Pt Chev site has massive exposure
Ahigh-profile, north-facing, future redevelopment site on Point Chevalier’s main arterial route is for sale with holding income from two tenants. Zoned for mixed-use development of up to 18m in height, the 3112sq m freehold property has huge exposure to both Great North Rd and Auckland’s northwestern motorway.
Colliers International is marketing
1130 Great North Rd for sale by deadline private treaty closing at 4pm on November 29, unless it sells earlier.
Investment sales director Shoneet Chand says it’s a chance to acquire a strategically positioned investment property with land banking and redevelopment potential.
The regular-shaped property comprises a 1960s warehouse conversion with sealed parking at the rear of the site.
It is tenanted by The Harlequin Bar and Function Rooms, which occupies a 791sq m tenancy, and retail bottle shop Merchants Liquor, which occupies 353sq m.
The tenants are signed to two-year leases, which are subject to variance or negotiation if required. Two rights of renewal of two years each extend the final expiry dates to September
2023. The Harlequin lease benefits from locked-in rental growth of 3 per cent every two years.
Chand says the property is centrally positioned within Pt Chev village, only 1.5km west of the Western Springs motorway interchange and 600m east of Waterview Tunnel.
“Auckland’s CBD is only 5km away, while the airport and northwestern suburbs are easily accessible via State Highway 16 and SH20.
“The property has a massive profile to two main arterial routes, with 33m of north-facing frontage to Great North Rd and good visibility to SH16. “Town Centre zoning makes it ideal for mixed-use development, with retail on the ground floor and apartments or offices on the upper floors.
“The property earns about $224,500 plus GST in annual holding income.
“With vacant possession or negotiated lease terms possible, this is an opportunity for add-value investors, developers and land bankers to secure a steady earner with significant upside potential.”
Colliers’ Jonathan Lynch says the property’s location has obvious redevelopment appeal.
“Point Chevalier is among the most popular suburbs on Auckland’s western city fringe, bordering the exclusive residential areas of Westmere and Grey Lynn.
“The adjacent suburb of Western Springs has numerous lifestyle amenities including the popular park and lake, Auckland Zoo and Motat.”
Lynch says Great North Rd is a key arterial route to Mount Albert, Ponsonby and Westmere.
“It has a regular bus service and is within walking distance to cafes and restaurants.
“Notable businesses in the immediate area include Countdown, ASB, Hammer Hardware, McDonald’s and KFC.
“This location is highly desirable to both commercial and residential use and is earmarked for intensification with new zoning.”
The site’s Town Centre zoning provides for a wide range of activities including commercial, leisure, residential, tourist, cultural, community and civic services, providing a focus for commercial activities and growth.