A prominent three-level commercial building with significant add-value potential in the sought-after "Double Grammar Zone" in Greenlane is being presented to the market for sale.
300 Great South Road, Greenlane has approximately 3,382sq m of total net lettable area on a 3,929sq m site that is zoned Business – Town Centre Zone under the Auckland Unitary Plan.
Home to approximately 15 tenants, there is also a small amount of vacant office space on the ground floor of the property. There are 89 on-site car parks, 33 of which are covered.
The total annual net passing income is $723,247 plus GST but market estimates from Colliers suggest that figure could be approximately $1.1 million per annum if current tenancies were brought in line with market rates.
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With great exposure to high volumes of passing traffic, there’s a number of popular amenities near this strategically located property, including a Countdown, McDonald’s, Greenlane train station, and Kākāriki Hospital, which is set to open next year.
Motorway access is a short drive away, adding to the accessibility of the property, while a collection of bus routes service the stop at Greenlane train station.
Colliers Directors Josh Coburn and Blair Peterken have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 1 November, unless sold prior.
Originally constructed in the 1980s, there are multiple tenants at the site, including a church, community service providers, charitable organisations, and a cafe on the ground floor. There is lift access to all floors.
Most of the tenancies are coming to an end by the close of 2025. The Parenting Place Charitable Trust owns the building and occupies space on multiple floors and would be open to negotiating a leaseback agreement with the new owner.
Coburn, Director of Capital Markets and Site Sales at Colliers, says the location and strong underlying land value of the property allows for future development and repositioning opportunities.
“Properties in the tightly held Double Grammar Zone are keenly sought among buyers. This building is perfectly placed to be repositioned in the future to intensify the usage of the land and maximise its true value. There is considerable holding income available in the interim,” Coburn says.
“Alternatively, the new owner may wish to explore an expanded tenancy schedule and enhance the rental income, while adding value to the existing structure.”
Peterken, Director of Capital Markets at Colliers, says the zoning offers future flexibility and permitted activities include commercial services, office, retail, education, and healthcare.
“The Business – Town Centre Zone applies to suburban centres throughout Auckland. 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,” Peterken says.
“Most centres are identified for growth and intensification. There is a range of possible building heights depending on the context. Provisions typically enable buildings of between four and eight storeys.
“When examining all of the key attributes of this property there’s a range of different ways a buyer could go.”
- Article supplied by Colliers
