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.”
“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.”
“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.”