A trophy mixed-use landholding only 150m from the Ellerslie train station is for sale with a new title and zoning allowing for intensive redevelopment of up to 44m in height.
The 9,025sq m property is situated at the northern boundary of Central Park – a premium commercial precinct on Great South Road, at the heart of Auckland’s Southern Corridor.
“The property has been newly re-titled and re-zoned from Business Park to Business Mixed Use, allowing for much broader range of intensive redevelopment options.
“The zoning change will allow a new owner to explore a combination of residential, retirement or accommodation uses, in addition to the mostly commercial uses allowed under the previous zoning.
“Bolstering the site’s appeal is the surge in demand for development land – particularly with residential or mixed-use zoning – that has characterised the property market in recent months.”
Kirke says Colliers alone has sold $440 million of development land in Auckland since the first Covid-19 lockdown.
“The property for sale is exactly the type of offering that developers, land-bankers and investors are seeking in the current market.
“The freehold site provides significant redevelopment potential, a strategic location, excellent transport links and huge exposure to New Zealand’s busiest stretch of road.
“It boasts 152m of frontage to the Southern Motorway, which sees an average of 200,000 passing vehicles a day, and is well-served by public transport, with regular buses along Great South Road and trains every 10 minutes at peak times via Ellerslie train station, only two minutes’ walk away.
“With a new title and zoning in place, this is an ideal chance for a new owner to unlock the huge potential of this impressive landholding.”
Colliers International has been exclusively appointed to market Lot 15, 660 Great South Road, Ellerslie, for sale by expressions of interest closing at 4pm on Thursday 26 November, unless sold prior.
“With a 44m height limit and no gross floor area cap, the potential scale of development is significant. Two indicative development envelopes have been identified to highlight what could be achieved.
“The site could accommodate a three-level, low-rise development with an oversize floor plate, providing 16,800sq m of space that would suitable for high-tech uses, storage or warehousing.
“Alternatively, the site could accommodate two 11-storey towers with a total floor area of 33,500sq m, suitable for office, hotel or residential use.
“Potential buyers are encouraged to seek their own planning advice to further explore the site’s development potential.”
The site currently comprises on-grade, asphalt-sealed land with no buildings, previously leased for car parking.
A new owner has the potential to generate short-term holding income through car parking licences to tenants in the surrounding area.
Gareth Fraser, Auckland Director of Investment Sales at Colliers, says a new development would benefit from the significant amenity already on offer within Central Park and the nearby Ellerslie town centre.
“Central Park is a premium corporate office precinct providing 44,000sq m of space across 11 buildings on a 4.9ha site.
“Key tenants include Mars, Restaurant Brands, NZTA, Colgate, Bunnings, Sealord and BOC.
“Central Park also offers extensive amenities, including an on-site childcare centre, gym and cafes.
“Since Oyster took over management in July 2018, there has been significant investment in enhancing the business park’s environment and amenity.
“An exciting recent development is The Green – a new 650-seat food and beverage precinct that will be unrivalled in the Southern Corridor. Targeting an opening in March 2021, the precinct is currently under construction in a former car park area with direct linkage to the site for sale.
“The Green will provide a range of food and beverage options along with a new public recreation and activation space to accommodate pop-ups, barbeques and other events. This will be complemented by new landscaping and pedestrian-oriented shared spaces.”
The site for sale is directly accessed via Sultan Street to the north with additional access via the business park.
To the south, resource consent has been submitted for a mixed-use scheme comprising 103 hotel rooms, 46 visitor accommodation units, 85 apartments, 3,700sq m of office, plus a conference room and cafe.
Fraser says the site for sale is perfectly positioned to benefit from all the activity taking place in the surrounding area.
“With so much going on at Central Park and within the wider Southern Corridor, this is a development opportunity not to be missed.”