Auckland site fetches $10m above rates value

Z Energy's property on Fanshawe St, marketed and sold by Colliers International.

Z Energy property valued at $13m sells for $23.2 million

An Auckland service station has sold for $10 million above its current rating valuation.

Peter Herdson, Colliers International's capital markets national director, said Z Energy's service station at 155-167 Fanshawe St in the western Wynyard Quarter area has sold for $23,274,000.

Yet the same property appeared on Auckland Council's data base as being worth only $13m, he said, giving a now-dated valuation from mid-2014, illustrating how fast commercial market has moved since then.

The $13m comprised $12m for the land and $500,000 for the buildings.

The property operated for many years as a Caltex service station, in a prime position near the Fanshawe St offramp from State Highway 1 where motorists exited near the Auckland Harbour Bridge for the CBD.

Property records show the property was owned by Chevron New Zealand and is nearly half a hectare.

Herdson said the property was sold by his agency and although the rating valuation was low, a market valuation was close to its sale price.

The site is opposite Victoria Park and between the global headquarters of Air New Zealand and Fonterra. Petrol pumps there closed this year and new office developments are rising around it.

Colliers advertised the property as a prime freehold development opportunity in the Wynyard Quarter, selling the property via a private treaty which closed on October 12.

"This outstanding, unencumbered freehold development site is prominently and strategically located in Auckland's vibrant and emerging Wynyard Quarter. At 3,789 sq m, the site is the only available freehold development opportunity in this location.

"Wynyard Quarter incorporates some of the best mixed-use waterfront land of any major city in New Zealand. The site is within close walking distance to North Wharf, Viaduct Harbour, Westhaven, Victoria Park, neighbourhood bars, cafes and the Auckland CBD. Access to motorway systems and public transport is close at hand," Colliers said.

Property records showed the site last sold for $3.5m in 1996.