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.
“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.