Targeted campaign brings buyers out in Wairau Valley
201 Archers Road, Wairau Valley, Auckland. Sold on 26th October 2017
- Freehold industrial property with 1,054m² of ground level floor space and 664m² mezzanine
- 8,524m² site
- Two tenants on monthly tenancies with net income of $181,388 + GST
- Zoned Light Industry
- Wide street frontage located on major North Shore thoroughfare
- First time on the market in more than 30 years
- National Total Property marketing campaign with tender method of sale
- 139 enquiries – many the result of direct initial contact by agents
- Enquiry predominantly from local owner/occupiers and investors
- 9 tenders received
- Sold to a local owner-occupier
- Sold for $7,040,000 at $825/m2 (land value)
Built in the 1980s, this property in Wairau Valley – the North Shore’s original and still very sought-after industrial area – was keenly contested by owner-occupiers and investors looking to secure a generous site close to main arterials.
Ranjan Unka and Trevor Duffin of Bayleys North Shore fielded high volumes of enquiry from mainly local buyers who recognise the inherent value of the Wairau Valley precinct.
“The lack of available industrial land and increases in land values are particularly acute in Wairau Valley,” says Ranjan.
“As a result, there’s been hardly any new industrial development in recent times so that pushes demand up.”
With the existing tenants – a timber recycling business and a wholesale flooring company – on month to month tenancies, the property had great appeal to owner-occupiers who have been struggling to find large properties in this popular area.
“While in reasonable condition, the property has scope for improvement and the large yard area could lend itself to future redevelopment,” says Ranjan.
Retiring vendors sell after more than three decades of ownership.
The vendors purchased this Wairau Valley property around 35 years ago as the base for their business selecting it for its land area, easy access which streamlined their operation and its convenient proximity to their home at the time.
“We’re nearing retirement age and no longer wish to have a financial interest in an industrial property – or to be landlords now,” says one of the vendors.
“We’ve only sold one property before and that was our home. This was the first time we’d dealt with Bayleys and we believe the tender process achieved an excellent result.
“Ranjan provided us with honest feedback and guidance throughout the process and the sales price reflected the current market. We were very happy with the outcome.”
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