Opportunity knocks twice in tightly held Greenlane

Two adjoining properties in the tightly held Greenlane suburb in Auckland are being offered for sale by their long term owner.

Bayleys Real Estate is marketing 378 Great South Road and adjoining 1 Nolan Road, Greenlane, Auckland, for sale by tender closing 4pm, Tuesday 15 March.

Mike Adams, Bayleys Auckland Central, says the strategically located connected properties have been held by the same ownership for many years, with 378 Great South Road being held for more than 20 years.

He is marketing the property jointly with Auckland Central senior commercial broker Jean-Paul Smit and residential sales specialist Wei Wei Elder.

The properties are being sold with options to purchase them together or separately.

“They make up a substantial and level land area, which gives a new owner a range of options,” Adams says.

“They are in a well-established commercial and residential precinct of Greenlane in a prominent position in Auckland’s southern corridor, and benefiting from excellent access to the Auckland motorway network and central Auckland.

“There are a range of transport options including bus, trains and motorway systems. For example, the Greenlane train station is within walking distance, at about 400 metres away, while the Greenlane on/off ramp is about 300 metres away,” Adams says.

Smit says he expects the properties will attract owner-occupiers, commercial and residential developers and land bankers.

“The location is a major drawcard. Ellerslie Racecourse and the affluent suburb of Remuera are a short walk away,” Smit says.

“Newmarket and Penrose are 2.5km to the north and south, while the Countdown Shopping Centre and Ascot Hospital are within walking distance,” he says.

Elder says all the features – great location, road frontages, and favourable zoning - mean it will attract a range of buyers.

“The rear-adjoining property at 1 Nolan Road has a Residential - Terrace Housing and Apartment buildings zone, which means developers may build greater intensity than previously of up to 16m or between five and six storeys.

“It also has lots of parking space which is a big drawcard for tenants who may not always be able to use the nearby public transport.”

“The main dwelling on Nolan Road is a single level, four bedroom, two bathroom house with a detached single garage, returning $800 a week. So it provides ready income and is a good size at 933sq m,” Elder says.

The property at 378 Great South Road is comprised of a sealed yard with an office and workshop at the rear, and a large road frontage to the main arterial road.

In recent years it has been a car yard with up to 40 cars and there are a number of successful vehicle dealerships nearby in a location which was historically known as the Greenlane Boulevard of Cars.

The property has almost 18.5m of road frontage to the main arterial of Great South Road, near its intersection with Green Lane West.

Typically, the Business – Mixed Use zoning allows for development of up to 16m height. The zoning encourages a mix of compatible and non-residential activities that support the city centre, Metropolitan and Town Centre zones while ensuring that these activities do not detract from the vitality and viability of these areas.

- Article supplied by Bayleys