Opportunity to add value in Greenlane
A prominent three-level commercial building with significant add-value potential is for sale in the soughtafter double grammar zone in Greenlane.
300 Great South Rd has approximately 3382sq m of total net lettable area on a 3929sq m site zoned Business–Town Centre under the Auckland Unitary Plan.
Home to approximately 15 tenants, there is also a small amount of vacant office space on the ground floor. There are 89 on-site carparks,
33 of which are covered.
The total annual net passing income is $723,247 plus GST but market estimates from Colliers suggest that figure could be approximately $1.1 million if current tenancies were brought in line with market rates.
With great exposure to high volumes of passing traffic, there’s a number of popular amenities near this strategically located property, including a Countdown, McDonald’s, Greenlane train station and K¯ak¯ariki Hospital, which is set to open next year.
Motorway access is a short drive away, while a collection of bus routes service the stop at Greenlane train station.
Colliers directors Josh Coburn and Blair Peterken are marketing the property via deadline private treaty closing at 4pm, Wednesday, November 1, unless sold prior.
Originally constructed in the 1980s, there are multiple tenants at the site, including a church, community service providers, charitable organisations and a cafe on the ground floor. There is lift access to all floors.
Most of the tenancies are coming to an end by the close of 2025. The Parenting Place Charitable Trust owns the building and occupies space on multiple floors. It would be open to negotiating a leaseback agreement with the new owner.
Coburn says the location and strong underlying land value allows for future development and repositioning opportunities.
“Properties in the tightly held double grammar zone are keenly sought among buyers. This building is perfectly placed to be repositioned in the future to intensify the use of the land and maximise its true value. There is considerable holding income available in the interim,” Coburn says.
“Alternatively, the new owner may wish to explore an expanded tenancy schedule and enhance the rental income, while adding value to the existing structure.”
Peterken says the zoning offers future flexibility and permitted activities include commercial services, office, retail, education, and healthcare.