A prominent Business – Mixed Use Zone industrial building that is strategically located in the fast-developing suburb of Onehunga offers buyers the chance to secure a high-quality asset with potential for future development.
169 Captain Springs Road, Onehunga, is a highly functional 2449sq m building on a 3332sq m site that has 80m of street frontage and excellent access to the surrounding motorway networks.
Te Papapa train station is located directly behind the property, while multiple bus routes lead to Onehunga, providing easy access to the site.
Reduced To Clear, a privately held New Zealand food outlet that was started in Auckland in 2008 with the intention to minimise food wastage, is the current tenant and they’re in the midst of an eight-year lease that returns $246,000 plus GST in net annual rental income. Reduced To Clear is an essential service and can operate in all Covid-19 alert levels.
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Colliers brokers Ben Cockram, James Dickey, Hamish West, and Greg Goldfinch have been exclusively appointed to market the property for sale by auction to be held at Colliers, HSBC Tower, Level 23, 188 Quay Street, Auckland at 11am on Wednesday 10 November, unless sold prior.
Cockram, associate director of industrial at Colliers, says Onehunga has experienced significant development and gentrification recently.
“The Business – Mixed Use Zone permits building heights of up to 16m with an additional roof height of 2m on top of that. This zoning is one of the more flexible zones under Auckland’s Unitary Plan, allowing for residential activity as well as predominantly smaller scale commercial activity,” Cockram says.
“It is rare to see buildings with this much development potential come to the market in Onehunga and this property is located in a tightly held area where supply is scarce.”
The building comprises a 1766sq m high stud warehouse, a 249sq m low stud warehouse, office space that is spread over two levels with 93sq m on the ground floor and 276sq m on the first floor. There’s also a 65sq m mezzanine that is not accessible and 24 carparks.
Dickey, industrial sales broker at Colliers, says the property is a classic, hard-working industrial building.
“The offices include air-conditioning and benefit from good natural light. The ground floor features a small office, and the first level is an open plan office with a lunchroom and a toilet facility,” Dickey says.
“The lower stud portion of the warehouse is currently being used as the tenant’s grocery outlet. This can be accessed from the carpark area and features three lower stud roller doors. The main warehouse is high stud and has an old-saw tooth roof structure. This is accessible via three full height roller doors located on the western boundary, fronting Captain Springs Road.
“The remainder of the property incorporates a large courtyard area, which offers users valuable off-street parking as well as container set down space, if required.”
West, director of industrial at Colliers, says the property benefits from excellent exposure to the road with thousands of cars passing each day, while there’s a range of popular local amenities nearby, including Onehunga Mall, Countdown, and Dress Smart.
“Onehunga’s central location means a 15-minute drive takes you to Auckland’s CBD or the airport. The Waterview Tunnel opens up access to West Auckland, and Te Papapa train station offers quick and easy access to the rest of the city,” West says.
Goldfinch, national director of industrial at Colliers, says sites with this much development potential will provide the new buyer with a range of options to maximise the value from their purchase in a highly sought-after area.
- Article supplied by Colliers
