An under-developed, corner site at the gateway of one of New Zealand’s fastest growing regions is on the market, presenting multiple opportunities to owner occupiers, investors and developers, say brokers.
The stand-alone 2440 sqm freehold site at 2 Silverdale Street, Silverdale is for sale by deadline private treaty closing on November 26 2015, unless it sells before that date.
Shoneet Chand of Colliers International who, with colleague Matt Prentice, is marketing the property says its key drawcard is its location - in the middle of the Silverdale’s booming commercial centre.
“This is one of the last remaining under-developed sites in the rapidly developing area of Silverdale and its positioning alongside the bustling Hibiscus Coast Highway exposes it to more than 35,000 passing cars daily. The site is arguably the highest profile site in Silverdale.
“The underutilised site coverage – a rarity in Silverdale – renders it ripe for development.”
The site, currently used as a car yard, would immediately appeal to yard-based users, Chand says.
“Operators such as car sales, car rentals and storage businesses would be well-placed to take advantage of the excellent signage and exposure opportunities on the highway as well as the site’s generous road frontage layout.”
The property is tenanted by Rodney Vehicle Sales Limited on short term lease, generating a total annual net income of $55,000.
Currently zoned ‘Retail Service’, the Proposed Auckland Unitary Plan (PAUP) classifies the site as ‘Town Centre’.
Prentice says this zoning provides for a wide range of activities, including residential and commercial.
“This classification makes the site ideal for a mixed-use development. The current lease situation also provides new owners with a useful holding income while they consider the site’s massive potential.
“Silverdale has significant projected growth both in terms of population and commercial activity, and has already recently surged into public awareness thanks to the migration of several large tenants who consider it a prime location for substantial investment.”
The site features a 250 sqm, two-level building, constructed of weatherboard with a steel roof.
The property is 600m from the $60 million Silverdale Centre, which has been a huge success, Prentice says.
“Tenants such as The Warehouse, Countdown and other national and international retailers signed up for space in the centre before construction was even completed.
“Since the centre’s opening in late 2012, several other large retailers – such as Pak ‘n Save and Bunnings - have also recognised the strong growth fundamentals of this area and opened stores in response.”
Silverdale is quickly evolving into the commercial heart of the Hibiscus Coast, catering to the former Rodney district’s growing population, Prentice says.
“The new Millwater subdivision nearby is due to house 10,000 residents on completion and also includes a swimming centre, gymnasium, kindergartens, primary and secondary schools.
"The primary catchment population around Silverdale is expected to grow very quickly, with projections of 57 per cent growth between 2011 and 2031 when there are expected to be 140,000 people in the former Rodney area.
“This growth rate is higher than the adjacent North Shore and that of the overall Auckland region."