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.”