A well-located Mt Wellington industrial property with favourable underlying zoning is for sale, with agents saying that the site’s appeal is set to ramp up even further when global retail giant IKEA opens later this year.

The property at 6 Arthur Brown Place, Mt Wellington, is on Sylvia Park’s back doorstep. This adds tangible weight to both its current use as multinational electrical and infrastructure solutions provider Atkore’s New Zealand headquarters, and also the future redevelopment potential of the site off the back of the land’s Business-Mixed Use zoning.

The modern warehousing/office building has a lettable floor area of 1,160sqm, and sits on a 2,000sqm landholding. The standalone industrial property is at more than 100 percent new building standard, and includes contemporary office space over two levels, efficient warehousing accessed via two roller doors, a generous and secure yard and ample carparking.

Well-established occupier Atkore Construction Technologies Limited has been on-site since 2010, with its current lease running through to April 1st 2029 if the scheduled right of renewal is exercised. The property returns annual net income of $265,752 plus GST and outgoings, with regular rent reviews within the lease.

Sunil Bhana, James Valintine, and Tony Chaudhary of Bayleys South Auckland are marketing the property by way of deadline private treaty, closing Thursday 30th October, unless sold prior. It has been held in family ownership for more than 36 years, and the property’s legacy has been characterised by tenant stability and consistent income as a low-risk, high-yield investment.

Bhana says the property’s privileged location already leverages the Sylvia Park-effect with excellent exposure and streamlined arterial access, which enhances logistics and commuter flow.

“It’s proven to be a beneficial location for the current tenant, given the capacity to move stock inwards and outwards easily, thanks to great connectivity, with proximity to SH1 and Mt Wellington Highway.

“As a precinct, Mt Wellington has strong links to major freight and transport infrastructure, making it suitable for businesses reliant on distribution and efficient last-mile delivery. This has supported ongoing demand for trade retail space in the broader area.

“The subject property’s inherent future potential however, lies in its flexible Business-Mixed use zoning, with residential development arguably a better and highest use for the site.”

Sylvia Park owner Kiwi Property has invested heavily in the commercial/retail precinct, but also in the residential sector, with its Resido build-to-rent (BTR) apartment project resonating with the rental market.

“This is the country's biggest BTR development and it’s a model that is expected to gain traction across the city given the shortage of housing, and the scale that can be realised on well-positioned sites with high levels of surrounding amenity,” says Valintine.

“Mt Wellington is on a roll, with Swedish furniture giant IKEA due to open its first New Zealand store in December this year, next to the Sylvia Park shopping centre.

“Opportunities to invest alongside Sylvia Park are rare, and this property is strongly positioned for both industrial use and future redevelopment.”