NAI Harcourts Blog

A massive industrial property occupied by one of New Zealand’s largest and well known trucking companies is available for sale in Hawke’s Bay.

509-513 Orchard Road, Hastings is for sale by negotiation. The property is on three certificates of title, which combined create a large rectangular site of 1.9079ha.

Marketed by Ian McLachlan and Tony Craig of NAI Harcourts Hastings, the 509-513 Orchard Road is available for sale by private treaty.

McLachlan says this is a prime opportunity to secure a piece of land with huge future development potential, that also has a long-term, secure tenant with good rental returns.

Emmerson Transport Limited (ETL) has occupied the majority of the site since 1991. ETL is one of the largest transport companies in New Zealand, with over 80 truck units. This site is the head office/ depot for five other North Island branches.

The property is located on industrial land some two kilometres from Hastings central and less than a kilometre from the Napier/ Hastings expressway, heading both north and south.

Buildings include a smart separate single story office block with frontage and access to Orchard Road. Further onsite buildings include workshops and shedding constructed of a mixture of steel portal and iron clad exterior lining, together with depot offices which were the original ETL depot offices and facilities

The main office is 450m², the depot offices cover 289m², the workshops 2410m² and the truck shelter 203m².

The yard area has a mixture of concrete and hard stand gravel.

ETL pay a net rental of $275,000 pa plus GST to occupy 3,350m² on 1.83ha of land.

A tenant since 1991, the next tenancy will commence on 1 January 2015 for a five year term, with two five year rights of renewal.

There is also a truck wash on site which is owned by ETL.

McLachlan says 509-513 Orchard Road continues to ideally suit ETL’s needs and potential purchasers can be confident in the security of the investment.

“The location is of very high logistical importance to the tenant. This has been continually reiterated during discussions regarding the preparation of the property for sale.”

In addition, BP Oil NZ Limited occupies 774m² of land as a diesel fuel truck stop. Rental is $25,000 pa gross. The current rental term commenced on 1 April 2012 and runs for four years, with three four year rights of renewal.

McLachlan says there has been good interest in the property so far, with potential buyers attracted by both the future development opportunity and the high profile, secure tenancy.

Investors over the $3 million mark would be wise to inspect.

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For the first time in over 10 years there are large blocks of harbour side, industrial land available for purchase in Whangarei.

Port Nikau, formerly known as Port Whangarei, has been sold into private ownership, subdivided and is now offered for sale by the Port Nikau Joint Venture consortium. Included are the former main wharves, goods sheds, freight handling yards and the former Tenix ship yard.

Marketed by Peter Peeters of NAI Harcourts Whangarei, there are 18 lots of land currently available, which include three backing directly onto deep water, and a further 15 sites.

Peeters says they range in size from 3,800m² upwards, with a further 100 hectares yet to be subdivided.

As the land is zoned industrial and overlooks Whangarei Harbour, this opportunity is ideally suited for warehousing, transporting and engineering.

“Land prices are so favourable up here. As well as local interest, there will be a huge interest from Aucklanders looking to take advantage of the value for money, with the land able to be purchased from $100m²,” Peeters says.

Port Nikau is 3km from Whangarei’s CBD and is just 2 hours north of Auckland. The site is serviced by rail, road and sea.

Purchasers have access to three wharves and a commercial ramp for launch and retrieval, Peeters says.

The land has a deep layer of metal and consolidation from previous years and the ground level is high enough to make building levels easy to meet new standards. No storm water attenuation is required.

There is a new road with AC seal for high load turning trucks and there is the potential for future access over the hill, allowing two access routes into the Port Nikau area.

Options include purchase, lease to purchase, or the owners will build and lease back.

Peeters is also marketing what he calls some of the cheapest industrial land available in Northland. There is 4.806ha of land available on Marsden Point Road in Ruakaka.

Formerly owned by a forestry company and transport firm, and now surplus to requirement, the land is being sold for as little as $40 a square metre.

Peeters says the land sits midway between State Highway One and Port Marsden wharves, with close proximity to Whangarei City and within easy reach of Auckland.

Northland Port Corporation’s wharves have been relocated to Marsden Point and this has resulted in a large scale subdivision of surrounding land zoned for commercial and industrial use. Marsden Point will become an area of increasing significance as Northport Limited further develops its ability to handle a diverse range of cargoes.

Peeters says the 4.806ha he is marketing is zoned Business 4 (Heavy Industrial) and is a rear site screened from the road on a free draining base with a flat contour. This makes it ideal for the development of a contractor’s yard, mill site or other timber processing type business.

Sites are from 2000m² upwards, with a good selection of lot sizes available.

Peeters says Whangarei itself is experiencing robust economic growth, with its GDP rising by 3% last year. The Whangarei District has a population base of 80,000 with about 27,000 employees working for more than 6,500 businesses. The area generates approximately half of the Northland regional economy.

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NAI Harcourts’ final Key Assets portfolio for 2014 has been released, containing over 60 commercial properties and businesses for sale and lease.

General Manager Michael Grainger says the portfolio includes opportunities in the large city centres, as well as in the provinces, from Kerikeri down through to Invercargill.

Of particular note in this issue is the number of industrial opportunities that exist in Northland, which Grainger says is a good investment area for those looking for something close to Auckland.

Located in Whangarei City and 3km from the central business district is Port Nikau (formerly Port Whangarei). This land was recently subdivided and stage one is now available for development. The lots are being marketed by Peter Peeters of NAI Harcourts Whangarei. Included are the former main wharves, goods sheds, freight handling yards and the former Tenix ship yard. The site is serviced by rail, road and sea.

Peeters says in the first stage of the development there are three parcels of land available that each have individual access to the harbour and deep water. There is a further 12 lots with good road access to the launching ramp and the wharves. Section sizes start at 3800m² and go up from there. The total property is 106 hectares. Options include purchase, lease to purchase, or the owners will build and lease back. Land can be purchased from upwards of $100m².

Possibly the most inexpensive industrial land available in the Northland district is available on Marsden Point Road in Ruakaka. Again marketed by Peter Peeters, this 4.806ha of land zoned Business 4 (Heavy Industrial) is ideal for the development of a contractors yard, mill site or other timber processing business, Peeters says.

For investors looking south of Auckland, there is a quality investment close to the Hamilton CBD at the Corner of Anglesea, Knox and Hood Streets. Marketed by Mike Neale of NAI Harcourts Hamilton, the property is tenanted by Resene and returns $168,500 pa. Neale says the property includes land of 1,929m² and a floor area of 820m², with 25 onsite car parks. In excess of 20,000 vehicles pass the high profile site every day. The property will be auctioned on Wednesday 26 November at 11am, at the NAI Harcourts Auction Room, corner Forest Lake Road and Te Rapa Road, Hamilton.

In Auckland investors have a range of opportunities available to them, eight of which will be auctioned at the Royal New Zealand Yacht Squadron in Westhaven on Thursday 4 December at 11am.

8 Miami Avenue, Waiheke Island

Occupying a road front position in popular Surfdale, 8 Miami Avenue is marketed by Andrew Bruce and Rob Meister of NAI Harcourts North Shore. This property is 809m² and includes a modern two level commercial building, built in 2006 and fully refurbished. The freehold site has three tenancies including an authentic French café, creperie and bistro, Vodafone and one vacant retail shop (under negotiation). Meister says the potential rental is $75, 165 + GST.

Unit 2, 5-19 Factory Road, Waimauku Village

Marketed by David Savery of NAI Harcourts Auckland West, this property is a 1000m² freehold purpose built modern supermarket of concrete construction. Current rental is $190,000 + GST, with a 10 year lease that commenced in March 2008 and a final expiry, after rights of renewal, of 30 March 2028. Savery says Fresh Choice is the anchor tenant amongst 14 other retail shops, including a medical centre, café, takeaways and residential apartments servicing Waimauku township and surrounding districts.

46 Carr Road, Mt Roskill

This tenanted investment in a busy commercial hub is marketed by James Lee and Nick Mi of NAI Harcourts Ellerslie. It includes a 581m² warehouse and office, with long-term tenants paying $69,600pa + GST. Lee says the location is one of the most sought after industrial hubs in Auckland Central and this property will appeal to many investors.

13-15 George Street, Papatoetoe

A two level freehold mixed use building, this property is situated on the main retail street of the town centre. Marketed by Nicolas Ching of NAI Harcourts Auckland Central, the property includes side by side dual frontage retail space and is occupied by two retail tenants, Balaji Indian Takeaway and an IT company, returning $57,000 pa. The property includes residential accommodation upstairs, with plenty of parking to the rear of the site, and there is outstanding opportunity to add value, Ching says.

All four Auckland properties listed will be auctioned at the Royal New Zealand Yacht Squadron in Westhaven on Thursday 4 December at 11am, along with four others showcased in Key Assets magazine.

View the latest issue of Key Assets here.

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Investors have the opportunity to establish a high density housing development in a strategic location within the sought after suburb of Onehunga.

Numbers 10, 12, 14, 16 and 18 Wade Avenue, Onehunga are being offered for sale as one parcel of land.

The properties are within a Special Housing Area (SHA), which is a location identified for fast-track development to boost Auckland’s housing supply.

Marketed by Rob Meister and Andrew Bruce of NAI Harcourts North Shore, the total site area is 3,215m² over the five adjoining residential properties on the western side of Wade Avenue. The land, which is approximately 84m wide by 40m deep, forms an almost rectangular total area.

The properties will be offered for sale by public tender, closing at 4pm on the 4^th of December (if not sold prior).

Meister says they are located within the “Jordan Avenue SHA”, an existing residential area between Mt Smart Road and Grey Street in Onehunga. This land is earmarked to be developed to contain up to 325 dwellings under the Auckland Housing Accord, which the council instigated alongside the government to plug Auckland’s housing shortage.

The properties are located to the north east of the Onehunga business district, 850 metres to the centre of Onehunga Mall and 1.65km to the Royal Oak Mall.

Each property has a 1950s bungalow style house occupying a full freehold, level site. They are character dwellings that typify the area and were probably all ex-Housing Corporation (Housing NZ) when constructed originally. Each house has a different degree of remodelling and improvements such as garaging, decks and landscaping, however as this is a development site, these details are unlikely to be of minor consequence to potential buyers.

Bruce says Onehunga is a sunrise suburb, with values increasing 37% in the new Council 2014 CVs. It is a desirable location due to the character housing available, combined with close proximity to everything needed by households, including shopping, transport and community services. It is considered by many as the “new Ponsonby”.

Wade Avenue is less than 12km from the Auckland CBD, 1km from the centre of Onehunga Mall, 13km from Auckland Airport and 6km from the Southern Motorway.

Bordered by Auckland Council and Housing NZ owned properties such as the Cuthbert Kindergarten, Council Hall, and Housing New Zealand multi-level and single dwelling houses, Wade Avenue is a cul-de-sac street with an easterly aspect.

Meister says this rare offering of five adjoining titles within a Special Housing Area, offers an immediate opportunity to develop intensive housing in accordance with the rules governing SHAs.

Once a site has become an SHA, the subsequent development proposals within these areas must demonstrate that they are qualifying developments. This means they must be predominately residential, not exceeding six storeys or 27m, and not containing fewer than the prescribed number of dwellings specified within the Order of Council.

While any development is required to be predominately residential, non-residential uses are strongly encouraged, such as the creation of employment opportunities. More detailed information on the Jordan Avenue SHAs should be obtained from Auckland Council.

Bruce says the Wade Avenue properties could suit investors wanting a valuable land banking opportunity. There is also the possibility of holding income via renting out the existing dwellings.

There is high demand for housing in the area, particularly with the close proximity to Auckland CBD, and the quiet location makes the land all the more valuable for residential development, Bruce says.

10, 12, 14, 16 and 18 Wade Avenue, Onehunga, are offered for sale as one parcel of land by tender (unless sold prior). Tenders are to be presented to ANI Harcourts, located at 128 Hurstmere Road, Takapuna, no later than 4pm on Thursday 4 December 2014.

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Gabrielle Ellett has been appointed as Harcourts New Zealand’s Commercial and Rural Talent Acquisition Manager.

In this position Gabrielle will be responsible for the recruitment of new and experienced sales consultants into NAI Harcourts, the groups’ commercial arm, as well as Harcourts’ rural division.

Gabrielle has over 15 years’ experience in client services and account management.

She worked as a recruitment specialist for more than six years in both New Zealand and Australia, recruiting into a variety of roles including corporate.

Gabrielle has also had a highly successful real estate career. She was employed as a commercial and industrial agent for a national real estate company, specialising in retail sales and leasing. During this time she won Top Retail Salesperson of the Year and Commercial and Industrial Rookie of the Year.

In addition Gabrielle is a property investor, and is co-owner of a property development company.

Harcourts CEO Hayden Duncan says when the position of Rural and Commercial Talent Acquisition Manager became available, Gabrielle stood out because of her rare combination of talents.

“Gabrielle has the perfect skills to excel in this role. She fully understands the real estate sector, as well as the complexities of talent acquisition. She is a young talent with huge experience. Combine this with her business acumen, and we are confident she will be a huge asset to our business.”

NAI Harcourts General Manager Michael Grainger says Harcourts is continuing to grow its commercial business within New Zealand, and Gabrielle's appointment underpins their commitment to making NAI Harcourts the market leader.

Gabrielle says she is excited to be joining Harcourts, and wants to drive NAI Harcourts and the rural division to new heights of success.

“NAI Harcourts is still relatively young, but has already secured a solid position in the commercial marketplace. I’m excited to be a part of recruiting the best people to take the business to next level. The rural team is also strong, but with more of the right people on the ground, there is much more we can achieve.”

NAI Harcourts was formed in 2009 and now has a presence in 62 locations around New Zealand. It is the commercial arm of Harcourts, which is New Zealand’s largest and most trusted real estate brand.

NAI Harcourts is part of the NAI Global Network, the single largest, most powerful global network of owner-operated commercial real estate brokerage firms in the world. NAI Global comprises 375 plus offices worldwide, and 6,700 sales consultants.

Harcourts’ rural division is firmly established in the New Zealand marketplace, selling a range of lifestyle blocks and farms across the country and across all price brackets.

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Located on a highly visible corner site in the heart of Wairau Valley, Unit B 234 Archers Road has a design built modern showroom in a popular location.

Fully occupied with a long term, secure tenant, the property is up for sale by auction on 30 October.

It is being marketed by Dave Lane of NAI Harcourts North Shore, who says the investment will appeal to those looking to buy in this sought after area of Wairau Valley.

Built in the 1960s, the building enjoys a wide street frontage at the intersection of Poland and Archers Roads. The property covers 4,970.9m², with a floor area of 663.34m².

General construction is concrete foundations and floor, steel fabricated and concrete block walls, full span steel warehouse roof beams with wooden cross supports, attaching long-run iron roofline.

The building is in good condition and comprises a showroom (198.15m²), medium stud warehouse (382,28m²), office (50.24m²), lunch room (18.31m²), and low stud storage (14.36m²). There are nine allocated car parking spaces.

The property has been tenanted by NZ Safety –New Zealand’s largest supplier of personal protective equipment and work-wear – for the past 16 years. The Archers Road retail location is one of their top performing stores.

The current lease, which commenced in 2010, is for eight years, with a six year right of renewal and final expiry date of 29 February 2024. The annual net rent is $107,096 + GST.

One of four similar buildings built in the 1960s and now all owned separately as freehold units, there have been subsequent upgrades to the property, including the construction of the showroom area.

It is situated at an easy to find location within a short distance from the Tristram motorway junction via Wairau Road or Northcote motorway junction via Sunnybrae Road.

The site is currently zoned Business 9, which provides for a wide range of employment generating business activities. Under the proposed Unitary Plan, the property is zoned Light Industrial. Purchasers who may be seeking to investigate potential redevelopment or alterations to the property should consult with a council planner.

The CV sits at $1.4 million, with rates set at $9,932.24 plus GST. There is a body corporate levy of $7,861.57 plus GST.

Lane says the area is fast becoming a popular location for retail use and Unit B 234 Archers Road is in an outstanding position in terms of street exposure. It sits adjacent to Mitre 10 Mega, Bunnings and close to Pak N Save and other bulk trade retail outlets.

234B Archers Road, Wairau Valley is offered for sale by auction at 12pm on Thursday 30 October, unless sold prior. The auction will take place at the Harcourts Auction Room, 400 Beach Road, Mairangi Bay.

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The Takapuna renaissance continues with the leasing of a large retail space on Hurstmere Road to a well-known furniture and homeware retailer.

The Design Store will be the new tenant at 38 Hurstmere Road, a sizeable retail and office property owned by Auckland Council. Previously tenanted by Postie Plus, it was recently listed by Andrew Bruce and Isaac Tankard of NAI Harcourts North Shore, and leased by their colleague Dave Lane to The Design Store.

The building covers approximately 963m² of ground floor retail space plus 84m² of office and amenities.

Bruce says Takapuna is undergoing a renaissance with the likes of the development of McKenzies at the Commons, the Laneway Development at 40 Hurstmere Road and the recent acquisition of the Hall’s Estate By Cook Property Group. All are adding to the rejuvenation and improvement in products and services on offer.

Lane says The Design Store is expected to attract still more shoppers into Takapuna with its quality range of home furnishings and décor products.

“The Design Store is an example of the quality tenant being attracted to Takapuna, which is now a leading shopping destination,” Lane says.

Takapuna Beach Business Association General Manager Peter White says The Design Store is a double finalist in the Top Shop 2014 awards and he is thrilled a retailer of such calibre is coming to Takapuna.

“Obviously the site on Hurstmere Road is a large one and we didn’t want a vacancy. The Design Store is an ideal fit for us and we are looking forward to them being a part of Takapuna’s future going forward.”

The team at NAI Harcourts North Shore has had an excellent year assisting their clients in Takapuna and further afield. This is another significant deal done by the team and comes on the back of the $14.5m Hall’s Estate sale earlier in the year a little further up Hurstmere Road.

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In this month's MarketLeader:

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Overseas investment in commercial property is gaining strength, with interest from the Asian market particularly robust.

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Located in the heart of the CBD and Art Gallery precinct, 10-14 Lorne Street’s iconic sloping profile is well known to Aucklanders.

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