The land and buildings of a highly visible corner site in the tightly held Auckland suburb of Greenlane presents owner-occupiers, add-value investors, or developers with the opportunity to purchase a property with future growth potential.
225 Great South Road, Greenlane is a two-level building with 579sq m of total net lettable area on a 658sq m landholding that includes 12 covered car parks at the rear of the building. In addition, there is an abundance of off-street parking available.
The strategically positioned site has four tenants returning $139,936 plus GST in total net annual rental income and shapes as a highly desirable split-risk investment in a pocket of the city that is highly sought-after, and where the market is starved of quality stock.
The property has excellent access and prominent street frontage to Great South Road, one of the main arterial routes that connects Auckland’s western and southern suburbs to the commercial precincts of Newmarket, Greenlane, and Ellerslie, while offering multiple points of access to State Highway 1.
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Several main bus routes service the property, while Greenlane train station is a short walk away.
Colliers brokers Logan Roach and Gareth Fraser 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 and online via Auctions Live, depending on Covid-19 restrictions, at 11am on Wednesday 1 December, unless sold prior.
Fyfe Kitchens leases 145sq m of ground-floor retail space, which is used as a showroom, and their month-to-month lease returns $47,449 plus GST per annum.
Unichem Pharmacy is in the final year of a four-year lease on a 67sq m ground-floor retail site that began on 30 March 2018 and returns $18,845 plus GST per annum.
HC Designs leases the 133sq m Unit 1 on Level 1 on a month-to-month agreement that returns $22,998 plus GST in rental income per annum.
Bai Pho leases the 234sq m Unit 2 on Level 1 and their month-to-month agreement returns $49,993 plus GST in rental income per annum.
Roach, investment sales broker at Colliers, says this is a rare split-risk investment opportunity in one of Auckland’s well-established commercial precincts.
“The property offers tremendous long-term upside, and the new owner may be able to generate further rental income that is in line with the current market rates,” Roach says.
“Alternatively, an owner-occupier may find a number of uses for this versatile property that offers a high level of functionality and convenience, while being superbly positioned in a prominent location that experiences high volumes of passing traffic each day.”
The property is zoned Business – Mixed Use Zone under the Auckland Unitary Plan and this zoning is typically located around centres and along corridors served by public transport.
The zone provides for residential activity as well as predominantly smaller scale commercial activity that does not cumulatively affect the function, role, and amenity of centres.
Fraser, director of investment sales at Colliers, says the property’s flexible zoning and favourable location means the site could be repositioned in the future.
“This property offers vast potential and given there is a distinct lack of supply for high-density housing across the Auckland region, the property could be developed for other uses,” Fraser says.
“This is a strategically located property that enjoys favourable proximity to the ever-growing suburb of Newmarket, while Greenlane and the nearby Ellerslie continue to flourish.
- Article supplied by Colliers
