Onehunga corner site with potential upside
With the suburb of Onehunga undergoing significant metamorphosis on the back of favourable zoning changes that have enabled intensification, developers have been quick to acquire large sites with potential for redevelopment.
A sizeable warehouse on a 2260sq m corner site with dual access at 4 Princes St, now for sale, is expected to attract wide interest from owner-occupiers, investors and developers keen to secure a stake in the rapidly evolving suburb.
Offered with vacant possession, the freehold Business–Mixed Use zoned property comprises a 2045sq m functional and tidy building at the corner of Princes St and George Tce, housing a medium-stud warehouse with multiple roller door access points, ground-floor showroom and firstfloor office space.
There is also a secure yard for car parking and basement storage, accessed directly off Princes St.
James Valintine and William Gubb of Bayleys South Auckland are marketing the property on behalf of its private family owners, with the deadline private treaty closing at 4pm, Thursday 28 April, unless sold prior.
Valintine said while the property is perfectly practical and still relevant as a base for a new occupier, lying within a tightly-held industrial precinct, the inherent value of the site could be unlocked through a well-considered redevelopment project.
“It will no doubt have appeal in its current guise for an owner-occupier or investor given the location, the corner site with access off both streets and the proximity to other light industrial operators such as Mitre 10 which is directly opposite.
“Industrial space is at a premium in the region so it could suit trade retail or a multitude of other industrial-based operators as the warehouse has good capacity with plenty of open space and sound supporting showroom and office areas.
“However, a glance around the streets of the Onehunga town centre quickly reveals that it’s a work in progress towards a more people-friendly, more-intensified mixeduse precinct with broadening residential accommodation options and commercial tenancies.”
Valintine said the signals from both local and central government are coming loud and clear that more residential accommodation is desperately needed – particularly in city fringe suburbs where transport connectivity is also being strengthened.
“More housing, at greater density and heights, is being encouraged and enabled in those centres close to jobs, community services and public transport.
“Onehunga is one of several suburbs in the Auckland area to be changing its skin in this regard.
“New multi-level residential developments in the neighbourhood include Fabric, Beachcroft Residences and Onehunga Bay Terraces and these projects are leading the way in Onehunga’s regeneration.”
The Mixed-Use zoning of the property would allow flexible redevelopment that fits with the council’s identification of Onehunga as a future growth area, with residential redevelopment as of right under the Auckland Unitary Plan.