He says he needs an all-weather showroom and workshop facility to expand the growing disability business where cars are custom designed, sold and serviced.
"We need to provide our clientele with an undercover business where they can drive in, in all weathers, to have their car serviced or to talk about their vehicle needs."
Milner has therefore put the property on the market and will either take a leaseback over the 75 per cent of the commercial portion of the site he operates out of while a new owner puts together future development plans and obtains the necessary consents, or alternatively provide vacant possession at settlement date.
The property is being offered for sale in Bayleys' latest Total Property magazine through Simon Aldridge, of Bayleys North Shore Commercial and Mike Adams, Bayleys Auckland. Tenders for the property close on September 18, unless it is sold prior to that date.
The site encompasses five titles accumulated over 30 years by Milner. It has two main road frontages, with the primary frontage of about 81 metres being on to Great South Rd but with 52 metres of frontage also to Main Highway.
The property has a mix of commercial and residential buildings and zonings.
The commercial portion of the site, at 576-580 Great South Rd, has about 1700sq m of buildings, with the majority of the space occupied by Rod Milner Motors but with Beaurepaires leasing 709sq m, part of which is subleased to Honda New Zealand. The buildings are located on three titles totalling 3484sq m with a Business 4 zoning, permitting medium density business activity up to a height of 15 metres.
"The land occupied by Rod Milner Motors is currently underdeveloped with a large part of it being a sealed tarmac used for displaying vehicles," says Aldridge. "The site lends itself to a much more intensive development, potentially up to four storeys high."
Beaurepaires has a six year lease from 2009, with one further six year right of renewal, producing net annual rental income of $114,541, which Aldridge says would provide a new owner with a good base income while development options for the site are progressed.
The residential portion of the property at 5-7 Main Highway encompasses 1191sq m of Residential 6A zoned land which allows for one residential dwelling per 375sq m with a height limit of eight metres.
A three bedroom brick bungalow of 133sq m with a basement garage occupies the 799sq m site at 5 Main Highway. At 7 Main Highway, a two level, modern 1990s 171sq m house with four bedrooms and an internally accessed double garage is on a smaller 400sq m site. The houses are rented on a monthly basis.
"Very seldom does a land holding of this size become available near the apex of two major arterial routes and offering such a varied range of possibilities," says Aldridge. "The property is close to the motorway with access either at Greenlane or from the Ellerslie Panmure Highway. Other high profile tenants in the area include Countdown, Z Energy, McDonald's, KFC and ASB.
"The property is well positioned for any number of end uses which makes it an attractive prospect for investors, owner occupiers, developers and land bankers."
www.bayleys.co.nz/376234
