A desirable development site in Panmure has come to the market as Eke Panuku, Auckland Council’s urban regeneration agency, leads significant new investment in the town centre.
535 Ellerslie Panmure Highway is a versatile corner site adjoining a recently upgraded, high-profile intersection. It’s home to seven diverse tenants returning approximately $191,000 net annually as a holding income.
Close to the upgraded Panmure train station and bus interchange with access to the first stage of the new Eastern Busway, the site is primed to benefit from the expansion of New Zealand’s largest city.
Zoned as Business–Town Centre, 535 Ellerslie Panmure Highway is flexible and versatile, with abundant development opportunities. Covering 5214sq m of land with floor area of 2337sq m spread across a warehouse with six units and a standalone building, the versatile site appeals for a range of uses.
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JLL is marketing the property by tender closing 4pm Thursday June 15.
The site and prominent location are critical to this investment, JLL Metro Sales broker Tommy Zhang says.
“A corner site on a busy, recently upgraded intersection with convenient public transport links is an attractive proposition for any buyer looking to add to their portfolios and build for the future,” says Zhang. “With access to the Panmure bus interchange and train station within a short walk of the site, plus nearby amenities in Mt Wellington and Sylvia Park shopping centre, there’s plenty of upside in the neighbourhood.”
JLL Metro Sales co-head Jonathan Lynch highlights consistent annual income from six short-term tenancies giving the buyer cashflow while readying the site for redevelopment.
“A diverse range of tenancies with short-term or periodic leases means the buyer who acquires this rare opportunity has room to decide on next steps while maintaining an annual cashflow of around $191,000, with room to increase,” he says.
— Article supplied by JLL
