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Freehold site in prime Auckland CBD location for sale

Freehold site in prime Auckland CBD location for sale

A prime 3,091sq m freehold site at 108 Greys Avenue in Auckland CBD is on the market, presenting a huge opportunity in a market starved of redevelopment sites.

Gareth Fraser, Auckland Director of Investment Sales at Colliers, says this property, for sale through Colliers by expressions of interest closing at 4pm on Wednesday 10 March, is an outstanding opportunity to reposition a prime CBD site.

“Located only 200m from what will be the new Karangahape City Rail Link station, the site is well positioned to benefit from the ongoing regeneration of Auckland’s upper CBD precinct.

“With 5,710sq m of existing improvements that offer attractive and unique spaces, along with a flexible City Centre zoning, a large street frontage, and close proximity to the corner of Pitt Street, 108 Greys Ave presents a multitude of options for adaptive reuse or a comprehensive redevelopment.

“Additional ground floor area could be achieved to complement heritage features that would result in a landmark building benefiting from the site’s stunning outlook over Myers Park and proximity to key city attractions.

“This setting and location make 108 Greys Ave particularly well suited to apartments, built-to-rent residential or accommodation. Other potential uses include office, retail, hotel, education, or alternative religious and church uses.”

Josh Coburn, Site Sales Director at Colliers, says that with so many options, this is an outstanding opportunity to redevelop or reposition a prime CBD asset.

“The site is well positioned at the top of Auckland’s CBD in one of the most historically significant city fringe locations, and also benefits from being just a few hundred metres from what will be the Beresford Square entrance to the new Karangahape Station, and Aotea Station, forecast to be New Zealand’s most active train station, all due for completion in 2024.

“Add to this nearby access to Auckland’s motorway network, only 1km to the centre of Auckland’s CBD, just a stroll from some of Auckland’s best accommodation, dining and entertainment, and close proximity to the tertiary education precinct, 108 Greys Ave is a potential gold mine for development.”

Blair Peterken, Capital Markets Director at Colliers, says the property’s location is key to its future potential, and will complement the urban renewal already underway in the area.

“It is offered for sale with a short-term leaseback until early 2023, providing income while a new owner develops plans to unlock the site’s potential. This is a significant advantage for purchasers.

“With Auckland long out-performing the rest of New Zealand with house price growth year on year  to August 2020, the strong activity in the location and the substantial existing buildings onsite, in   conjunction with attractive development options, make 108 Greys Ave a proposition that parties  interested in future asset growth should be looking at closely.”

Related Experts

Gareth Fraser

Auckland Director - Investment Sales

Auckland

Gareth leads Colliers International's Investment Sales team. The team operates across the entire Auckland market from four strategic locations; CBD (including city fringe), South Auckland (based in Highbrook), West Auckland (based in North West Shopping Centre) and North Shore (based in Takapuna).

This is a large team of brokers and support staff focussed on providing solutions to owners, investors, developers, owner-occupiers and tenants. It features a specialised site sales team focussed on residential land and development opportunites. Investment Sales also includes the syndication division, offerring proportionate ownership opportunities to investors on behalf of clients.

Gareth is also on the Executive Team for Colliers in New Zealand.

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Josh Coburn

Director | Site Sales

Auckland West

Tenacious, personable and driven, Josh Coburn draws on 16 years' experience in New Zealand's property sector in his role as Director of Site Sales at Colliers International. His key focus and passion are delivering quality development opportunities to the market and acting as a partner in the development process to see projects come to fruition.

Futhermore, Josh is the General Manager of Collier's West Auckland Business, overseeing 5 brokers in a rapidly emerging Metropolitan market.

Josh re-joined Colliers International in 2015 after four years working as the Development Manager for Haydn & Rollett Construction - a role in which he focused on development of commercial and industrial properties joint ventures, and commercial-scale residential opportunities.

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Blair Peterken

Director | Capital Markets

Auckland

After more than a decade in Australia’s highly competitive commercial property sector, Blair joined Colliers International NZ as Director in the Capital Markets team in April 2017.

Specialising in the sale of larger commercial assets and mixed-use sites around New Zealand, Blair brings a high level of energy and diligence to the industry. His extensive knowledge and educational background ensures he is well-equipped in progressing and developing the Capital Markets team.

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Previous Experience

From 2014 – 2017, Blair was Director and Head of JLL’s South Sydney office where under his leadership, the company  grew from third to first in the South Sydney market in both leasing and sales. In 2015 he was the company’s highest fee earner across the Australian industrial business. Blair specialised in the sale and leasing of larger industrial and commercial assets including mixed-use development sites within the South Sydney market.

Prior to this he was Head of Industrial, South Sydney at CBRE. While at CBRE, Blair won the prestigious Circle of Excellence Award twice for his performances and was highest fee writer in the South Sydney office in 2012 and 2013.

Peterken’s top transaction while in Sydney  was the 2014 sale of a 4.9ha business park in Rosebery, South Sydney to Meriton Group  for A$190,000,000

His two biggest leases were the single largest leasing transactions in South Sydney in their respective years. In 2011, he leased a Goodman-developed, 12,400sq m warehouse and office in Mascot to logistics company Toll, and last year, he leased a Meriton-owned 22,000sq m site in Pagewood to WSI Logistics.

 

A selection of notable sale transactions:

  • Sale of St Kentigern Girls School, Remuera - $40,000,000 +
  • The General  Buildings, 29-33 Shortland Street, Auckland - $42,000,000
  • 110 Symonds Street, Auckland - $38,500,000
  • 1-55 Rothschild Ave, Rosebery - $190,000,000
  • Central Park Business Park,  Greenlane - $209,000,000
  • Bunnings Hamilton South - $25,100,000
  • The Warehouse, Blenheim - $16,380,000
  • NZI Centre, Auckland - $63,000,000
  • Royal Heights Shopping Centre, Auckland - $17,000,000
  • 75 Karangahape Road, Auckland - $23,300,000
  • 5 Nelson Street, Auckland - $9,000,000
  • 66-80 Broadway, Newmarket - $65,000,000

 

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