Character slice of Onehunga offers value-add redevelopment potential
Onehunga’s original movie theatre building is for sale with generous Town Centre zoning and consented plans for a 21-unit apartment development on the site.
Located on Onehunga’s main retail strip, the property at 300 Onehunga Mall occupies a commanding position within one of Auckland’s fastest-changing mixed-use suburbs.
Colliers International has been exclusively appointed to market the 637sq m property for sale by deadline private treaty closing at 4pm on Thursday 27 June, unless sold earlier.
Broker Ned Gow, an Onehunga property specialist with Colliers’ Investment Sales team, says few opportunities come to the open market in this area each year.
“This is a chance to acquire a freehold site in a prime location in one of Auckland’s liveliest growth hubs.
“The property presents multiple angles for both adding value and development potential.
“Two underutilised character buildings comprise the original theatre building and an adjacent retail shop, currently used as a church and office space respectively.
“Both buildings could be refurbished and upgraded for a range of new uses, including retail or residential.
“Alternatively, a new owner could take on the existing resource consent for a 21-unit apartment project on the site.
“Onehunga is a growing hub of residential development, with several major apartment projects underway, which highlights strong demand for new housing in the area.
“The property returns holding income from two short-term tenants, with six-month demolition clauses allowing a new owner to keep their options open.
“No matter which path you choose to pursue, this storied property has abundant future potential.”
The main building, originally Onehunga’s first cinema, occupies a large portion of the regular shaped 637sq m site.
Constructed prior to 1935, it has a very high stud with character features throughout the tenancy including an original ornate ceiling.
A mezzanine level, accessed via internal stairs, was where the film projectors were originally hosted. The lower floor of the building contains a storage area.
The building has hosted an array of businesses throughout the years and has great add-value potential.
The smaller second building, also positioned on Onehunga Mall’s retail level, is a retail space currently used as office accommodation.
It provides rear access to the car park, which has some eight to 10 stacked car parking spaces.
The overall site faces Onehunga Mall to the east, with almost 17m of street frontage. A private right-of-way to the west-facing rear of the property provides a valuable rear entry point.
Onehunga Primary School is located just behind the right of way, providing exceptional proximity to schooling for any new apartment development on the site.
The property is zoned Business Town Centre, which allows for a permitted building height of 27m and a range of uses including commercial, residential, retail or a mix of these.
A resource consent has been issued for six-level, mixed-use development with 21 apartments on the site.
Colliers International Broker Gawan Bakshi, who also specialises in Onehunga property, says the suburb has become a hot spot for investment.
“Rapid gentrification and new infrastructure are quickly changing the dynamic of the suburb.
“New retail businesses, apartment developments and general upgrades are visible throughout the area.
“A changing demographic has demanded a higher quality of retail and services in the area with the Good Home gastropub, Mr T’s bakery and the Onehunga Cafe just a few examples of popular offerings.”
The property for sale is on the northern end of Onehunga Mall’s retail strip and benefits from both easy access to the local shops and privacy away from the commercial activity.
Popular outlet shopping centre DressSmart is a two-minute walk away.
Onehunga is centrally located to Auckland’s transport network with close proximity to both the Southern Motorway (State Highway 1) and Southwestern Motorway (SH20).
The property is 15 minutes’ drive to the CBD, 10 minutes to the airport and a less than 30-minute train commute into Britomart.
The Onehunga Train Station, opened in 2010, has been a key growth driver, with an estimated 8,500 weekly passengers.
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