Zoning favours North Shore properties
Two North Shore properties with significant development potential as a result of their new Auckland Unitary Plan zonings are for sale.
A 1184sq m site at 107 Wairau Rd being marketed by Brian Caldwell and Ranjan Unka of Bayleys North Shore Commercial is one of the offerings. It is in the Wairau Valley’s Identified Growth Corridor under the Auckland Unitary Plan ( part operative).
Caldwell says this zoning applies to a limited number of significant road corridors such as Wairau Rd or segments of these corridors. “The purpose of the overlay is to provide additional opportunity for retail activities, predominantly large format retail, and could enable more intensive development of this site up to a maximum height of 20m, subject to obtaining resource consent.”
Meanwhile, the property is producing net annual rental income of $ 63,600 from current occupant Car7 which established a car dealership business on the site back in 2003. Its current lease runs until March 2018, with one two- year right of renewal.
Unka says the property, which also has rear access from Currys Lane, has worked well for the tenant with exposure to an average of more than 30,000 cars a day travelling along Wairau Rd. It includes a small office of about 40sq m.
“The property i s about 160m south of the Tristram Ave motorway interchange so it i s conveniently located for access to other parts of the Shore and the CBD,” says Unka.
He says property in the Wairau Valley commercial precinct has always been tightly held with low vacancy rates and in recent years a number of big name bulk retailers such as Bunnings Warehouse, Mega Mitre 10 and Pak ’ N’ Save have opened big stores in the valley. Other businesses close to 107 Wairau Rd include Parts Master, Discount Tyres, Office Max, Firestone and Supercheap Auto.
The property is one of seven North Shore offerings in Bayleys’ next Total Property auction in its Auckland auction rooms on May 17.
Another North Shore Total Property offering encompasses a 591sq m Mixed Use zoned site at 65 Barrys Point Rd, Takapuna, with a vacant 658sq m office and showroom build- ing. It is for sale by deadline private treaty through Trevor Duffin and Dean Gilbert- Smith of Bayleys North Shore Commercial, closing May 18 unless sold prior to that date.
Duffin says the precinct has significantly benefited from the recent Auckland Unitary Plan and i s now zoned Mixed Use. “This zoning would allow for greater intensification of the site to incorporate a mix of commercial and residential uses.”
The site contains a two- level building plus a basement level that has previously been used for offices, showroom, travellers’ accommodation, a health studio and massage parlour.
“This property has a strong location at the gateway to the North Shore, close to central Takapuna and the CBD. With flexible zoning under the unitary plan, it will appeal to investors, developer or owneroccupiers,” says Gilbert- Smith.