A large, high-profile landholding in Albany offers buyers of all kinds the chance to secure a prime site with a steady rental stream and extensive future development potential.
39 and 45 Corinthian Drive in Albany comprises 14,086sq m of freehold land that is spread across two neighbouring titles in the tightly held Albany commercial basin. The properties are being sold as a combined offering.
The fully sealed site contains 442 car parks, returning approximately $728,000 in net annual rental income in an area that is starved of parking options.
The property is zoned Business – Business Park Zone under the Auckland Unitary Plan and this designation enables moderate to intensive office activity and some ancillary services such as gymnasiums, childcare, and food and beverage outlets.
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These high amenity and comprehensively planned business areas are located adjacent to the rapid and frequent transport services network.
Colliers directors Josh Coburn and Matt Prentice have been exclusively appointed to market the property for sale by deadline private treaty closing on Wednesday 2 March, unless sold prior.
The site is located next to a number of high-profile tenants, including ASB’s data recovery centre and support offices for BNZ, Westpac, and Mitre 10.
It also has prominent exposure to State Highway 1, which can be reached in a matter of minutes, offering connectivity to the north and south.
ASB Bank leases all 165 car parks at 39 Corinthian Drive on a nine-year term that expires in 2025. The remaining 277 car parks at 45 Corinthian Drive are a mixture of commercial and private leases, combined with 141 pay and display car parks.
Coburn, director of site sales at Colliers, says sites of this size and scale are rarely brought to the open market.
“Albany is an area of Auckland that is severely starved of high-quality car parking options and this premier offering ensures the new owner will be able to secure a vast amount of holding income from this low-maintenance investment, while they strategically plan their next moves for the future,” Coburn says.
“Given the leases of the car parks expire within the next three years, the new owner will have a solid rental stream available to them before they make any potential decisions around developing or repositioning the site.
“The Business Park zoning of the property provides huge flexibility, and the site could be utilised for office, retail, or a wide array of other commercial options.”
Prentice, director of sales and leasing at Colliers, says the location will be highly sought-after among buyers who realise the potential on offer in Albany.
“Since 2000, the number of businesses in Albany central has more than tripled and the number of employees has more than doubled,” Prentice says.
“Government spending on infrastructure in the area is unlocking opportunities and transforming the area for more growth. Major projects include the completion of the Western Ring Route, upgrades and expansion to the Upper Harbour Highway, Albany Expressway, and the Northern Motorway along with a wide range of new connecting walkways and cycleways.
“Albany will play a pivotal role in the North Shore’s expansion. Currently 8 per cent of North Shore residents live in Albany, but this is expected to grow to 12 per cent by 2043 following continued residential developments in the area.
“This sizeable landholding will likely prove to be one of the most sought-after North Shore listings to hit the market this year and we encourage all interested parties to do their due diligence and contact us immediately.”
- Article supplied by Colliers
