Dual Warehouses Offer Flexible Options For Investors In Napier Industrial Estate

An industrial property comprising two warehouses in the tightly-held Onekawa industrial precinct provides a split-risk opportunity for occupiers, investors and developers alike, Bayleys salespeople say.

Occupying a rectangular 3,627sqm (more or less) freehold land parcel at 31 Niven Street, the site, which is being sold with vacant possession, offers subdivision potential to create two separate lots, each having a building in-situ with central access via a shared driveway.

Bayleys Napier salesperson Mark Evans says the property is offered to the market at a time of high demand for industrial accommodation, with investors increasingly searching for add-value opportunities to hedge against inflation.

“Properties with future development potential, and a flexible configuration of building assets, in addition to undeveloped yard space, are an attractive and rare commodity in the Napier industrial estate.

“This property, in particular, presents a range of development and occupancy options for the new owner,” he says.

“The strategic location and 37m of frontage to arterial Niven Street brings traffic profile and exposure, a key consideration for occupants, with the added benefit of simple vehicle entry for visiting customers. This adds value to the rental profile making it an attractive opportunity for investors.”

Evans is marketing the property for sale with Bayleys Napier colleague Rollo Vavasour by way of auction at 3:00 pm on Friday, 24th February 2023 (unless sold prior).

Comprising two warehouses which total 1,517sqm (more or less), the premises has a combined seismic assessment of 67 percent of NBS or above.

The main building has an anterior reception/showroom with first-floor offices and a large warehouse to the rear accessed through high-stud roller doors at separate ends.

The second warehouse at the rear of the property is wholly separated from the main building by access and marked car parking for 15 vehicles. The premises is also partitioned to provide a potential lettable area for three tenancies.

The entire property features electronically controlled security fencing and a well-maintained hard-stand land area for access.

“Given the main building is situated in the front east portion of the property, with the second building in the rear west portion, the site is ripe for subdivision, and a plan is available for buyers to complete their due diligence,” Vavasour says.

“This flexibility means an owner-occupier could operate from the premises in its current configuration of showroom, offices and manufacturing accommodation – including a spray booth and product storage.

“Alternatively, subdivision of the site could see a warehouse lease to achieve a rental income from the property or to on-sell buildings surplus to the new owner’s requirements.

“The warehousing accommodation can also be split up into smaller units to meet current high levels of local demand for storage space which remain elevated following growth in the e-commerce sector and supply chain disruptions during the pandemic,” he adds.

Of the site’s Main Industrial land use zone, Evans says it allows for a wide range of uses spanning the industrial services and manufacturing sectors whilst recognising Onekawa’s proximity to Napier Port, Napier Airport and the region’s state highway network providing direct access north and south.

Surrounding properties in Onekawa’s Niven Street locale include automotive businesses, workshops, building and construction manufacturers, engineering plants, and a smattering of stand-alone food and beverage retailers.

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