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Prominent split-risk investment opportunity in Greenlane

NZ_AucklandCBD_Communications_Prominent splitrisk investment opportunity in Greenlane

The land and buildings of a highly visible corner site in the tightly held Auckland suburb of Greenlane presents owner-occupiers, add-value investors, or developers with the opportunity to purchase a property with future growth potential.

225 Great South Road, Greenlane is a two-level building with 579sq m of total net lettable area on a 658sq m landholding that includes 12 covered car parks at the rear of the building. In addition, there is an abundance of off-street parking available.

The strategically positioned site has four tenants returning $139,936 plus GST in total net annual rental income and shapes as a highly desirable split-risk investment in a pocket of the city that is highly sought-after, and where the market is starved of quality stock.

The property has excellent access and prominent street frontage to Great South Road, one of the main arterial routes that connects Auckland’s western and southern suburbs to the commercial precincts of Newmarket, Greenlane, and Ellerslie, while offering multiple points of access to State Highway 1. Several main bus routes service the property, while Greenlane train station is a short walk away.

Colliers Brokers Logan Roach and Gareth Fraser have been exclusively appointed to market the property for sale by auction to be held at Colliers, HSBC Tower, Level 23, 188 Quay Street, Auckland and online via Auctions Live, depending on Covid-19 restrictions, at 11am on Wednesday 1 December, unless sold prior.

Fyfe Kitchens leases 145sq m of ground-floor retail space, which is used as a showroom, and their month-to-month lease returns $47,449 plus GST per annum. Unichem Pharmacy is in the final year of a four-year lease on a 67sq m ground-floor retail site that began on 30 March 2018 and returns $18,845 plus GST per annum.

HC Designs leases the 133sq m Unit 1 on Level 1 on a month-to-month agreement that returns $22,998 plus GST in rental income per annum. Bai Pho leases the 234sq m Unit 2 on Level 1 and their month-to-month agreement returns $49,993 plus GST in rental income per annum.

Roach, Investment Sales Broker at Colliers, says this is a rare split-risk investment opportunity in one of Auckland’s well-established commercial precincts.

“The property offers tremendous long-term upside, and the new owner may be able to generate further rental income that is in line with the current market rates,” Roach says.

“Alternatively, an owner-occupier may find a number of uses for this versatile property that offers a high level of functionality and convenience, while being superbly positioned in a prominent location that experiences high volumes of passing traffic each day.”

The property is zoned Business – Mixed Use Zone under the Auckland Unitary Plan and this zoning is typically located around centres and along corridors served by public transport. The zone provides for residential activity as well as predominantly smaller scale commercial activity that does not cumulatively affect the function, role, and amenity of centres.

Fraser, Director of Investment Sales at Colliers, says the property’s flexible zoning and favourable location means the site could be repositioned in the future.

“This property offers vast potential and given there is a distinct lack of supply for high-density housing across the Auckland region, the property could be developed for other uses,” Fraser says.

“This is a strategically located property that enjoys favourable proximity to the ever-growing suburb of Newmarket, while Greenlane and the nearby Ellerslie continue to flourish.

“We expect strong interest in this property and would encourage all interested parties to do their due diligence and contact us immediately.”


Related Experts

Logan Roach

Broker

Auckland

Logan forms part of the Auckland CBD Investment Sales Team at Colliers International. Prior to Joining Colliers, Logan completed a Bachelor of Commerce from the University of Auckland swiftly moving into the role of Business Development Manager for New Zealand’s largest specialised waste & recycling equipment supplier. Utilising the skills obtained from this role, Logan now applies this knowledge to his strong interest of commercial & residential real estate. 

Logan places emphasis on creating and developing long lasting relationships by putting the needs of his clients first, to achieve the best possible results. He specialises in commercial & residential developent land sales in the Panmure, Glen Innes, Mt Wellington, Ellerslie, Greenlane and Eastern Suburbs areas, .

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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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