Brokers say a sizeable prime corner development site in a fast growing West Auckland suburb will appeal to owner occupiers, developers and land-bankers for its location, size, profile and development-friendly lease agreement.
Colliers International brokers Deborah Dowling and Michael Bray are marketing the 3,335sqm freehold site at 271 West Coast Road, Glen Eden for sale by deadline private treaty, due on 8 November 2016 unless sold prior by negotiation.
“This is a great development opportunity not to be missed, sitting on a pivotal corner site with an easy contour and huge visibility to the main Glen Eden intersection with 25,000 cars passing daily,” says Dowling.
The site sits directly in the middle of the Glen Eden Town Centre and across from the Glen Eden Railway Station which leads directly into the CBD. “The station has recently been upgraded to accommodate the double tracking on the western line and is one of the busiest stations in Auckland. Residents can now get into the Auckland CBD within 20 minutes of departing,” she adds.
The property consists of a 75 carpark lot and a stand-alone light industrial building. The car parks are leased to Auckland Council until 14 October 2016, at which point the lease will terminate and Wilsons Parking will take over from 15 October. A profit share lease agreement between the landlord and tenant runs for one year with one month demolition clause included. The car park has a proven track record with locals using the parks when using the train service or visiting the local shopping centre.
“The building on the northern boundary is currently leased to a tyre shop on a monthly basis to provide holding income of net $28,000 plus GST for the site. The property is of a rectangle shape with three approved access points on West Coast Road and Glenview Road,” says Bray.
“This a huge growth area in the centre of town and with the property’s zoning under PAUP being Business-Town zoning it offers massive potential, yet to be tapped by a developer who can build up to eight storeys high under the Unitary Plan,” he adds.
The property offers numerous development options including commercial, residential and retail projects. It is surrounded by established retail and commercial tenants and is close to all amenities, which Dowling says makes it a desirable location.
“With the residential and commercial markets in Auckland still experiencing strong growth, triggered by both offshore and local demand, this is a fabulous opportunity to take advantage of and create a development of significance,” Dowling says.
Glen Eden is a well-established West Auckland suburban town centre servicing a large local resident catchment. Most of its commercial activity is either on West Coast Road or in Glen Mall on the main street. “Glen Eden is self-sufficient in catering for all amenities, from a public library, the popular Playhouse Theatre, schools, shopping centres, and many other community amenities,” says Dowling.
The sprawling site is strategically located to be part of Glen Eden’s wider regeneration, and is included in Glen Eden’s Business Improvement District, under Auckland Council.
“This is strategically significant for the property as all BIDS areas are designed to focus on and enhance economic development whilst prompting their suburb’s unique social, environmental and cultural characteristics,” Dowling points out.
The brokers says Glen Eden’s BIDS programme is designed to take a holistic approach to this development in order to improve the physical, economic, and social environment of the area.
The suburb’s demographic is increasingly steering towards younger families and new home buyers as house prices soar around Auckland. “Glen Eden is still more affordable than other parts of Auckland and the Glen Eden Village has recently experienced a transformation with new boutique bakeries, small format supermarkets and childcare facilities opening,” says Bray.
“The increasing regeneration more towards a Grey Lynn, Ponsonby type suburb will only increase its popularity and local commercial activity,” says Dowling.
The Business – Town Centre zoning is a sought-after zoning as it allows for a wide range of activities including commercial, leisure, residential, tourist, cultural, community and civic services. It also allows buildings of between four and eight storeys, which provide a substantial development opportunity in Auckland’s heated housing market.
The zoning applies to suburban centres throughout Auckland, satellite centre of Warkworth and Pukekohe and rural towns of Helensville and Wellsford. These centres are typically located on main arterial roads which provide good public transport access.