A strategically located property on a main arterial route in the Auckland suburb of Three Kings is being presented to the market for sale and offers buyers the chance to acquire an asset that has significant development potential.
The stand-alone building has 139sqm of floor area and is currently occupied by a medical practice.
The substantial freehold site of 1,012sq m is zoned Business – Mixed Use Zone under the Auckland Unitary Plan, which will be highly appealing for prospective purchasers.
Trading as Three Kings Family Medical Centre, the tenants have a one-year lease that runs until 31 July 2025 creating a steady rental stream for the new owner while they plan their future moves for the property.
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The functional building could be utilised for a range of different purposes, meaning owner-occupiers will also have an interest in this offering.
The improvements currently include four rooms, a reception area, and two toilets.
The regular-shaped site has approximately 20m of frontage to Mount Albert Road and is only three minutes’ drive from State Highway 20 providing connectivity across Auckland. The property features multiple access points and seven car parks.
Colliers Associate Directors Ned Gow and Gawan Bakshi have been exclusively appointed to market the property for sale via auction to be held at Colliers, HSBC Tower, Level 23, 188 Quay Street, Auckland at 11am on Tuesday 1 October, unless sold prior.
Three Kings is an area that has undergone notable change since Auckland Council’s Three Kings Plan was adopted in 2014.
There have been upgrades to public transport infrastructure in the suburb and the 30-year plan demands further high-quality residential developments to complement the ongoing commercial development.
The suburb benefits from being relatively central with Auckland’s CBD able to be reached in approximately 15 minutes and the airport in even less time.
Gow, Associate Director of Investment Sales at Colliers, says the subject property has positive aspects that will draw the attention of a wide array of buyers.
“Developers may have a vision for the future that includes intensifying the usage of this site to unlock its true potential. While they are putting their strategic plans in place they will also have the existing rental stream to look forward to,” Gow says.
“Meanwhile, investors could purchase this asset for their own portfolio and tenant it in the future and there is also the possibility an owner-occupier may choose to acquire the property for their own purposes and use it accordingly.”
Bakshi, Associate Director of Investment Sales at Colliers, says the zoning of the property provides considerable flexibility if the new owner wishes to develop the site.
“As outlined in the Auckland Unitary Plan, the objectives of the Mixed Use zone are to promote vibrant, diverse, and active urban environments. This zone typically supports a blend of commercial, residential, and community activities, aiming to create dynamic and multifunctional spaces,” Bakshi says.
“The site benefits from a north and east orientation and the zoning means a development of up to 18m could be constructed. This is an opportunity not to be missed and we encourage all interested parties to contact us.”
- Supplied by Colliers
