Outstanding opportunity in dual-zoned Glen Innes site
A highly visible commercial building in Glen Innes, being presented to the market for the first time in 60 years, offers prospective purchasers the opportunity to secure a site with significant growth potential in a tightly held retail and commercial precinct.
145 West Tamaki Rd is a 97sq m building on 334sq m of freehold land that has dual zoning of Business–Neighbourhood Centre and Residential–Mixed Housing Urban under the Auckland Unitary Plan.
The building is an end unit on a block of shops on a prominent corner site. The site is heavily under-utilised considering the vast amount of available land within its boundary, providing buyers with flexibility to develop or reposition the property.
Conveniently located near a range of local schools and public transport options, the site offers exceptional road profile and off-street parking and is available with vacant possession. It was previously tenanted by a pharmacy.
Colliers brokers Logan Roach and Gareth Fraser have been appointed to market the property for sale via auction to be held at Colliers Auckland and online via Auctions Live at 11am on Wednesday 8 June, unless sold prior.
Roach says the property offers the ultimate in flexibility given it holds potential appeal for a broad spectrum of buyers.
“With vacant possession available for the property, an owner-occupier will be able to come in and begin trading immediately as they take advantage of the site’s prominent positioning and street appeal in a rapidly gentrifying part of Auckland,” Roach says.
“Passive investors may choose to tenant the property and it will have no shortage of interested parties given the building’s functionality and usability in a busy block of shops. In fact, we have already received a number of leasing inquiries.
“Buyers who take a long-term view of the site may be well-placed to fully maximise the potential of the property through a strategic redevelopment, which could include apartments, terraced housing, retail, office and commercial use, or a combination of those options. The dual zoning provides vast add-value potential.”
The Business–Neighbourhood Centre Zone applies to single corner stores or small shopping strips in residential neighbourhoods. They provide residents and passersby with frequent retail and commercial service needs. Provisions typically enable buildings of up to three storeys and residential use is permitted on the upper floors.
The Residential–Mixed Housing Urban Zone is a reasonably high-intensity zone. Over time, the appearance of neighbourhoods within this zone will change, with development typically up to three storeys in a variety of sizes and forms, including detached dwellings, terraced housing, and lowrise apartments.
Fraser says the size, location, and potential of the property equates to a compelling offering. “Glen Innes is one of three suburbs that make up Tamaki, alongside Pt England and Panmure, and the Tamaki Regeneration Company plans to build approximately 10,500 homes as part of their long-term plans for the area, exemplifying the growth potential of the catchment.
“The site is conveniently located near the town centre of Glen Innes providing access to a number of key amenities, including the train station and popular retail businesses.”