancy and rising rents.

“Amid a tight Auckland industrial scene, buildings of this size, and in this value bracket, seldom come to the market,” said Bayleys South Auckland commercial salesperson Nelson Raines.

“With an ongoing shortage of industrial land, occupiers are increasingly having to look to the region’s fringes or even other regions for new space.

“Being in one of central Auckland’s most desirable industrial locations will make the Station Road site doubly attractive to buyers who may not have previously considered commercial property – including former residential investors seeking new opportunities,” said Raines.

The property at 73 Station Road, Penrose, Auckland, is being marketed for sale by Raines along with Tim Bull and William Gubb of Bayleys South Auckland.

Sale is by deadline private treaty closing on Thursday 21st July, unless it is sold prior.

Bull said the offering consisted of an approximately 347-square metre cross-lease property.

“The title offers a nearly one-tenth share of some 4,811-square metres of industrial-zoned land in a development with seven other buildings. The unit for sale sits at the southern boundary with a north-facing aspect.

“The extensively refurbished premises incorporate a tidy high-stud warehouse of some 254-square metres with approximately 93-square metres of modern offices and amenities split over two levels at the front.

“The warehouse has direct access from the common property via a full-height roller door. There is ample space for parking with the benefit of roof-top parks reached via a ramp on the western side of the building, and the site has truck access from Station Road,” Bull said.

The Station Road site’s Business – Light Industry zoning under Auckland’s unitary plan provides for smaller-scale manufacturing, production, logistics, storage, transport and distribution activities. Surrounding businesses in Penrose’s light and heavy industry zones include Fletcher Building, AA Insurance and Mainfreight Logistics, along with popular consumer brands such as Novus Glass, Noel Leeming and PB Tech.

Gubb said Penrose was one of Auckland’s most favoured industrial precincts thanks to its position halfway between the central city and the airport.

“Just seconds from Great South Road, and minutes from the Southern and Southwestern motorways, the site for sale offers ease of access in all directions. Penrose’s train and bus stations are also within walking distance,” Gubb said.

According to the latest industrial market update from Bayleys’ Insights, Data and Consulting team, Auckland-wide industrial vacancy last year fell to a multi-year low of 1.6 percent – less than a third of levels seen 10 years earlier. Penrose’s vacancy rate was among the region’s lowest, at just 1.4 percent.

Gubb said this historically low vacancy, combined with strong occupier demand, was driving up rents and generally resulting in properties being leased well in advance of physical vacancies.

“This underscores what a rare diamond the vacant Station Road property is and will underpin its investment credentials for a buyer,” said Gubb.

Click here for more information on the listing.

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