A high-profile, freehold corner site in the gentrifying suburb of Panmure is sure to grab the interest of owner-occupiers, investors and developers given the growth potential in the area.
64 Te Koa Road has a land offering of 726sq m with a 98sq m single-level residential dwelling that was constructed in the 1950s but has recently been refurbished and converted for office use.
The refurbished building includes office space, meeting rooms, a kitchen, amenities, and an outside storage area.
The balance of the property consists of a sealed driveway, yard, and nine marked carparks at the rear, which provide access to the building via the service lane.
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The property provides the option to create passive income, or the potential for owner-occupiers to relocate to their new premises, while there is also a development opportunity on offer given the combination of zoning and location on a perfectly positioned corner site.
Colliers brokers Logan Roach, Gareth Fraser and Charlie Oscroft 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 15 September, unless sold prior.
The property is zoned Residential – Terrace Housing and Apartment Buildings Zone under the Auckland Unitary Plan, which is a high-intensity zone enabling a greater intensity of development than previously provided for.
This zone provides for urban residential living in the form of terrace housing and apartments. The zone is predominantly located around metropolitan, town and local centres and the public transport network to support the highest levels of intensification
Roach says the zoning is a notable selling point for a property that has an excellent location with vast potential.
“This zoning is a developer’s dream given the prominent position it holds on this corner site in an area that has experienced significant growth recently,” Roach says.
“The property’s zoning allows for a 19.5m height overlay for any future developments, subject to resource consent being granted.”
As per the Auckland Unitary Plan, this zone also provides for a range of non-residential activities so that residents have convenient access to these activities and services while maintaining the urban residential character of the area.
Fraser says while developers will be attracted to the site, it may be the perfect fit for owner-occupiers given the expansive land holding and refurbished premises.
“An owner-occupier will recognise the enormous potential on offer given the functionality of the premises that provides excellent access for customers and clients courtesy of the designated car parking,” Fraser says.
“This property has excellent street frontage with large volumes of passing traffic from the access roads. It is strategically located off the arterial route of Tripoli Road, which connects the site to the surrounding suburbs of Pakuranga, Glen Innes, and the Eastern Bays.”
Oscroft says Panmure is a suburb that will continue to experience growing demand given the dynamic commercial environment.
“Panmure and its surrounding suburbs have experienced significant growth and gentrification in recent years through several local initiatives such as the AMETI Eastern Busway Project and T?maki regeneration programme, which provide substantial investment from local and central government,” Oscroft says.
“The property is only 2km from the Panmure bus and train station, providing excellent access to public transport, while it is also only 16km from Auckland’s CBD.
“We urge all interested buyers to contact us immediately to undertake their due diligence to avoid disappointment.”
- Article supplied by Colliers
