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CBD industrial property with options

A substantial warehouse and office building at 66 Cook St has been placed on the market providing an increasingly rare opportunity to secure industrial premises in Auckland’s CBD.

“This is a versatile offering providing plenty of options and a big opportunity for tenants, owner occupiers or add value investors,” says Bayleys’ senior broker Mike Adams who is marketing the property with Bayleys’ Auckland City & Fringe division colleague Jean-Paul Smit.

Featured in Bayleys’ latest Total Property portfolio, the 1,453sqm two-level building located on a 1678 sq m site is for sale or lease by deadline private treaty, closing 4pm, November 29, unless sold or leased prior to that date.

Adams says it is increasing challenging to find industrial space in the CBD and this property comes with close to 1000 sq m of warehousing with multiple roller door access. It will be available for occupation early next year following the relocation of current long standing tenant.

The property is located at the rear of a cluster of five buildings, each on their own freehold land title, in a small cul de sac off Cook St. Neighbouring occupants include electrical trade suppliers Corys and J.A Russell, Mico Plumbing, National Mini Storage and the Elm Christian Centre which is located on the Cook Street frontage.

Adams says the building could suit another trade supplier looking for a combination of showroom, office and warehouse space or a business with a substantial customer base in or around the CBD and which is looking for a distribution facility.

“Alternatively, the substantial land holding’s underlying City Centre zoning represents a very attractive opportunity for an entrepreneurial investor with an eye for an opportunity. This zoning allows for the most intensive and varied development of all of the Auckland Unitary Plan’s zones with a 40 metre height limit applying to this part of the CBD.

“There would be an opportunity obviously to add immediate value by leasing up the space that is being vacated. Longer term, there could be potential to expand the existing building or undertake a new development on this underutilised site, subject to obtaining the necessary consents.”

The current building, constructed in the 1980s, comprises a 992.5 sq m rectangular shaped ground floor warehouse with a stud height of approximately 4.8m at the underside of the knee rising to 5.4m at the apex. There is full height roller door access at either end of the front of the building and a smaller roller door on its western side.

Two internal sets of stairs provide access to the 454.5 sq m of upper level commercial space and amenities. This comprises a reception, showroom, open plan and perimeter offices as well as toilets and a kitchenette.

Jean-Paul Smit says one of the property’s key attributes is the ease of access off Cook St for customers and staff. “It comes with 13 on-site car parks at the front of the building which is a big bonus for a CBD property. Access to and from the northern and southern motorway is only a short distance away and most parts of the CBD as well as Victoria Park and the waterfront are within easy walking distance.

“This already desirable location continues to go through significant transformation and is superbly positioned for further growth. Across the road is what used to be Auckland Council Workshops, now transformed into City Works Depot, a thriving commercial and hospitality hub. Directly behind the property is the Sugar Tree multi-building residential development which will be home to a projected 2,000 residents.” Smit says.

“This property is strategically located in a popular and fast evolving CBD location with an exciting future ahead.”

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