Two neighbouring properties with favourable zoning in the fast-growing Auckland suburb of Onehunga are being offered to the market for sale, presenting buyers with the opportunity to acquire assets with considerable long-term upside.
92 Beachcroft Avenue and 15 Church Street sit on a high-profile corner site that benefits from significant exposure through its large road frontage.
The stratum in freehold properties offer a combined 5,435sq m of office and warehouse space across both buildings and they sit on a landholding that measures approximately 7,754sq m. There are 52 car parks across both properties.
Tenants in the buildings include Site Safe New Zealand, Harvey Norman, Mahitahi Trust, Wentworth Distributors, and Footprint Design and Print. The total net annual rental income from both properties is $939,330 plus GST.
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Buyers can acquire one or both properties, presenting them with a range of future avenues for these buildings.
They are zoned Business – Mixed Use Zone under the Auckland Unitary Plan.
Colliers Brokers David Burley, Hamish West, and Nikko Boxall have been exclusively appointed to market the properties for sale via deadline private treaty closing at 4pm on Wednesday 16 April, unless sold prior.
92 Beachcroft Avenue is the larger of the properties and has 3,860sq m of net lettable area spread over three levels on a 4,346sq m site.
The current tenants include Site Safe New Zealand, Mahitahi Trust, and Harvey Norman who utilises the space for a warehouse and training facility.
Their lease agreements all have varying expiry dates across the next two years with some rights of renewal available.
The annual rental income from the property is $748,541 plus GST.
The building at 15 Church Street spans two levels and has 1,575sq m of total net lettable area. The landholding measures 1,594sq m.
The existing tenancies have final expiries in May 2025 and October 2027, respectively.
The annual rental income from the property is $190,789 plus GST.
Burley, Auckland Director of Investment Sales at Colliers, says these neighbouring assets present prospective purchasers with the opportunity to acquire properties of scale in Onehunga.
“There is significant scope to reposition these assets meaning add-value investors or developers will want to provide serious consideration to this purchasing opportunity,” Burley says.
“With the chance to buy one or both properties, we expect a broad array of purchasers will have a strong interest in this listing given the clear underlying potential.
“Through the existing tenants, there is a steady rental stream in place meaning the new purchaser, or purchasers, will be able to strategically plan their future moves.”
West, Director of Industrial at Colliers, says Onehunga’s appeal is underpinned by its proximity to the fellow industrial hubs of Penrose and Mount Wellington.
“Auckland Airport is approximately 12km from the subject properties and the CBD can be easily reached. Onehunga also offers a wide range of local amenities, including outlet shopping centre Dress Smart and a diverse collection of food and beverage operators,” West says.
“Some of the world’s most well-known logistics and manufacturing firms have established themselves in Onehunga, benefiting from the area’s accessibility to the motorway network.”
Boxall, Investment Sales Broker at Colliers, says the Business – Mixed Use zoning means the properties could be utilised in a range of different ways in the future.
“As outlined in the Auckland Unitary Plan, this zoning supports a mix of residential and small-scale commercial activities, complementing these centres. Building heights typically reach up to four storeys meaning there is notable growth potential in the subject properties,” Boxall says.
“It is incredibly rare to see properties of this size and potential in a rapidly changing suburb like Onehunga, which is an area that is traditionally tightly held.”
- Supplied by Colliers
