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The Gate opens doors of opportunity to Shears Mac
Twelveyear term sign of positive shift in commercial property, says
PART of The Gate industrial park owned by Goodman International has been leased on a 12year term to shopfitting and commercial interiors business Shears Mac4 Limited which plans to consolidate its two manufacturing plants into the property.
The 8097sq m property at 395 Church St was originally purposebuilt for Carter Holt Harvey in the 1980s and will be extensively refurbished as part of the deal prior to Shears Mac occupying next month.
Jonty Lamb, the industrial broker for Colliers International behind the lease, says that it was a complicated 18month relocation process.
"We spent considerable time understanding the Shears Mac business and their motivations before approaching the market and identifying all potential property options. Suitable options were relatively scarce, and at one point we were looking at consolidating them into a purposebuilt facility in Highbrook.
"However, 395 Church St appealed to Shears Mac. It is a specialised property that ticked a lot of the boxes that larger industrial users look for.
Having leased over 25,000sq m of space in Mt Wellington and Penrose this year, Lamb sees this deal as a sign of positive movement in the business world flowing through into the commercial property market. "Over the past 12 months there have been very few businesses that have been in growth mode that have been looking at moving into larger facilities."
Lamb says there is a misperception regarding industrial vacancy levels. "The general perception is that there are for lease signs everywhere. However, the reality is that for businesses with certain requirements there may be only a handful of properties that fit the brief, especially at the high end of the market where space is actually pretty tight."
Julie StaffordBush, company director with Shears Mac, says the firm sought a larger industrial facility to consolidate its two manufacturing operations currently housed in Albany and Panmure.
"It was obvious that efficiencies could be gained from housing our entire operation under the one roof," StaffordBush says. "We required a larger footprint to fulfil our current export opportunities to Australia and to cater for our client growth in the New Zealand market. This property will allow us to do this in a very effective manner."
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Operating for over 25 years, Shears Mac manages a broad spectrum of retail and commercial fitout projects, ranging in size from 20sq m to 4000sq m buildings from $50,000 to $3 million in value.
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Occupying 15ha of prime industrial land in Penrose, The Gate is a master planned industrial park comprising 10 plots constructed between 2002 and 2007.
Jarrod MacGregor, Goodman's Portfolio Manager and leader of the project for Goodman, says 395 Church St is a strategic property for Goodman.
"Not only is it the entry point for The Gate, but it is a highprofile site on one of the main industrial arterials in Penrose, sitting on the corner of Hugo Johnson Drive and Neilson St," he says.
MacGregor says having a quality tenant such as Shears Mac on a long term is a great result for Goodman. "This was one of Goodman's older assets. Shears Mac's background and skills coupled with our own abilities mean the asset will be upgraded."