A freehold standalone light industrial property with scale in West Auckland’s preferred Rosebank Road precinct is for sale as its long-term occupier relocates for expansion purposes.
The approximately 8,679sqm site is at 414-416 Rosebank Road, Avondale with the tenant, commercial dishwasher manufacturer Washtech having a lease in place through to 30 April 2024.
The property has existing buildings spanning around 2,900sqm comprising mainly of warehousing with supporting office and staff amenities, a substantial yard of approximately 1,500sqm and parking for around 70 cars.
After 24 years on-site, Washtech is moving its operations. Having outgrown the existing premises but recognising the locational and operational advantages of this highly contested industrial precinct, the business is relocating close by.
The property has future development or complete redevelopment potential, with agents saying that the shortage of favourably zoned land in the region and the enduring popularity of Rosebank Road make this a compelling opportunity.
Alister Hitchcock, Craig Smith and Mark Preston, Bayleys Northwest are marketing the property via an expressions of interest campaign closing 6th December, unless sold prior.
Despite residual economic headwinds and a generally subdued construction environment, Hitchcock says the location, size of the landholding and the extremely tight industrial leasing market underpin the subject site’s credentials and strong enquiry is coming forth.
“There’s a good chunk of land on offer and with Rosebank Road always tightly held by discerning investors and owner-occupiers, it’s genuinely the sort of opportunity that seldom comes around.”
Hitchcock says the site is set back from the road offering some privacy and the Light Industrial zoning allows a variety of options to be explored.
“Given the current market, add-value investors might want to explore ways to refurbish or rejig the existing buildings, however market intel suggests this site would support a multi-unit development project to provide accessible and right-sized industrial space for smaller businesses.
“With holding income in place through to the end of April 2024, there’s cashflow to look forward to while plans, designs and consents are worked through.
“Alternatively, an owner-occupier could look to undertake a design-build with a buffer through to 30 April 2024, confident in the knowledge that Rosebank Road has proven longevity as a location for a wide range of businesses.”
The latest West Auckland commercial sector report from Bayleys Insights and Data team shows industrial vacancy sitting at just 2.2 percent, with Rosebank Road property always hotly-contested given its proximity to the north western State Highway 16 interchange and located just 11km from the heart of Auckland CBD.