The purchase gives the company more than 10ha for its 3 businesses â€“ TCL Isuzu Ltd’s sales yard for Isuzu trucks, TR Group’s truck & trailer rental & leasing operation and Acrow Ltd’s scaffolding, falsework, formwork & event seating hire operations.
Colliers International industrial broker Charles Cooper (left) said more than 200 inquiries were taken on the site and 15 bids, 8 unconditional, were received for the undeveloped property – the last piece of bare land in Auckland’s blue chip industrial belt.
Interest came from land & building developers, institutions wanting to land bank and owner occupiers.
The property was put on the market as part of a deceased estate and Mr Cooper said it was the most interesting he had worked on because of the large number of issues associated with it, from access, filling, rail easements, potential contamination & usability of the site.
TR Group is the biggest truck & trailer leasing business in New Zealand, with 2200 vehicles on the road, and managing director Andrew Carpenter said the company intended developing the property for its own use.
“We are running out of room. The business has been growing at 50% compound annually for the past 5 years,” he said.
TR Group hopes to begin using the site within 6 months, but first has to negotiate a new access after council realignment of Great South Rd removed the old access last year. The company also needs consent to fill the property.
Mr Cooper wasn’t surprised at how fast the property sold: “The site sits in the middle of the sought-after Penrose-Mt Wellington industrial area, where land is scarce and the few sites left are tightly held by developers or owner occupiers.”