A collection of adjoining properties on a prominent corner site in the rapidly developing South Auckland suburb of Otahuhu provides buyers of all kinds the opportunity to acquire a sizeable landholding, or a portion of it, that will provide a range of options for the future.
1-5 Great South Road, 4-8 Saleyards Road, and 90 Portage Road, Otahuhu includes eight freehold titles and comprises 10,409sq m of total land area.
The freehold titles range in size from 187sq m to 3,081sq m and are home to a variety of tenants.
The existing tenancies are a mixture of short and medium-term agreements with termination or demolition causes in place on some of the sites, making this an attractive opportunity for owner-occupiers, as well as investors or developers.
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A variety of different purchasing options are available, or one buyer may acquire the entire portfolio of properties.
The strategically located corner site has 276m of total street frontage to Great South Road, Saleyards Road, and Portage Road, providing significant exposure. The site coverage across the entire area is only 19 per cent.
Across the various properties there’s showrooms, workshops, and office space, each varying in quality, but all improvements provide a reasonable platform for refurbishment.
All the titles are zoned Business – Light Industry Zone under the Auckland Unitary Plan.
Colliers Directors Ben Cockram, Hamish West, and Josh Franklin have been exclusively appointed to market the properties for sale via deadline private treaty closing at 4pm on Wednesday 7 December, unless sold prior.
Cockram, Director of Industrial at Colliers, says it is incredibly rare to see such a large-scale landholding presented to the open market in Otahuhu
given there is so much growth potential available.
“Owner-occupiers may look to take advantage of the favourable location to surrounding industrial hubs, while investors can enjoy the steady rental stream. Ultimately, the true value from this purchasing opportunity may lie in a developer, or add-value investor, repositioning the site and creating a substantial development with the holding income proving valuable in the interim,” Cockram says.
“There is also considerable flexibility with the zoning because the Business – Light Industry Zone anticipates industrial activities that do not generate objectionable odour, dust, or noise. This includes manufacturing, production, logistics, storage, transport, and distribution activities.”
West, Director of Industrial at Colliers, says Otahuhu
remains a sought-after location for industrial occupiers.
“Recent research from Colliers notes there’s strong demand for functional industrial spaces across the wider Auckland region with prime vacancy rates sitting at 0.6 per cent,” West says.
“The demand for industrial property in Otahuhu
is particularly strong as it sits within the Penrose/Onehunga corridor that has a vacancy rate of only 0.3 per cent for prime industrial space.”
Franklin, Director of Industrial at Colliers, says the location of the property will provide the new owner with accessibility to key transport routes.
“The subject site is less than 2km from the Otahuhu
State Highway 1 on-ramps and 2.2km to the Mount Wellington motorway on-ramps. The location also offers the opportunity to utilise State Highway 20 and is close to bus and train routes,” Franklin says.
“The Wiri Inland Port, Auckland Airport, and Ports of Auckland are easily reachable through existing transport links, providing the property with operational advantages. Nearby businesses taking advantage of this location include Mainfreight, Toll, and Supercheap Auto.
“An opportunity of this scale in such a sought-after location with extremely low industrial vacancy rates will generate strong interest among buyers.”
- Article supplied by Colliers
