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Rare waterfront development opportunity in Mt Wellington

JLL is marketing a freehold industrial site on Gabador Place



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Gabador Pl 05 red line small-min.jpgJLL is marketing 25-27 and 34B Gabador Place in Mt Wellington. 

The property includes four titles and is being sold ‘as is’ through an expression of interest campaign, closing 27 April. It is being marketed by JLL agents John Binning and Sam Smith.

The property is located on the shores of the Tamaki river - a tidal estuary on the Hauraki Gulf.

“Gabador Place is in a prime waterfront location,” Binning says. “It is also in the heart of Mt Wellington – an area that is benefitting from urban regeneration and a growing demand for industrial space.” 

The property, which is currently owned by Ports of Auckland, boasts a total land area of 12,209 sq m. Two lots at 25-27 Gabador Place occupy 11,607 sq m, while another two lots at 34B Gabador Place cover 602 sq m. 

The site includes a 20 m concrete wharf that can accommodate barges and other large vessels. There are also disused storage tanks and some warehouse-style structures on the site. 

“This is an attractive investment opportunity as the purchaser has the option to obtain management rights over the site’s water access,” Binning says. “A statutory coastal permit, which includes a waterspace management area, is available to purchasers through a leasehold agreement.”

Tamaki river is used for both commercial and recreational purposes. It also has a marina and ferry terminal at Half Moon Bay, where commuter ferries travel to Auckland’s CBD and Waiheke Island. 

The property is surrounded by a mix of commercial businesses, including boat manufacturers Rayglass and McMullin & Wing. It is zoned for light industrial use under the Unitary Plan. Light industrial zones can include manufacturing, production, logistics, storage, and transport and distribution, providing purchasers with excellent scope for development.

Smith notes that industrial space in Mt Wellington is hard to find at the moment, with a shortage of vacant land and limited transactional activity between 2015 and 2016. 

“Industrial vacancy in the Mt Wellington area stood at 3.6 per cent as of December 2016, with an overall Auckland rate of 2.9 per cent,” Smith says. “Assets are being tightly held by owners with less than 15 sales last year. In light of this trend, the property on Gabador Place presents a rare opportunity to acquire a strategic asset in one of Auckland’s most tightly held industrial precincts.” 

“This property offers multiple options to owner occupiers seeking a flexible site. It also has excellent redevelopment potential in an area where land values have been rising,” Binning says. 

“The average land value in Mt Wellington has gone from a post-GFC low of $338 per sq m in 2010 to a record high of $438 per sq m at the end of 2016. This growth has been driven by a limited availability of vacant land in what is a popular industrial location.” 

Mt Wellington is an established industrial precinct with excellent proximity to State Highway 1. Major industrial occupiers in the area include DHL, T&G, Tip Top and Fletcher Aluminum. The area is also home to Sylvia Park business centre and shopping complex, which offers a large range of amenities catering for local businesses, clients and staff alike.