The property consists of a 75-carpark lot and stand-alone light industrial building.
The carparks are leased to Auckland Council until October 14, when the lease will terminate. Wilsons Parking will take over from October 15. A profit-share lease agreement between the landlord and tenant runs for one year, with a one month demolition clause included.
Locals use the carpark when commuting by train or visiting the local shopping centre.
"The building on the northern boundary is leased to a tyre shop on a monthly basis to provide holding income of net $28,000 for the site. The property is rectangular with three approved access points on West Coast Rd and Glenview Rd," says Bray.
"This a huge growth area in the centre of town and zoned Business-Town under the Unitary Plan, it offers massive potential, for a developer." The property, has development options including commercial, residential and retail projects. It is surrounded by established retail and commercial tenants and is close to all amenities, which Dowling says makes it a desirable location.
"With the residential and commercial markets in Auckland still experiencing strong growth, triggered by both offshore and local demand, this is a fabulous opportunity to take advantage of and create a development of significance," Dowling says.
Glen Eden
Glen Eden is a well-established West Auckland suburban town centre servicing a large local resident catchment.
Most of its commercial activity is either on West Coast Rd or in Glen Mall on the main street.
The sprawling site is strategically located as part of Glen Eden's wider regeneration, and is included in Glen Eden's Business Improvement District, under Auckland Council.
"This is strategically significant for the property as all BIDS areas are designed to focus on and enhance economic development whilst prompting their suburb's unique social, environmental and cultural characteristics," Dowling points out.
The brokers says Glen Eden's BIDS programme is designed to take a holistic approach to this development in order to improve the physical, economic, and social environment of the area.
The suburb's demographic is increasingly steering towards younger families and new home buyers as house prices soar around Auckland. "Glen Eden is still more affordable than other parts of Auckland and the Glen Eden Village has recently experienced a transformation with new boutique bakeries, small format supermarkets and childcare facilities opening," says Bray.
"The increasing regeneration more towards a Grey Lynn, Ponsonby type suburb will only increase its popularity and local commercial activity," says Dowling.
The Business-Town Centre zoning is a sought-after zoning as it allows for a wide range of activities including commercial, leisure, residential, tourist, cultural, community and civic services.
It also allows buildings of between four and eight storeys, which provide a substantial development opportunity in Auckland's heated housing market.
