A golden opportunity has emerged to secure a stand-alone and freehold office building in Epsom, one of Auckland’s most established city fringe suburbs.
27-29 Great South Road on the Newmarket boundary is offered to the market with multiple development options or even as a solid landbank investment.
The property comprises a total site area of 2644sq m occupied by a significant three-level building with office space extending on a total floor area of 2030sq m. The building features an 80% NBS rating, 52 carparks and street frontages onto two of the main arterial routes of the city fringe.
27-29 Great South Road is being marketed for sale exclusively by JLL brokers Ian Hall and Tommy Zhang by expressions of interest closing 4 pm Thursday 24 March unless sold prior.
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Situated in one of the most popular residential and commercial real estate strips, 27-29 Great South Road sits in a strategic location zoned Business Mixed-Use within the much coveted double grammar zone.
It is surrounded by a mixture of office buildings, apartments, houses, and amenities including restaurants, bars, cafes and the Westfield Newmarket shopping centre just a couple of kilometres away.
The property also benefits from easy walking access to several major public transport nodes including the Remuera train station and multiple bus service lines.
Hall says 27-29 Great South Road is being offered to the market partially occupied by one tenant with three years on their lease, opening options for developers, occupiers and investors alike.
“The ability to acquire an effectively vacant freehold building of this size and with so many carparks, in this tightly held area, is a seldom occurrence as rarely do they come to the market,” says Hall.
“With its prime location, excellent real estate fundamentals, and the upside of future development potential, we have no doubt that this will be one of the most significant buildings to be placed on the market in the Newmarket/Epsom and Southern Corridor area in 2022.
“The National Policy Statement is significant as it requires rezoning to provide for at least six-level developments for sites within a walkable catchment from the city or metro centre like Newmarket, or from an existing or planned rapid transit stop like the Newmarket train station. This property ticks all these boxes.”
Zhang says the property is well positioned not only today but also well into the future.
“As it is, the building is in good condition with prominent profile in an affluent suburb that boasts a host of public transport options and connections to the CBD and motorway network. There are an abundance of prospects with this opportunity – it’s your choice,” says Zhang.
“27-29 Great South Road has usable existing buildings to create income while going through any consent process or holding for a future development cycle. This is hard to find and we expect this to drive strong inquiry.
“The location is already a well-established living and working suburb, and is further underpinned by growing demand for live/work balance out of the city and in the surrounding suburbs, creating a genuine redevelopment potential for apartments, hotels, mixed-use buildings and more.”
- Article supplied by JLL
