A strategically located mixed-use site on Auckland’s city fringe close to State Highway 1 and the Ellerslie Train Station offers investors, developers, and owner-occupiers a chance to capitalise on its future development potential while collecting a significant holding income.
The standalone premises on a 3,038sqm freehold site at 15 Sultan Street comprises 2,405sqm (more or less) of office accommodation split across two levels.
It has 75 car parks – 29 secure basement spaces and 46 uncovered – currently generating a holding income of $193,200 net annually.
Bayleys Auckland Metro Markets director Tommy Zhang says the property's flexible zoning, substantial land size and prime location within a strategic mixed-use precinct is a trifecta for purchasers circling for opportunities.
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“Zoned Business – Mixed Use under the Auckland Unitary Plan, the site offers intensive development potential for residential and commercial uses in an area well-serviced by established amenities and transport infrastructure.
“Adjacent main arterial Great South Road, with strategic proximity to central Auckland, the Ellerslie Village, train station and motorway interchanges, the subject property occupies a desirable position within the tightly-held mixed-use precinct. Ellerslie has emerged as a target for suburban development, particularly with its zoning for top-rated schools.
“Wide street frontage and generous car parking boost its appeal in a limited parking market. The established office space and current income provide immediate advantages for owner-occupiers, while the site’s promising densification potential will entice developers.”
Zhang is marketing the property for sale by tender, closing at 4:00 pm on Tuesday, 29th October 2024 (unless sold prior) with Bayleys colleagues James Were and Ian Hall.
The property offers basement car parking and 226sqm of storage with two office levels spanning 2,153sqm (more or less), accommodating up to four separate tenancies.
Bayleys Auckland Metro Markets directors James Were and Ian Hall say that with a seismic rating of 130 percent of New Building Standard (Grade A+), the property meets modern compliance standards while presenting well for immediate occupation or add-value works.
“As the interest rate outlook improves, investors in the commercial and development sectors are re-engaging with the market. The subject property presents a multi-faceted opportunity whereby a new owner may choose to install tenants and collect income or undertake add-value or development works for maximum utilisation on the prime location.
“For those with an eye to the future, development-friendly zoning and the large city-adjacent footprint offer long-term upside potential as demand for suburban hubs where people can live and work while enjoying streamlined access to the broader region continues to increase.
“As large corporate occupiers downsize, smaller businesses too are securing prime office spaces previously out of reach, providing immediate leasing potential for this well-positioned asset. As Ellerslie continues to grow as a vibrant commercial and residential hub, the Sultan Street property is primed to meet the demand of both current market conditions and future growth,” they say.
- Supplied by Bayleys
