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Low site coverage provides big city fringe opportunity

A commercial property with low site coverage and a diversified income stream offers a rare development opportunity close to vital transport links in a thriving growth precinct.

Multi-tenanted buildings on a substantial site in the heart of the Mount Wellington growth area provides purchasers with tremendous future development opportunity, Bayleys salespeople say.

The 9,281sq m (more or less) freehold site at 519 Ellerslie-Panmure Highway is in the heart of the city-fringe community’s thriving retail precinct, currently experiencing significant residential, commercial and infrastructural development.

Bayleys Auckland City & Fringe team director Alan Haydock says investors and development firms are looking through near-term challenges to future opportunities, with expansion providing feasibility through enhanced fundamentals.

“Strategically located a short distance from key highway interchanges, in a prominent location adjacent to one of the city’s busiest McDonald’s stores, the property is in a prime spot to leverage future growth.

“Auckland Council has earmarked Mount Wellington and Panmure for more intensive residential development, which brings commercial opportunity and a pipeline of planned infrastructure works.

“A site opposite the property, formerly occupied by Moyes Panmure, has been acquired by Woolworths, and a neighbouring property on Mt Wellington Highway is set to undergo a development into a large residential build-to-rent with 297 units.

“Significant recent improvements to the immediate transport network have been completed. The Panmure Train Station – just two minutes from the subject property – has experienced major upgrades, and the eastern bus corridor is next, providing high-frequency public transport linkages to Auckland’s CBD.”

Mr Haydock is marketing the property for sale by tender closing at 4:00 pm on Tuesday, 24 October 2023 (unless sold prior), with colleague Damien Bullick.

The substantial landholding is zoned Business – Mixed Use, providing moderate to high-intensity residential and commercial development with a maximum build height of 18m.

The property generates a total net income of circa $807,379.93 plus GST, with opportunities for immediate rental growth.

Bayleys Auckland City & Fringe team associate director Damien Bullick says two standalone retail buildings and a smaller rear workshop building occupy the site with a low building coverage ratio

At the site’s west, a two level building and a basement are split into two main tenancies.

“A business operates a large-format Chinese restaurant on the ground floor with private dining rooms above while the basement is utilised as storage and refrigeration.

“The business has a six year lease expiring in September 2027.

“Also included in this lease is the automotive workshop behind the main building.

Mr Bullick says a separate business operates a Vietnamese restaurant in the same building, with a six year lease to September 2024.

“The tenant has one, three year renewal right, with rent reviews to CPI plus one percent.”

There is a second standalone building, located on the eastern portion of the site, which features a two level premises fully occupied by a business which operates a Chinese supermarket on the ground floor.

It has a lease expiring in May 2024.

The remainder of the site is underdeveloped and used as car parking for approximately 150 vehicles.

Additional income is generated from a billboard on the property with a 12 year lease to September 2034, plus two six year renewal rights.

“Flexible lease terms provide an attractive option for development in the medium term.

“It’s a stand-out property and a rare chance to acquire a strategically-positioned asset with excellent development fundamentals, benefitting from its low site coverage and the opportunity to collect income whilst plans are put in place,” he says.

Click here for more information on the listing.

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