AUT sites offered at Mairangi Bay
After many years of ownership, AUT is offering two Mairangi Bay sites for sale as commercial and residential opportunities.
JLL agents David Mayhew and Jason Armstrong are marketing the properties through individual expressions of interest campaigns, closing October 25. Both sites are for sale due to a change in circumstances with AUT Millennium, says JLL agent David Mayhew.
The property at 17- 19 Apollo Drive is 1.3 hectares of elevated bare land, zoned General Business.
The property at 41 Centorian Drive is 2- hectares with a large building onsite, which has been used as a campus- style office in the past but is currently vacant. This site is zoned mixed housing suburban.
“The longstanding relationship between AUT University and the Millennium Institute of Sport & Health commenced in 2009, when the two joined forces to create the charitable trust, AUT Millennium,” says Mayhew. “The aim of the trust is to provide a world class environment for high performance sports training, health and wellbeing, community sport and sports related research and education.
“As a result of the Trust’s strategic review of assets and future facility needs, AUT is placing these two significant, and very different properties on the market.
“Sites like this in an established area are extremely rare and this opportunity is unique as what we are looking at are sites that back on to each other, but one is a commercial proposition and the other is a residential proposition, so essentially we envisage enquiry from different buyer pools to suit each site.
“The Apollo Drive site is a com- mercial opportunity which we envisage would suit commercial offices, storage or light industrial use. The back of the property connects with residential zoned land and the front the site is hedged by light industrial units and offices.”
The North Shore is experiencing historically low industrial and commercial vacancy and new build land is almost exhausted. This well- located site represents one of the last few greenfield sites in the area. The Rosedale/ Mairangi Bay sub- precinct has one of the lowest industrial vacancy rates in New Zealand at 1.8 per cent, second only to Henderson which sits at 1.6 per cent.
JLL associate director of research and consulting, Tom Barclay says: “Given the dearth of industrial zoned land on the North Shore, new development is a difficult prospect. This has put pressure on existing stock with occupiers facing limited choice should they wish to reposition to newer or larger premises.
“With demand for new industrial space on the Shore, this property will assist in the future delivery of new stock and we anticipate high interest from the developer market.”
The Centorian Drive site represents a prime residential development offering. The mixed housing suburban zoning enables intensification with development in this zone being t wo level detached and attached housing in a variety of sizes and building t ypes. The housing under this zoning needs to be in keeping with the existing character of neighbouring properties.
“As well as the opportunity to develop the whole site into residential lots, the Centorian site could also suit a retirement village and use of the existing premise could be explored,” says Mayhew. “Mairangi Bay i s a popular beach location and the residential site is only a five- minute drive to the beach; median sale price for the area is $ 1.8m.
“Considering the size of the residential site, under the Auckland Unitary Plan the sites could be broken into 250sqm lots, so there is a possibility, providing resource consent would allow, that the site could hold up to 60 houses.” A 966sq mtwo- level 1970s warehouse and showroom building on a 1424sq msite in three titles at 7, 9 & 11 Hopper St, Te Aro, Wellington has sold to an owner- occupier for $ 3,601,111 with vacant possession through Mark Walker and James Higgie, Bayleys Wellington. Two bare land titles have future residential development potential. A 883sq mcommercial office/ showroom at 18 Marsh St, Tauranga, has sold for $ 1.75m. The deal was brokered by Simon Clark and Duncan Woodhouse of Colliers International, at a yield of 4.95 per cent. Christchurch Casino has bought a large parcel of bare land, adjacent to its Victoria St site, as part of future planning to ensure Victoria St remains a vibrant precinct. The 4047sq msite at 72 Salisbury St, Christchurch, has sold at Auction for $ 3.7m. The deal was brokered by Courtney Doig and Hamish Doig of Colliers International.