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Anchors aweigh for sale of Westpark Marina



Long term investment with development potential/new-zealand/en-gb/news/916/long-term-investment-with-development-potentialAUCKLANDLong term investment with development potential
Former Fire Station on high profile corner site/new-zealand/en-gb/news/915/former-fire-station-on-high-profile-corner-siteCHRISTCHURCHFormer Fire Station on high profile corner site

Westpark Marina, the third largest marina in Auckland, on the edge of the upper Waitemata Harbour near Hobsonville and West Harbour, is being marketed for sale by Jones Lang LaSalle.

Westpark Marina was developed during the early 1980s to meet the increasing demand for safe, sheltered, berthing of recreational pleasure craft. It occupies about 48ha and is 22km to the west of the Auckland CBD.
The marina has up to 600 berths ranging from 10m to 18m, travel haulage facilities of 75 and 35 tonnes and has a maintenance hardstand for 55 boats.
John Binnings of Jones Lang LaSalle, who is handling the sale, says the two owners are selling ``because this is the last asset of the partnership''.
Binnings says the strong growth of local marine industries, coupled with increased scarcity of suitable coastal land in the Auckland region for marina related uses, makes Westpark a particularly desirable purchase.
``The cost today of duplicating building a marina plus the hurdles needed to go through for the various consents and objections make it unlikely another marina will be built in Auckland for a considerable length of time,'' he says.
``With a net income of around $1.7 million per year and as the only marina in the Auckland area currently being marketed for sale, this comprises a rare investment opportunity. Tenders close on March 15 and we're anticipating this will be hot property''.
The marina also offers a retail shopping village consisting of 11 stores having a total net lettable floor area of about 1000sq m with additional decking and walkway areas.
Further features of the marina include various high-stud industrial buildings as well as the marina administration management office. The industrial buildings consist of sheds constructed of timber framing with gross lettable areas of 441.5sq m, 320 sq m and 350sq m.
Four new industrial buildings were constructed in 2008, each with an approximate gross lettable area of 185sq m. Sealed car parking is provided for these sheds to the north.
The marina administration management office has recently been re-furbished and has a total floor area of about 100sq m. The building is constructed over two levels providing a reception and office area at the ground floor and a management office upstairs.
Surrounding the marina is a considerable amount of high quality residential development allowing the marina itself to become a community hub.
Other facilities include several storage sheds and garages, ablution block, laundry and showers. There is also a licensed yacht club and restaurant with views of downtown Auckland which is separately owned. An ACC ferry service runs from the marina to the CBD and has entered into a long lease.
Its tenancy profile consists of a boat sales yard, a sales office, Auckland City Council car park and the ferry service.
``With various marine industry tenants there as well, including boat haul-out facility, boat builders, marine painters, marine engineers and a range of associated trades and services this is a prime location for a local marine industry cluster,'' Binning says.
Westpark Marina was a centre for the heavy clay industry with the first brickworks being started in the 1860s. The tidal banks of the Upper Waitemata Harbour, with their fine clay deposits, were common sites for manufacturing and firing bricks and pipes which were then transported by barge to Auckland.
The passing of a special government legislation in 1979 allowed for the development of the marina and associated reclamation. Construction of the marina commenced in 1983 and was completed two years later.
It was created by dredging marine muds from the boat harbour and pumping those muds into three bounded ponds. Networks of wet drains were placed in these ponds to allow surplus water content to decant out under the weight of the mud. Post-1985, the ponds were super loaded with a clay capping and various lots lime stabilised in metal to achieve a useful surface.
Westpark Marina is classified Marina Special Area under the Auckland Council's Waitakere City District Plan- Operative March 2003. The zone was created specifically for the Westpark Marina to reflect the unique nature of the property and provides for specific rules and guidelines for existing and future development of the site