A multi-tenanted property with vast exposure to Takanini’s busiest road provides a wide array of opportunities for add-value buyers, developers, and owner-occupiers.
The property, located at 197 Great South Road, Takanini has 1,393sq m of total building area and has been held by the same family for 40 years who have now decided to sell this add-value asset.
The buildings sit on a 2,661sq m freehold site that is of a regular shape and is zoned Business – Light Industry Zone under the Auckland Unitary Plan.
The property has nine tenancies. Each unit varies in size from 56sq m to 189sq m. Some of the tenancies are short-term and run month to month, while others have final expiry dates between 2024 and 2027.
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The total annual rental income from the property is $143,509 plus GST. Six of the nine tenancies have either CPI or market rent reviews in place, providing built-in growth for the new owner. The tenancies don’t currently reflect market rent and provide ample opportunity for buyers to increase the annual rental income.
The property, which offers 40m of street frontage, is 1.5km from the State Highway 1 motorway on-ramps and is close to the Takanini train station, Takanini Town Centre, and the Southgate Shopping Centre.
Colliers Directors Mitch Broderson, Ash Vincent, and Josh Franklin have been exclusively appointed to market the property for sale via deadline private treaty closing at 4pm on Wednesday 14 December, unless sold prior.
The complex includes two-level road front units with office and warehouse space, medium stud workshops down the southern boundary that offer excellent storage, and a stand-alone building in the courtyard with a stud height of 4m, two roller doors, and drive-around access.
Broderson, Associate Director of Industrial at Colliers, says the property provides a range of options for prospective purchasers.
“Owner-occupiers may see value in taking over one or multiple units at the property to operate their business from, while investors could enjoy the steady rental stream before exploring their options to significantly grow the rental income to bring it in line with current market rates,” Broderson says.
“This marks the first time this property has been presented to the market and it will hold significant appeal to buyers given the growth potential on offer.”
Vincent, Director of Industrial at Colliers, says the property is strategically located on a key arterial route in Takanini.
“Takanini has and will continue to benefit from consistent population growth, intensive development, and infrastructure investment that we have seen across South Auckland in recent years,” Vincent says.
“The new motorway on-ramps from Spartan Road and Great South Road, along with the recent widening of the Southern Corridor, illustrate the ongoing infrastructure investment in the area.
“There has also been extensive residential development in Takanini and its surrounding suburbs such as McLennon, which boasts 600 new homes, Addison, which is an 84ha residential development, and Fletcher Living’s Waiata Shores, which will deliver over 500 new homes.”
Franklin, Director of Industrial at Colliers, says the Light Industry zoning offers future flexibility to the new owner who will have the potential to utilise the property for a variety of purposes.
“Nearby developments include new retail offerings, while the popular Bunnings Takanini is a few doors down the road. Significant new buildings have been constructed across the road with the new Jump Takanini moving in,” Franklin says.
“It is incredibly rare to find an investment opportunity in this price range with such a high number of tenants. It not only provides split-risk but also affords the new owner the opportunity to add value with rental growth and renovation.”
- Article supplied by Colliers
