A multi-tenanted standalone complex combining retail and commercial tenants has gone up for sale at a high-profile location in Papatoetoe’s town centre.
The approximately 1,548sq m freehold site at 141 Kolmar Road, Papatoetoe, is home to a two-storey office building with a supermarket on the ground floor. The property enjoys exceptional visibility via three road frontages, just metres from the area’s leading shopping mall – Hunters Plaza, which attracts customers from a wide catchment.
Multiple tenancies at the Kolmar Road property generate total net rental income of $141,062 plus outgoings and GST per annum, with rental upside available from filling a vacancy.
Colliers has been exclusively appointed to market 141 Kolmar Road, Papatoetoe, Auckland, for sale by way of an auction at 11am on Wednesday 23 June, unless the property is sold prior.
Gawan Bakshi, Investment Sales Broker at Colliers, says the site houses a building of approximately 903sq m, along with secured onsite carparking for 32 vehicles.
The substantial freehold land for sale is Business Town Centre Zoned, presenting flexible options for future uses, he says.
“Known as Kendall House, this building was designed by Rigby and Mullen and was built in 1977 by the National Insurance Company of New Zealand Limited for the Commercial Bank of Australia. It has a current Grade A seismic rating of 90 percent of new building standard.
“The ground floor includes some 446sq m of retail space occupied by the anchor tenant, DH Supermarkets. A smaller office area on the ground floor is leased to a mail delivery service.
“Level 1 has two office wings on either side of a central stairwell. There are three tenancies, two of which are occupied by tenants in the community and education sectors, while one unit is vacant,” says Bakshi.
Ryan Gibb, Investment Sales and Leasing Broker at Colliers, says a resource consent had also been granted for six apartments on level 1, each featuring two bedrooms, a living room, kitchen and bathroom.
“With site coverage at 141 Kolmar Road currently around 30 per cent, there is plenty of scope to add value and capitalise on the favourable development zoning in the future if desired,” he says.
“With a frontage of 40m to Kolmar Road, 43m to Bisley Street and 43m to McCauley Lane, this site boasts superb accessibility and profile.
“Bisley Street gives access to the busy Hunters Plaza Shopping Mall, just metres away, whose big-name outlets such as Kmart, Countdown, City Fitness and ASB are a magnet drawing people into the area,” says Gibb.
The site for sale enjoys excellent visibility from vehicle and foot traffic on Kolmar Road and is only about 50m from South Auckland’s major arterial route, Great South Road. The location is also served by a large council car park across Kolmar Road on Eric Baker Place.
“Situated in the heart of Papatoetoe’s commercial precinct, the Kolmar Road property is in prime position to tap into and benefit from urban and commercial expansion. Papatoetoe is a traditional town centre with strong character. It supports a growing and diverse community and has capacity to accommodate further growth,” says Gibb.
Ronal Prasad, Investment Sales and Leasing Broker at Colliers, says the site for sale benefits from development-friendly Business – Town Centre zoning, with a building height allowance of 18m.
“This zone has been identified for growth and intensification under the Auckland Unitary Plan and Papatoetoe is considered a priority location for regeneration by Auckland Council’s development arm Eke Panuku Development Auckland.
“Residential growth is unfolding across South Auckland, with significant new development in locations such as Papatoetoe, Papakura and Takanini.
“Significant progress has already been made in revitalising Papatoetoe by the public and private sector. A new supermarket and new civic space have been developed and the town centre car park has been upgraded. New housing and large-scale apartment developments are also proposed in the area. Further confidence in the growth of the area from the government includes a multimillion-dollar expansion was recently approved for Middlemore hospital.,” Prasad says.
“The location is supported by key transport connections, with on-ramps to State Highway 1 within a kilometre and State Highway 20 about 4km away. These facilitate easy road links across the region, including nearby Auckland International Airport and the city’s CBD some 19km away.
“Auckland Transport is also upgrading Puhinui Station to become a major bus and train interchange, a project being delivered by Auckland Transport, which is a shovel ready project supported by the New Zealand Government and Crown Infrastructure Partners.