A freehold site with endless options in one of New Zealand’s key growth areas is now on the market for sale.
7 Fairway Drive is placed on a large regular shaped freehold site sitting proud within the affluent township of Kerikeri’s town centre, surrounded by multiple access points from all sides.
Most commonly known by its household name Australasian tenant, Bunnings Warehouse, the property boasts a 4,389sqm corner site with ample parking and a substantial building with the net lettable area extending 2,587sqm.
The building has undergone a number of improvements and additions since its construction as a purpose-built supermarket in 1980, including most recently in 2004 to convert it into a multi-purpose bulk retail warehouse complex with a 90% NBS rating.
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The building includes modern mezzanine offices and amenities, two loading areas, ample storage, and an asphalt carpark with provision for 58 spaces.
Surrounding developments comprise a mix of single and multi-storey office accommodation, residential, medical facilities, and retail including New World, Countdown, Briscoes, and strip retail.
JLL brokers Jason Armstrong and Alex Wefers have been exclusively appointed to market the property for sale by way of deadline private treaty closing Thursday 7 April 2022 at 4:00 pm.
“This strategically located property presents the best of opportunities available. With around three years to go on the current initial lease term it provides a substantial secure income today, and great redevelopment potential to add significant value in the future,” says Armstrong.
“Widely considered as the centre of Northland, Kerikeri is currently undergoing substantial growth with several developments including a proposal that will provide housing for up to 4,000 people, a golf course, a 4.5 star hotel, and a medical centre.
“Part of the bustle of the affluent town centre, the property’s current zoning allows for a potential build height up to 12 metres, opening opportunities for future refurbishment or development.”
Wefers says the property’s unique selling point is the options it offers in an area poised for imminent growth.
“Kerikeri has a high forecast growth rate as many Auckland suburbs start to saturate and the population looks towards the Far North District for buying a property,” says Wefers.
“The rapidly growing town is home to many global and national businesses and also hosts the regional council, government agencies, and other supporting services.
“Opportunities to secure properties like this with secure income and future development potential within a key location and substantial growth region of New Zealand seldom come available.”
- Article supplied by JLL
