A significant landholding of over 1.3 hectares, located on the northern edge of the Penrose industrial area between the residential suburbs of One Tree Hill and Ellerslie, has come up for sale.
The land, divided into two separate Business – Light Industry-zoned freehold properties, at 473-475 and 477 Great South Road, Auckland, are being marketed for sale either separately or together by Brent McGregor, Brad Ross and James Appleby of CBRE’s capital markets team.
Together, the properties comprise an impressive and high-profile land parcel on Great South Road, visible to around nine million passing vehicles every year, says McGregor.
“These sites offer a substantial property holding in an exceptional central location, just off the Ellerslie Penrose motorway interchange and within walking distance of Ellerslie Train Station,” he says.
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“To have adjoining sites in an established central business precinct in Auckland come up for sale together is quite unusual.
"They offer several possibilities for new owners, including passive income and various medium term development options.”
473-475 Great South Road is a significant, under-developed landholding spanning 8,785sqm, currently housing the Carey Baptist College campus and a range of small Baptist-associated occupiers.
The property is being sold with a short-term leaseback arrangement in place, providing gross holding income of $750,000 a year plus gst.
The site, which has an open outlook over the mature trees and sports fields of One Tree Hill College, also has an extensive road frontage to Great South Road along with rear access to Greenpark Road providing excellent access for any future development, Ross says.
“This site lies on the edge of a light industrial precinct, adjoining One Tree Hill College as well as other mixed-use zoned property.
"Located within the Ellerslie Train Station walkable catchment, the property is proposed to benefit from further intensification under Plan Change 78, which may appeal to residential or mixed-use developers who could look to apply to council to rezone the site.”
The leaseback to the current occupier will also be considered a bonus for the purchaser, while they firm up their plans for the site, he adds.
The existing Carey Baptist College campus comprises two buildings used for office and educational purposes, along with on-site car parking.
Building A, the main administration building, includes a reception area, private and open office spaces, meeting rooms, lecture rooms and amenities.
Building B serves as the primary student/educational hub and features a library, offices, breakout rooms, common spaces and a cafeteria. The low site coverage provides ample room for 121 car parks and a sports court.
Directly adjoining the college site to the south at 477 Great South Road, is a 3,412sqm industrial facility with on-site parking, fully leased to two tenants.
The property currently returns a split-risk, dual income stream amounting to $638,140 net a year plus GST, making it an attractive passive investment opportunity.
This highly functional facility, constructed in 1980 and reconfigured in 2001, is divided into three units.
Two units are occupied by Medifab, a company specialising in products for people with disabilities and medical conditions. Medifab’s premises include a showroom, office and clear span warehousing.
Teco, a multinational supplier of electrical motors, occupies further warehouse space.
The sites, which are for sale separately or together by deadline private treaty closing on Thursday 7 September 2023, form part of an established cluster of commercial and industrial properties within the Southern Corridor precinct of Penrose, says Appleby.
“This easily accessible location is just seven kilometres south of the CBD. It’s also close to the Central Park business precinct, which has a popular new food and beverage hub, and only 3.5km from Sylvia Park.”
- Article supplied by CBRE
