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Auckland

Eden Terrace property with more than a Peek of exposure

JLL marketing 1A Porters Avenue, Eden Terrace


 

 

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1A Porters Ave 23 with boundary small-min.jpgJLL is marketing a large, freehold, high profile office/warehouse in Eden Terrace.

A property with a rare benefit is presented for sale through JLL city fringe specialists Nick Cape and Alex Wefers. Constructed in the 1960s, 1A Porters Avenue, Eden Terrace is like no other. The high profile, freehold site is located in Eden Terrace, where it is surrounded by transportation with the train and New North Road hedging the property.

JLL agent Nick Cape says, “A building of this scale hasn’t been on the market in the city fringe in a long time. This property, is close to arterials and has great exposure to New North Road, which would suit a business looking to raise its profile by taking advantage of the excellent signage opportunities. It is also in close proximity to the new City Rail Link, which will allow its new occupier(s) additional advantages. Longer term it could potentially be a site for apartments, although in its current form it will hold appeal for a textile business, co-working business, design centre or car parking company with offices above. With 41 car parks on-site, and a net lettable area of 2760sqm, there is a substantial amount of space available to work with. Whilst the space could work for a single owner occupier, there is also potential to split the property into multiple smaller tenancies to achieve a higher overall rental.” 

The vendor is Peek Display Corporation Ltd, who have owned the property and successfully built their business there over the past 30 years, after a move from smaller premises in Ponsonby. Managing Director Tony Peek says, “My father Stan started this business in 1927 as a traditional sign making company. I took over in 1962 and, together with my wife Christine, built the business into a more contemporary sign making and printing operation. It was in the 1970s that we moved into trade displays for exhibitions and we were the first business to introduce the ‘shell scheme’ wall panels in New Zealand. My son in-law Eugene is now the general manager and he has been running the day to day business for about 15 years. It is a true family operation.”

Peek explains that the location of the property has seen them retain key staff, with many of the 35 strong team having worked there for over 20 years. “We worked out that our team has a combined experience in the business of about 300 years. Operating out of 1A Porters Avenue was key part of our success story, as we could have all business lines under one roof. The size of the property allowed us to grow the business to become an industry leader. We could design, manufacture and store everything in one building.  It would be great to see the new occupants achieve similar success and growth from these premises.” says Peek.

The motivation for Peek Display to move on is due to the way the business has changed. Says Peek, “30 years ago we got a lot of displays built in-house, but now the industry has changed and we have to change with it, so we outsource a lot of the work. However, when we sell the property we will lease back the property at a market rental of $455,000 until we vacate.

“The location was crucial when we moved here as 90% of our work was at the Greenlane showground. This isn’t the case now as we work in all areas of the city. We do expect the new Sky City Convention Centre to be a key location for us moving forward.”



The property is of solid construction, has a high floor load capability, a high stud warehouse and workshop areas. It also has well-presented offices plus an open air roof terrace. 

Located just 3km from downtown Auckland, Newmarket and Grey Lynn and within a close proximity to Kingsland, Mt Eden, supermarkets, schools and the Mt Eden train station, this site can be seen as a rare opportunity. “Any business that locates itself in such a position as this, will reap the benefits of the transport links and proximity to the CBD and fringe areas. This is a great selling point for staff retention and attracting new staff, plus any visitors to the premises will appreciate the on-site car parking, something that is hard to find in such a busy location,” says Wefers.

The property was originally built to house New Zealand Co-operative Dairy Co and was converted in the 1980s. Peek made further alterations in the 1990s to suit the growing space requirements, extending the building to include an additional 330sqm workshop parallel to the railway line and 138sqm of mezzanine offices.

With the business being located in Eden Terrace, Tony Peek explains that the site has additional perks. “We have a great spot to park when it comes to getting to Eden Park as it is only a 10-minute walk from here. Our staff are appreciative of the fact they can drive in and park for free in such a great location, with some of our staff coming in via train, seeing we are only a two-minute walk from the train station. We also have some great neighboring tenants here. We all get on with business but help each other out from time to time.” 

The property is being offered for sale by Expressions of Interest. 

Read the NZ Herald article here​