The Property

• Tidy 189sqm (more or less) industrial unit-titled industrial warehouse unit

• Dual, full height roller door access, and good frontage to Morrin Road

• Offering clear span warehousing, with office/showroom and amenities

• Generous car parking and exclusive use of the yard area at the front

• Sold with vacant possession

• Convenient access to SH1, Southeastern Arterial and amenities at Sylvia Park and Lunn Avenue.

Quick Look

• National Total Property marketing campaign – sold by deadline private treaty

• Interest generated via Bayleys’ databases and Total Property magazine

• 11 written offers received

• SOLD for $1,077,000

• Purchased by a local investor and now available for lease

The Story

This well-proportioned industrial unit in the popular St Johns industrial precinct in central Auckland attracted solid buyer interest with investors and owner-occupiers competing to own it.

William Gubb and Matt Dell, Bayleys Manukau said that the lack of industrial property supply region-wide and the fact that this unit had broad occupier appeal gave them confidence that they’d get reasonable enquiry – but they were still surprised to receive 11 written offers on the close date.

“We knew this was a good property – but it was a great outcome on the day as it’s pretty hard to get 11 offers on any property in the current market given economic certainty, a looming general election and it was the middle of winter when buyer activity can be sluggish,” said William.

“It’s a straightforward clear-span warehouse with great natural light, signage opportunities and practical support space that would work for a wide range of occupiers of including tradespeople, online business operators, or those looking for overflow storage.

“The buyer is a local investor who has since listed the property with us for lease and with strong occupier demand, we’d expect to sign someone up fairly quickly.”

Vendor Comment

The vendor said he had confidence in the market and in Bayleys’ agents when opting to sell.

Explaining that his father undertook a number of smaller industrial developments in the Morrin Road area in the 1980s, and retained this unit for personal business use, the vendor said it was the first time the property had been on the open market.

“It was time to sell the unit for estate purposes and I was fairly confident that the timing would be OK as from my research and knowledge of the market, I could see that the industrial sector had been resilient through different market cycles – including the pandemic.

“I opted to sell with Bayleys as William and Matt demonstrated a good understanding of the current market and I like the scale, professionalism, and stability of the Bayleys’ brand.”

The vendor said he was impressed with the regular communication, reporting and attention to detail shown throughout the four-week marketing campaign.

“The price achieved was certainly within the range expected from the information I gathered and assessed before and during the marketing process – it was a good result.”