Construction is underway on a new 19-unit industrial/business park development in northwest Auckland’s prime hotspot, as demand for industrial property in the region continues to surge on the back of strong returns.
The units at 14 Northside Drive, within the rapidly-evolving Westgate hub, are directly opposite one of the country’s biggest Mitre 10 Mega stores, close to the new Costco megastore and Costco Fuel which will open next year, and within the wider precinct that will also soon house Microsoft’s planned $100 million-plus cloud computing data centre.
Stuart Bode of Bayleys Auckland Central and Beterly Pan of Bayleys Northwest are marketing the new industrial complex, with the units varying in size from 368sqm to 1,287sqm and being sold at fixed prices ranging from $1,861,000 to $6,245,000.
The units provide for a mix of warehouse, showroom and office accommodation and will meet the needs of owner-occupiers and investors, along with an active market of tenants on the hunt for well-located, highly-functional workspace.
“The commitment from heavyweight Costco has been a gamechanger in the area and now, with the whole of Westgate effectively taking off, these new units are pivotally-located and there’s virtually no competing stock in the vicinity,” Bode said.
“Units 1-5 are currently under construction with completion expected in July/August this year and the others will follow in quick succession with anticipated project completion around March/April 2022.
“This will be a flagship development and is being undertaken by an entity associated with NZ Retail Property Group, which has been instrumental in the evolution of the wider Westgate Town Centre.”
The buildings front on to a central car park, with all units having allocated parking spaces along with secure and dedicated loading positions. The configuration and generous dimensions of the site allow for a mix of light to medium-sized truck access.
The high-specification units have seven-metre stud-height warehousing with canopies, office space and motorised roller doors. Construction comprises concrete tilt slab walls, full-height glass panelling and the site will be fully-landscaped.
The uptake of land within the Westgate Town Centre precinct has been strategic and Bode said while it may appear that there is plenty of land, most of it is spoken for and committed.
“The market has been quite frenetic and there’s a chronic shortage of available land and existing property opportunities.
“Now that people can see Costco coming out of the ground and with news that Microsoft is about to put its stamp on land in Kakano Road, the race will be on to secure property in the vicinity,” he said.
Northside Drive is one of the premier streets in Westgate according to Bode and has been tipped in a proposal by Waka Kotahi NZ Transport Agency to link to the motorway, which will enhance accessibility and further underpin the value of the location.
The Westgate Town Centre has been a focus for investment in recent years given its identified importance in helping to meet some of the region’s housing and service demands.
Bode said as a major growth node for Auckland – along with Manukau and Albany – the northwest corridor, and Westgate in particular, has seen multi-billion dollar investment and a transformational programme of works that has changed the way this area is accessed, and utilised.
“There’s huge residential development along Fred Taylor Drive, and Redhills in Massey, and the Westgate Town Centre is evolving to deliver a high level of public amenity, retail and community facilities.
“Industrial development opportunities are essentially exhausted in the Westgate area, so we are anticipating strong demand for these new units – especially in light of the fact that interest rates remain low and the industrial sector continues to be one of the best-performing asset classes.”