A large, freehold site in Mount Roskill with significant development potential that is located near major transport links is sure to pique the interest of a wide range of buyers who are looking for a premier location for their next major project.
111 May Road, Mount Roskill is a 5,915sq m site that is spread across three unit titles and is zoned Business – Light Industry Zone under the Auckland Unitary Plan. There are currently three interconnecting buildings on the property offering a total net lettable area of 2,713sq m.
The property is fully tenanted and provides approximately $295,000 in net annual rental income plus operating expenses and GST. All the current leases will end in July 2024, providing the new owner with ample time to strategically plan their next moves for the site.
The property is surrounded by industrial developments with a mix of residential and retail buildings nearby. The site enjoys excellent connectivity in all directions via State Highway 20, which provides favourable links to the North Shore, West Auckland, airport, CBD, and the busy South Auckland industrial precinct.
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Developments already underway in the neighbourhood include Goodman Property Trust’s 13.1ha Roma Road site and a new 17,000sq m logistics facility for NZ Post, while government agency Kainga Ora are building up to 920 new homes.
The Government’s recent announcement regarding plans for Auckland’s light rail network pinpoints Mount Roskill as a strategic part of the project, providing additional enhancement to the area.
Colliers brokers Dhiru Patel, Ned Gow, and James Dickey have been exclusively appointed to market the property for sale by deadline private treaty closing at 4pm on Wednesday 9 March, unless sold prior.
Patel says the property is strategically located and will offer the new owner the opportunity to create a substantial development.
“Auckland is experiencing a period of unprecedented infrastructure development and investment. Few properties have benefited more from this than 111 May Road,” Patel says.
“The opening of the Waterview Tunnel in late 2017 linked the Southwestern motorway to the Northwestern and this provided a road link between the CBD and Auckland Airport that has significantly reduced the drive time from 40 minutes to 25 minutes.
“The property’s exceptional proximity to roading links, the airport, and Auckland’s CBD have obvious benefits to logistics businesses and significant benefits for the residential sector. The reduced commute times to the CBD employment hub, which is only 7km away, can reasonably be expected to have a positive impact on the Mount Roskill housing market.”
Gow says the current leases provide flexibility for prospective purchasers.
“There are four existing tenants spread across the three titles with Unit C housing two tenants. The property will provide substantial holding income as the new owner formulates their plans for the future,” Gow says.
“There is an excellent range of amenities close by with well-known retailers such as The Warehouse and New World, who are supported by various convenience retailers. Mount Roskill is surrounded by the well-established suburbs of Three Kings, Sandringham, Hillsborough, and Mount Albert.”
Dickey says the property could be repurposed for either industrial, commercial, or residential uses.
“The site sits back from the road down a 90m long driveway, is irregular shaped and predominately level. There is an elevated portion to the western side of the property, which is undeveloped,” Dickey says.
“The property is approximately 200m at its widest and approximately 125m long. It is surrounded by an industrial development site, and an industrial warehousing and yard site. There are also residential properties on the western boundary.”
Dickey says a site of this scale in a tightly held location such as Mount Roskill will hold significant appeal for buyers.
- Article supplied by Colliers
