Redevelopment site with holding income
A high-profile redevelopment site at the gateway to the thriving Auckland growth hub of Henderson is for sale by auction through Colliers International.
Zoned Business — Metropolitan Centre, enabling intensive mixed-use development, 437-441 Great North Rd comprises a 5969sq m freehold site with excellent exposure to Henderson’s main arterial route.
A triple-net lease with no rights of renewal will provide a new owner with two years of secure holding income while they develop their plans to unlock the site’s potential.
The property is being marketed for sale by Josh Franklin, Ash Vincent and Dhiru Patel of Colliers’ Industrial team, in collaboration with Colliers’ Site Sales Director, Josh Coburn.
It will be auctioned at the Colliers Northwest office in Westgate at 11am on Wednesday, July 15, unless sold prior.
Franklin says mixed-use sites suited to residential development are among the most highly sought in the current market.
“This large freehold site offers an excellent canvas for developers looking to maximise value in one of Auckland’s fastest-growing urban centres. However, the location and functionality of the site with favourable lease terms will mean businesses also have an opportunity to buy and plan for their future.
“With established rail infrastructure and substantial residential development in the area, Henderson is considered by Auckland Council as a key hub of regeneration.
“The site has desirable Metropolitan Centre zoning, allowing for development of up to 72.5m in height, with uses including residential, aged care, commercial, retail or a mix of these.
“The favourable lease terms provide $310,000 plus GST in net annual rent, providing holding income for a developer or occupier.
“The new lease’s six-month bank guarantee will also appeal to investors, along with the ability to add further value by repositioning the asset upon lease expiry in May 2022.”
Coburn says the property comprises a largely flat and very regular shaped title, with more than 60m of frontage to Great North Rd.
“The site is located only 60m from the intersection with Lincoln Rd, providing excellent exposure to 27,000 passing vehicles each day.
“This well-established commercial location is a short walk from Henderson’s town centre and within a
10-minute drive from the Northwestern Motorway, via either Lincoln Rd or Te Atatu Rd.
“The area is well serviced by public transport, with the rail network running parallel to the site. This is set for further growth once the City Rail Link is completed.”
Coburn says Henderson is identified in the Auckland Plan as one of 10 key metropolitan centres for business and employment growth.
“Extensive urban development is expected over the next 30 years. Panuku Development Auckland will lead this regeneration, with plans to develop a number of council-owned sites in the area.
“The suburb is already home to a number of cultural, recreational and educational facilities, which makes it an attractive destination for current and future residents and businesses.
“Significant nearby amenities include the Corban Estate Arts Centre, Auckland Film Studios, Westfield WestCity Waita¯kere Mega Centre and Henderson High School.”
Patel says the property has low site coverage, with buildings occupying less than 20 per cent of the land.
“The improvements comprise a
1144sq m building with a showroom, mezzanine office and warehouse located on the southeastern boundary. It’s a functional building with multiple roller doors and a large yard area. The remainder of the site is largely a sealed yard, plus 730sq m of undeveloped land in the eastern corner. The site is fully fenced with dual access points on to Great North Rd.”
Vincent says the Metropolitan Centre zone is second only to the city centre in overall scale and intensity.