A former West Auckland motel complex with 30 semi-furnished units is for sale with vacant possession in Glendene along with a four bedroom house located on the same site.
"This is an excellent, passive investment property with add-value development potential," says Deborah Dowling of Colliers International who, with colleagues Craig Smith and Michael Bray, is marketing 252 Great North Rd for sale by auction at 11 am on Wednesday, September 30 unless it sells earlier by negotiation.
The versatile 3562 sq m freehold site with its 1210 sq m accommodation block and a 162 sq m dwelling presents a solid opportunity to capitalise on Auckland's housing shortage, Dowling says.
Deborah Dowling of Colliers.
"Because all the units are semi-furnished, the property offers various options to earn an immediate income now. New owners could explore the possibility of renting out the units for residential use or could take advantage of the existing motel consent and restart the business on settlement.
"In addition to being a turn-key option for investors, the property will also appeal to developers who could start work on the property straight away or land bank the site to maximise its future potential under the provisions of the Proposed Auckland Unitary Plan [PAUP]."
Dowling says up to four levels of residential units could be built on the property under the current district council zoning but, under the PAUP, it will come within the Residential Terrace House and Apartment Building Zone.
"With this designation, the property could be built up to six levels," she says.
Smith says significant holding income could be earned while future plans are considered.
"The site has large areas of vacant space used for car parking to both the front and rear othat offer expansive, immediate development options. The residential units could be kept fully operable while future plans are being explored."
Elevated view of the Dalma Motel complex identified by a red border.
The former motel includes 24 studio units, one single bedroom unit and five double bedroom units. Adjoining the main U-shaped accommodation block is a four bedroom house, suitable for managers' living quarters or for owner occupiers to live on site.
Each studio unit includes an open bedroom and living area with an adjoining kitchen including storage cupboards, a Formica bench and stainless steel sink. Just off the main living area, full bathroom facilities include toilets, showers and hand basin. Internal flooring consists of carpet and tile. The one and two bedroom configurations offer the same amenities as the studios, with larger floor plans and separate room accommodations.
The Spanish-styled, two storey building, with an A-grade New Building Standard (NBS) rating, is constructed of concrete and timber framework, aluminium joinery with tile and long run metal roofing.
Craig Smith of Colliers.
Smith says the original development, built in the late 1980s, has undergone regular maintenance over the years and has been recently been refreshed with new paint and carpet. Car parks and driveways have been finished with sealed concrete and asphalt for quiet manoeuvrability. The site also includes perimeter fencing, landscaping and commercial laundry facilities.
Smith says the on-site laundry provides an additional, on-site income stream as well as being a great convenience for tenants.
The high profile property is easily accessed on the western side of Great North Rd, 150 metres from the busy Te Atatu Rd intersection, he says.
"Great North Road is a major arterial route linking multiple West Auckland suburbs directly to the north western motorway and central Auckland. The accessibility from and to these suburbs will be even better once the new Waterview connection linking the northwestern State Highway motorway with the State Highway 20 southwestern motorway is completed.
Smith says Glendene and the adjacent Henderson areas are undergoing significant growth with high density residential dwellings regularly emerging.
"Just next door is a fairly new residential subdivision that has proved extremely popular. Glendene Shopping Village is 150 metres away and contains a range of retail and commercial amenities. Multiple bus services along Great North Road also offer convenient public transport options while train services for CBD commuters are situated only 1.5 kilometres from the complex."
