‘Enormous potential’ in Greenlane neighbours

JLL agents are marketing neighbouring freehold properties on one of central Auckland’s most trafficked streets.

Set across two sites with a combined total land area of 3643sq m, 251 and 253 Great South Rd, Greenlane, provide an opportunity to buy in a rarely available commercial area with enormous potential for future development.

Established tenants with strong covenants in place combined with high specification fit-outs add to the opportunities on offer.

251 is a two-level property split into five separate tenancies that range from car showrooms to workshops.

Current occupants include Armstrong Greenlane, one of the country’s leading car dealerships, alongside other automotive businesses. It has a land area of 2732sq m and a net lettable area over 2000sq m.

253 is a two-storey building with a car showroom on the ground level and a high specification office on the first floor.

The showroom is leased by Tristram European, a car dealership specialising in luxury European vehicles, while the office is occupied by the current owner and will be sold vacant.

Both buildings have extensive frontage to one of central Auckland’s main arterial routes, reliable cashflow and room to grow current returns using the vacant space.

JLL is marketing 251 and 253 Great South Rd for sale by deadline private treaty, closing at 4pm on Thursday 6 October unless sold prior.

JLL Metro sales broker Tommy Zhang says the potential in owning one or both of these properties presents is unmissable, and there is a wide range of possibilities for the successful buyer.

“Either of 251 or 253 Great South Rd have great road frontage on a very busy main road in a sought-after Greenlane location,” says Zhang.

“There is real long-term development potential for the investor with vision, especially if looking to secure both sites and landbank approximately 3600sq m in a Business–Mixed Use zone. Current agreements for some existing tenants expire after 2030, so there is secure regular income for those looking to plan their next step over time.”

Beyond developing the sites, his colleague Kevin Reardon says the tenancy agreements combined with the vacant office space make this an opportunity not to be missed.

“Long-term tenancies are features of both freehold properties, and highlight the desirability of the central, convenient location,” says Reardon.

“The opportunity to use the vacant, high-spec office space as an owner-occupier or lease it out as an extra tenancy provides the possibility to generate extra income immediately or expand an existing business.”

JLL Capital Markets director Ian Hall believes the location and combination of uses set this property apart and will attract a wide pool of potential tenants in the future. “The versatile format of 251 and 253 Great South Rd and the central, convenient location with access to public transport, residential and business hubs, and motorway access add extra incentives,” says Hall.

— Article supplied by JLL