Two neighbouring industrial properties in the Auckland suburb of Glen Innes are being offered to the market for sale and will appeal to add-value investors, developers, and owner-occupiers.
Located at 235-237 Taniwha Street, the properties have a combined net lettable area of 579sq m across 915sq m of freehold land that is zoned Business – Town Centre Zone under the Auckland Unitary Plan. The properties can be purchased individually or in one line.
The existing tenants, Morrow Auto Electrical and Glen Innes Glass, both have final expiries on their leases of 30 April 2025, meaning the properties could be developed or repositioned in the future.
The combined annual rental income is $118,000 plus GST, split evenly across each lease.
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Sitting less than 300m from Glen Innes train station, the properties are well positioned in an area that is undergoing significant change through the development of nearby housing and roading upgrades.
The properties also enjoy dual street frontage to both Taniwha Street and Omaru Lane.
Glen Innes is the gateway to Auckland’s further eastern suburbs, strategically positioning itself for businesses and high volumes of traffic. Mount Wellington and its extensive retail offering, which is underpinned by Sylvia Park, is only a few minutes away.
Colliers Brokers Logan Roach and Jack Tuson have been exclusively appointed to market the properties for sale via deadline private treaty closing at 4pm on Wednesday 5 June, unless sold prior.
235 Taniwha Street, occupied by Morrow Auto Electrical, has 289sq m of total net lettable area, comprising a 254sq m warehouse with the balance made up of office space.
Glen Innes Glass is the tenant of 237 Taniwha Street, which spans 290sq m. The property includes a 216sq m warehouse and 74sq m of office space.
Roach, Investment Sales Broker at Colliers, says the properties offer buyers a broad range of options.
“The underlying land is relatively level providing the perfect canvas for an add-value investor or developer to intensify the usage of the site and unlock its true value.
"The holding income means the new owners could plan their next moves while receiving a steady rental stream,” Roach says.
“Alternatively, owner-occupiers may look to secure one or both of these properties and use them for their own operations.”
As noted in the Auckland Unitary Plan, the Business – Town Centre Zone applies to suburban centres throughout Auckland.
The centres are typically located on main arterial roads, which provide good public transport access. Development fronting these streets is expected to reinforce this function.
The zone provides for a wide range of activities, including commercial, leisure, residential, tourist, cultural, community and civic services, providing a focus for commercial activities and growth.
Most centres are identified for growth and intensification. Expansion of these centres may be appropriate depending on strategic and local environmental considerations.
Tuson, Associate Director of Investment Sales at Colliers, says the zoning allows for considerable development opportunities.
“As outlined in the Unitary Plan, there are a range of possible building heights depending on the context.
"Provisions typically enable buildings of between four and eight storeys, although there may be special circumstances where other building heights are appropriate,” Tuson says.
- Supplied by Colliers
