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Strategic Onehunga town centre offering ripe for future development

Strategic Onehunga town centre offering ripe for future development

A strategically located future development site in fast-growing Onehunga has been put up for sale for the first time in 51 years, opening up attractive possibilities for developers, land-bankers and owner-occupiers.

The approximately 792sq m freehold site at 1 Pearce Street, Onehunga, sits in a town-centre location with a rich concentration of amenities and transport links, within a suburb whose rapid expansion and gentrification has driven a flurry of apartment and commercial developments.

The site has been tipped for future residential, commercial or mixed-used projects, capitalising on its development-friendly zoning in an area identified by Auckland Council for urban intensification.

The property currently contains a building of some 246sq m which is fully tenanted on a monthly lease to a ballet studio and church. This generates a net holding income of $45,000 including GST plus outgoings.

Colliers has been exclusively appointed to market 1 Pearce Street, Onehunga, Auckland, for sale by deadline private treaty closing at 4pm on Thursday 17 June, unless it is sold earlier.

Ned Gow, Investment Sales Broker at Colliers, says the property for sale represents a superbly located future development site with a character building and considerable add-value potential.

“The existing single-storey building incorporates a mix of partition office space and an open-plan area with a generous stud height, which is currently used as a dance studio. The structure includes multiple bathroom facilities and a small lunchroom.

“The property is north-facing along its 20m frontage to Pearce Street. Site coverage sits at approximately 30 per cent, with off-street parking space available for three cars at the front of the building and four to five at the rear.”

Gow says the property’s true value lies in its future upside. “The substantial size and regular, rectangular shape of the site are supportive of development. Its contour, which naturally declines from the road, offers an opportunity to integrate parking into future projects.

“The site is tucked away from the main drag, but close enough to enjoy its convenience. It is accessed via a one-way street, meaning less traffic past the property and quieter enjoyment for its owners or tenants.

“The prospect of vacant possession means developers can get building straight away or owner-occupiers can move in immediately,” says Gow.

Ben Cockram, Industrial Associate Director at Colliers, says the Pearce Street site is bordered by light-industrial properties to the west and south, and a council building to the east.

“The property lies less than 75m from the suburb’s main commercial strip, Onehunga Mall, which has become a focal point for new commercial and residential developments.

“Onehunga is a suburb which has seen ongoing gentrification over the years. As a result, the character retail village precinct is fast evolving, giving rise to numerous new cafes, restaurants and retailers.

“The area has proven a dynamic commercial environment with excellent value growth over time,” says Cockram.

Major residential developments nearby include the fully-sold, high-end apartment complex known as The Fabric. This project’s developers, Lamont & Co, are now selling apartments in another major complex, the Onehunga Mall Club, which will deliver 102 new apartments about 100 metres from 1 Pearce Street.

Gawan Bakshi, Investment Sales Broker at Colliers, says the Pearce Street site sits within an area identified for urban growth and intensification through its Business – Town Centre zoning.

“This zone is designed to provide a focus for commercial activities and growth, and typically enables buildings of four to eight stories.

“This can facilitate higher-density projects, including office or residential activities at upper levels. However, activities provided for in the zone are wide ranging, extending through to leisure, tourist, cultural, community and civic services,” Bakshi says.

Amenities nearby the Pearce Street site include New Zealand’s largest outlet shopping mall Dress-Smart, a Countdown supermarket, Onehunga Library, and the suburb’s busy bus and train stations.

“The site for sale has excellent transport links. Onehunga Train Station offers regular services to central Auckland, about 30 minutes away, and the area is well served by buses. The area has easy access to motorways in all directions, meaning both the Auckland CBD and Auckland Airport are within a 15-minute drive,” says Bakshi.


Related Experts

Ned Gow

Broker

Auckland CBD

Ned forms part of the Colliers Investment Sales team operating out of the Auckland CBD office. His expertise range from his early experience in the industrial sector and current involvement in the commercial market. Ned specialises on Auckland’s competitive fringe market where he’s had major involvements in record setting transactions, selling over $60 million worth of property since starting in 2018.

 

Having an early passion for real estate, Ned completed a Bachelor of Property at The University of Auckland whilst working for another commercial real estate corporation. He clearly enjoys the grit of brokerage showing dedication and diligence through a highly enthusiastic attitude and hard work ethic.

 

Recent Sales:

29 Woodside Avenue,  Northcote - $3,150,000

Onehunga Mall Retail  - $1,250,000 - 4.64%

Industrial Portfolio – West & North Auckland - $4,500,000

568 Te Atatu Road, Te Atatu Peninsula - $1,600,000 – 4.84%

Unit 2, 19 Edwin Street, Mt Eden - $2,750,000

Unit C, 174 Marua Road, MT Wellington - $1,260,000

533 Mt Albert Road, Three Kings - $3,350,000

666 Dominion Road, Mt Eden - $3,050,000 – 4.7%

151 Onehunga Mall, Onehunga - $930,000 – 4.3%

231-233 Onehunga Mall - $930,000

Unit 21, 71 Jellicoe Road, Panmure - $800,000 – 5.89%

212 Jervois Road, Herne Bay - $1,950,000 - 4.07% yield

158 Onehunga Mall - $4,250,000

292 Onehunga Mall - 5.50%

300 Onehunga Mall - $1,720,000 - $2,700m² land rate

191 Onehunga Mall - $3,420,000 - 4.00%

75 Ellice Road, Wairau Valley - $2,900,000 - 5.80%

19 Busby Street, Blockhouse Bay - $1,445,000 - 5.82%

758 Dominion Road, Mt Eden - $1,227,000 - 5.79%

274 Dominion Road, Mt Eden - $2,625,000 - 4.00%

575-579 Sandringham Road - $1,800,000 - 4.00%

134 Onehunga Mall - $1,460,000

176 Dominion Road - $1,443,000

28-36 Wellesley Street - $1,250,000 - 5.44%

View expert

Ben Cockram

Associate Director | Industrial

Auckland South

I am an Associate Director within Auckland's most awarded industrial brokerage team based in Highbrook, Auckland. 

 Specialising in industrial sales and leasing, I have over 6years  experience in Auckland's highly competitive industrial market and have forged very strong relationships with both owners and tenants. I am a highly motivated individual who approaches all transactions with professionalism, integrity and vigour.  
Since commencing brokerage in September 2014, I have been involved in 121 leasing transactions and 110 sales. Having leased and sold buildings of all sizes in Auckland I have vast experience in all areas of Auckland's industrial market. 

In 2018 I was made an Associate Director of Colliers International NZ. 

As of January 2021;

Total sales transactions - 110
Total sales value              -  $301,271,980 

Total leasing transactions - 121
Total sqm leased                   -  126,600m²

View expert

Gawan Bakshi

Broker | Investment Sales

Auckland CBD

Gawan is a solutions-focused and proactive member of the Colliers International Investment Sales team, based in Auckland CBD. He specialises in scouting and matching suitable investment opportunities for individual property owners, family trusts, high profile national property and retail groups. He is the area expert for Mount Roskill, Three Kings, Hillsborough, Onehunga, Mount Albert, and Sandringham with extensive knowledge and local information for each suburb.

Gawan’s Bachelors of Commerce and Bachelors of Property from University of Auckland have equipped him with the technical expertise required to identify the benefits and risks associated with each property and provide reliable and professional advice to his clients. He goes to length to ensure his clients have access to all the relevant information and are able to overcome challenges with his advice, before making a final decision.

Gawan’s thorough understanding of property investment and market conditions, paired with his proficient localised knowledge means he is able to discern every deal carefully on a case by case basis to achieve the best possible outcome for his clients.

Gawan speaks fluent Hindi and Punjabi and understands Gujurati and Urdu, making him an important member of the team with the ability to access and communicate with this growing market audience.

View expert