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Plot, park and prosper with stake in New Lynn commercial centre =

A commercial complex along Auckland’s western corridor offers a tactical split-risk investment with favourable zoning fundamentals as investors prioritise rental income and upside amid a slowing development pipeline.

The fully leased premises on 1,012sqm (more or less) of freehold land at 3091 Great North Road is in a prime position adjacent to the New Lynn Train Station, Bus Station and Lynn Mall Shopping Centre.

Bayleys Auckland salesperson Quinn Ngo says the multi-faceted asset presents the ultimate split-risk investment, particularly suited to add-value investors, developers and long-term asset holders.

“Historically a strip retail shopping area, New Lynn has evolved more recently to become a central west lifestyle hub through the construction of high-density residential, the expansion of commercial opportunities, and significant investment in public transport infrastructure.

“Located within walking distance to the LynnMall Shopping Centre and Train Station, this retail block is advantaged by high levels of passing vehicle traffic and accessibility to adjacent residential communities and commercial precincts.

“More than 1.6 million commuters pass through the New Lynn Train Station yearly. With the upcoming linkage to the under-construction City Rail Link, passenger numbers are expected to grow significantly, increasing the profile and income potential of the subject property's occupants.

“Seven diverse tenants, including a solicitor’s office, convenience store and English language school, occupy the premises with a mix of lease arrangements, generating a combined net income of circa $139,400 plus GST and outgoings per annum.

“The impressive capacity for income generation, locality, and flexible zoning for future development is expected to attract a high level of attention from a varied purchasing pool.”

Ngo is marketing the property for sale by auction with Bayleys colleagues Karen Yung and James Chan, scheduled for 1:00 am on Wednesday, 24th April 2024 (unless sold prior).

The property features dual access, a commanding profile to Great North Road, and 11 rear car parks accessible via McNaughton Way.

Bayleys Auckland salesperson Karen Yung says it falls within Business – Metropolitan Centre zoning, which features a height allowance of up to 72.5 metres and density provisions second only to those found in city centres.

“Only 10 major urban areas across Auckland have this type of zoning permission, reflecting a significant future development opportunity and flexibility for a new purchaser.

“With its current diversified cash flow, a new owner may enjoy immediate cash flow whilst putting development plans in place to construct a new landmark in the heart of this vibrant area.”

Council projections show future and continuous population growth is expected as New Lynn becomes the focus of large-scale urban development.

Bayleys International Markets director James Chan says that an 11.30ha development site is less than five minutes away by car from the subject property. The site is planned to include a mix of terraced housing, apartments, retail space, and community facilities.

“The first stage of this development has been completely sold, indicative of the appetite for similar projects and investors' confidence in the region’s growth story.

“The property presents an extremely sought-after and increasingly rare chance to enjoy multi-stream holding income. It has enormous potential to develop based on its high-growth location, responsive land use options, and accessibility to greater Auckland.”

Click here for more information on the listing.

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