Strategic town centre offering in Onehunga
A strategically located future development site in fast-growing Onehunga has been put up for sale for the first time in 51 years, opening up attractive possibilities for developers, landbankers and owner-occupiers.
The approximately 792 sq m freehold site at 1 Pearce St, Onehunga, sits in a town centre location with a rich concentration of amenities and transport links, in a suburb whose rapid expansion and gentrification has driven a flurry of apartment and commercial developments.
The site has been tipped for future residential, commercial or mixed-used projects, capitalising on its developmentfriendly zoning in an area identified by Auckland Council for urban intensification.
The property currently contains a building of some 246 sq m which is fully tenanted on a monthly lease to a ballet studio and church. This generates a net holding income of $45,000 including GST plus outgoings.
Colliers has been exclusively appointed to market 1 Pearce St, Onehunga, Auckland, for sale by deadline private treaty closing at 4pm on Thursday 17 June, unless it is sold earlier.
Ned Gow, investment sales broker at Colliers, says the property represents a superbly located future development site with a character building and considerable add-value potential. “The substantial size and regular, rectangular shape of the site are supportive of development. Its contour, which naturally declines from the road, offers an opportunity to integrate parking into future projects.
“The site is tucked away from the main drag, but close enough to enjoy its convenience. It is accessed via a one-way street, meaning less traffic past the property and quieter enjoyment for its owners or tenants.
“The prospect of vacant possession means developers can get building straight away or owner-occupiers can move in immediately,” says Gow.
Ben Cockram, industrial associate director at Colliers, says the site is bordered by lightindustrial properties to the west and south, and a council building to the east.
“The property lies less than 75m from the suburb’s main commercial strip, Onehunga Mall, which has become a focal point for new commercial and residential developments.
“Onehunga is a suburb which has seen ongoing gentrification over the years. The area has proven a dynamic commercial environment with excellent value growth over time,” Cockram says.