Unusual industrial property in two titles

A prime Church Street industrial site, now on the market after being occupied for many years by Watercraft World, is unusual for reasons of both of size and utility.

Investors are taking close interest in the Penrose property, for sale by a tender process closing on Wednesday, March 23, unless sold prior.

Barfoot and Thompson Commercial Sales and Leasing agent Nick Wilson, lists the attributes "making 344-346 Church St a real cracker", the first being that Watercraft will provide vacant possession for the new owner. There is also the ample size and scale, both a relatively rare thing in built-up Penrose.

Zoning

"This strategic land holding of 1,620 sq m is located on two titles with Business 5 Zoning," he points out.

"The property has 31m of street frontage, which is exposed onto a busy arterial.

"The net lettable area is 1,519 sq m, with two buildings which can be split into multiple tenancies."

But Wilson encourages investors to look even closer.

"The yard area is just over 700 sq m, providing ample room car car parking or container de-vanning. There is dual access to the property, which offers distribution efficiency. The property sits on an elevated site, the roof is brand new, the showroom in immaculate, the yard invaluable (for possible car parking) and the warehouse high-stud. There’s just no question about the quality and utility that this opportunity provides."

Location

As the closest industrial area to the heart of Auckland, Penrose has been sought after by property inventors since the 1920s, he adds. "Investing in Penrose offers certainty for those seeking safe investment offering owner-occupiers stability."

What’s more, looking into the future, Wilson is confident that Penrose’s long-standing reputation "as Auckland city’s workshop", will only be enhanced.

"A significant benefit to the area is the completion of the extension of State Highway 20 from Mt Roskill through to Pt Chevalier, which will add another blood line into the area with ease of access to the west.

Vacant possession

"But possibly above all there’s that vacant possession, effectively offering the purchaser a blank canvas from Day 1.

"In my view, these attributes — plus the fact that the property is already in two titles — make 344-346 Church St highly unusual in terms of profitable investment appeal."

(Penrose is 9km to the southeast of the city centre, between the suburbs of Onehunga and Mt Wellington. In 2008, there were 44,975 employees and 4998 businesses in the Penrose area, 14 per cent of Auckland City's employment, making up seven per cent of its businesses).