A significant city-fringe landholding sustaining a service station and a separate standalone building presents an attractive investment opportunity, Bayleys salespeople say, offering an attractive combination of robust income return and considerable future development potential.
The freehold 1040sqm site at 100-106 Newton Road in Auckland provides 37m of high-profile frontage to Newton Road, a critical arterial route linking Eden Terrace with the Central City and key motorway interchanges.
Bayleys Auckland Metropolitan Markets team members Phil Haydock and James Were are marketing the property for sale by tender closing 4pm on May 28, unless sold prior.
Haydock says the property presents a multi-dimensional investment opportunity, with a chance to collect immediate income via a long lease to the service station tenant whilst investigating add-value or occupancy of the standalone building.
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“Our sellers have recently completed a high-end nine-level apartment development next door, and the time is right to subdivide the property to offer this impressive and versatile site to the market.
“The newly subdivided title will provide a large landholding with favourable Business - Mixed Use zoning with a Height Variation Control permitting development up to 32.5m. This is well above the standard allowance of 18m (for this type of zoning) and reflects Auckland Council’s strategic growth plan for the immediate locale, which is well-connected to public transport links, amenities, and the CBD.
“These features add significant development upside to the offerings, providing an option for a new owner further to subdivide the standalone premises from the tenanted service station.”
Kiwi energy company Z Energy, operates a 24/7 self-service Caltex petrol station on the eastern side of the newly formed title with an eight-year lease to June 2029 plus two three-year renewal rights. The lease provides fixed annual rent reviews of two percent and reviews to market every five years.
Were says the western portion of the property features a two-level building that stands alone with a strip of land along the rear. It has previously been utilised as a site office for a construction company.
“The versatile building is offered to the market with vacant possession and will benefit from a ‘make good’ refurbishment, increasing the appeal for tenants and occupiers alike.
“The ground floor has a great profile, on-site car parking right by the front entrance and an excellent stud height, suitable for retail, hospitality or use as a showroom/office. Roller door access lends itself to use as a storage space or small inner-city warehouse, secure garage, or auxiliary retail space to leverage the high amount of passing vehicle traffic.
“Open-plan level one is accessible via a stairwell between the two ground floor zones, providing equal potential for commercial and residential use.
“Superbly located in an evolving mixed-use growth area, the property presents a rare city-fringe investment opportunity with considerable add-value and development upside, within easy walking distance of the central city, tertiary institutes, and City Rail Link stations.”
- Supplied by Bayleys
