The single-level medical centre at 18 Manukau Station Rd in central foreground with Rainbow's End in background. Photo / Supplied
The single-level medical centre at 18 Manukau Station Rd in central foreground with Rainbow's End in background. Photo / Supplied
A multi-tenanted, single-level medical centre, occupying a low coverage site with Metropolitan Centre zoning that allows for intensive redevelopment, is for sale in the heart of the Manukau CBD.
The most likely buyer is a developer or land-banker, given the site's 'generous' zoning under the Auckland Unitary Plan, says Matthew Barnes of Colliers International who, with colleagues Brad Johnston and Paul Jarvie, is exclusively marketing 18 Manukau Station Rd for sale by tenders closing at 4pm on Tuesday, July 17 – unless it sells earlier.
Featured in the latest Colliers Portfolio released yesterday, the purpose-built 1980's medical centre, takes up a net lettable area of 1611sq m – which comprises only about 23 per cent of the 6981sq m land holding
Jarvie says the building has been partitioned to suit the requirements of the various tenants and is split into reception areas, waiting rooms, consulting rooms, storage areas and staff amenities.
"It's positioned in the centre of the property which has space for about 70 on-site car parks."
Barnes says 10 tenants are signed to rolling leases, or short-term leases with demolition clauses.
"The leases earn $433,549.22 plus GST in net annual rent, that will provide a new owner with holding income while plans are made to unlock the site's full potential," he says.
Tenants Eyewear Direct, Independent Midwives and Shakti Legal are signed to the rolling leases while Bay Audiology, Kimy Acupuncture, Horizon Radiology, Labtests, Manukau Medical Associates, MHP Pharmacy and Smile Dental all have 12-month demolition clauses in their leases. Manukau Central Physio has a new lease due.
The Manukau property for sale is identified by a blue border. Photo / Supplied
Johnston says the site's favourable zoning allows for a wide range of uses, including commercial, high-density residential and short-stay accommodation.
"The property also benefits from 85 metres of prime road frontage, excellent motorway access, and an outstanding location in the heart of Manukau. The wide road frontage gives it massive exposure to traffic, while a light-controlled intersection only metres from the entrance provides convenient access."
Johnston says big redevelopment sites with such abundant potential rarely come to market.
"The property is on a corner site on Manukau Station Road – one of the area's main arterial routes. It's only seconds away from the State Highway 1 Southern motorway and within 500 metres of State Highway 20, which give it superb accessibility to the rest of the Auckland region."
Jarvie says the surrounding area is already popular with a wide range of retailers, offices and entertainment operators.
"The location is home to a number of well-established new vehicle dealerships, in addition to a sprawling shopping centre precinct led by Westfield, which is just across the road.
"Manukau is now arguably Auckland's most popular location for entertainment and recreation. Rainbow's End is next door to the site while Vector Wero Whitewater Park and Vodafone Events Centre are nearby," Jarvie says.
Barnes says the site's Metropolitan Centre zone is intended to reinforce metropolitan centres as locations for all scales of commercial activity.
"With the zoning's emphasis on growth and intensification, the building on the property does not constitute the highest and best use of the land – making it ripe for more intensive redevelopment."
Barnes says the zone provides for a wide range of activities including commercial, leisure, high-density residential, tourism, cultural, community and civic services.
Buildings within the zone require resource consent to ensure they are designed to a high standard and enhance the quality of surrounding streets and public spaces.
