A highly visible commercial building in Glen Innes that is being presented to the market for the first time in 60 years offers prospective purchasers the opportunity to secure a site with significant growth potential in a tightly held retail and commercial precinct.
145 West Tamaki Road, Glen Innes is a 97sq m building on 334sq m of freehold land that has dual zoning of Business – Neighbourhood Centre Zone and Residential – Mixed Housing Urban Zone under the Auckland Unitary Plan.
The building is an end unit on a block of shops on a prominent corner site and is heavily underutilised considering the vast amount of available land within the boundary of the site, providing buyers with flexibility for the future to develop or reposition the property.
Conveniently located near a range of local schools and public transport options, the site offers exceptional road profile and off-street parking and is available with vacant possession. It was previously tenanted by a pharmacy.
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Colliers Brokers Logan Roach and Gareth Fraser have been exclusively appointed to market the property for sale via auction to be held at Colliers, HSBC Tower, Level 23, 188 Quay Street, Auckland and online via Auctions Live at 11am on Wednesday 8 June, unless sold prior.
Roach, Investment Sales Broker at Colliers, says the property offers the ultimate in flexibility given it holds potential appeal for such a broad spectrum of buyers.
“With vacant possession available for the property, an owner-occupier will be able to come in and begin trading immediately as they take advantage of the site’s prominent positioning and street appeal in a rapidly gentrifying part of Auckland,” Roach says.
“Passive investors may choose to tenant the property and it will have no shortage of interested parties given the building’s functionality and usability in a busy block of shops. In fact, we have already received a number of leasing enquiries.
“Buyers who take a long-term view of the site may be well-placed to fully maximise the potential of the property through a strategic redevelopment, which could include apartments, terraced housing, retail, office and commercial use, or a combination of those options. The dual zoning provides vast add-value potential.”
The Business – Neighbourhood Centre Zone applies to single corner stores or small shopping strips located in residential neighbourhoods. They provide residents and passers-by with frequent retail and commercial service needs. Provisions typically enable buildings of up to three storeys high and residential use on the upper floors is permitted.
The Residential – Mixed Housing Urban Zone is a reasonably high-intensity zone enabling a greater intensity of development than previously provided for. Over time, the appearance of neighbourhoods within this zone will change, with development typically up to three storeys in a variety of sizes and forms, including detached dwellings, terraced housing, and low-rise apartments.
Fraser, Auckland Director of Investment Sales at Colliers, says the size, location, and potential of the property equates to a compelling offering.
“Glen Innes is one of three suburbs that make up Tamaki, alongside Point England and Panmure, and the Tamaki Regeneration Company plans to build approximately 10,500 homes as part of their long-term plans for the area, exemplifying the growth potential of the catchment,” Fraser says.
“The subject site is conveniently located near the town centre of Glen Innes providing access to a number of key amenities, including the train station and popular retail businesses, while it is only 14.6km to the CBD and 22.6km to Auckland Airport. It is also on the doorstep of affluent suburbs Saint Heliers and Glendowie."
- Article supplied by Colliers
