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Development site with growth potential in Panmure

NZ_AucklandCBD_Communications_Development site with growth potential in Panmure

A large site in the rapidly developing suburb of Panmure presents prospective purchasers with the opportunity to secure a premier landholding with favourable high-density zoning and vast growth potential.

74 Jellicoe Road, Panmure is a 1,485sq m freehold site that currently has five adjoining 50sq m brick and steel residential units. The balance of the property consists of a sealed driveway, yard, and car parks.

The property is zoned Residential – Terrace Housing and Apartment Buildings Zone under the Auckland Unitary Plan, which is highly sought-after among buyers given the flexibility it provides for future development.

Each residential unit is currently leased at $300 per week, providing $78,000 in total rental income per annum.

The property sits adjacent to the Jellicoe Retail Centre, while Panmure’s main commercial precinct of Queens Road is nearby. This site is strategically located on the arterial route of Jellicoe Road, which connects the surrounding suburbs of Pakuranga, Glen Innes, and Eastern Bays.

In addition, the property is near Te Horeta Road, which links directly to Mount Wellington Highway and State Highway 1 offering excellent connectivity to the rest of Auckland with the CBD only 16km away.

Panmure’s public transport hub is a 650m walk from the property, providing further convenience for current and future tenants.

Colliers Brokers Gareth Fraser and Logan Roach 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 at 1.30pm on Wednesday 15 December, unless sold prior.

Fraser, Director of Investment Sales at Colliers, says the property offers a range of options for prospective buyers.

“Primarily, this property has huge potential to be repositioned with a new development that would allow this prime landholding to realise its full potential,” Fraser says.

“Alternatively, an owner-occupier may wish to base themselves in one of the units, while investors could make the most of the low vacancy rates in residential property throughout Auckland and take advantage of the substantial rental stream on offer.”

Roach, Investment Sales Broker at Colliers, says if a developer was to purchase the property, they would have a flat, rectangular-shaped site on their hands with favourable zoning.

“This zone provides for urban residential living in the form of terrace housing and apartments, enabling a greater intensity of development than previously provided for,” Roach says.

“The zone is predominantly located around metropolitan, town and local centres and the public transport network to support the highest levels of intensification.

“The purpose of the zone is to make efficient use of land and infrastructure, increase the capacity of housing and ensure that residents have convenient access to services, employment, education

facilities, retail and entertainment opportunities, public open space, and public transport. This will promote walkable neighbourhoods and increase the vitality of centres.”

Roach says Panmure is a tightly held suburb that is experiencing huge demand given the ongoing gentrification of the area.

“Panmure and its surrounding suburbs are subject to significant local and central government investment through the Tāmaki regeneration programme and $1.4 billion Auckland Manukau Eastern Transport Initiative (AMETI).

“There is tremendous scope for repositioning the site in the future given the recently released National Policy Statement on Urban Development, which allows for further intensification of land use.

“We expect this property will generate strong interest, so we encourage all interest parties to do their due diligence and contact us immediately.”


Related Experts

Gareth Fraser

Auckland Director - Investment Sales

Auckland CBD

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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Logan Roach

Broker

Auckland CBD

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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