Glen Eden complex ideal for development or land banking
The retail and industrial complex for sale at 2 Glenview Rd, Glen Eden.
A multi-tenanted, retail and industrial complex in Glen Eden is for sale, with the opportunity for new owners to either develop or land bank and benefit from passive income.
The 1680 sq m building housing seven individual tenancies on a 2733 sq m freehold site at 2 Glenview Rd, Glen Eden, is for sale by tender closing at 4 pm on December 9.
Jonathan Lynch who, with Deborah Dowling and Brad Visser of Colliers International, is exclusively marketing the property, says new owners could benefit from plans developed by the owners for a four storey, 45 unit apartment building with associated commercial and retail premises on the ground floor, or land bank.
“This property is an excellent candidate for development into a multi-purpose commercial and apartment building – possibly with live-work options – or for new owners to simply land bank for the future and benefit from a continuing passive income,” Lynch says.
He says the vendor has created, in consultation with an accredited planner and architect, an apartment development concept for the site.
“A pre-application meeting has been completed and the planning team has prepared a resource consent application for submission, based on council’s feedback and guidelines.
“Additionally, the current lease situation provides new owners with an attractive holding income while they plan and consider the significant opportunities the site has to offer.”
The building consists of seven separate units - all tenanted on short term leases and generating a holding income of $164,244 per annum net.
Concept plans include commercial and retail premises at ground floor; three levels of apartments with 24 one-bedroom apartments and 21 two-bedroom apartments; as well as a basement car parking level. The total number of onsite car parks is 106.
Currently zoned under the council’s district plan as a Community Environment, the Proposed Auckland Unitary Plan (PAUP) classifies the site as Town Centre providing for a wide range of activities including residential, commercial, leisure, tourist, cultural, community and civic services. The PAUP zoning also allows for up to four levels to be developed on site.
Dowling says Glen Eden’s rapidly growing population is driving urbanisation and redevelopment of the local township, making the vicinity an increasingly appealing location.
“This property offers shrewd developers or investors the opportunity to gain a foothold ahead of the anticipated, imminent transformation of the Glen Eden area,” she says.
Glenview Rd runs perpendicular to West Coast Rd in the heart of Glen Eden.
The property is across the road from Glen Eden Primary School and only minutes away from the local train station. Nearby is a medical centre, local fire station and the Glen Eden Town Centre.
Dowling says a park’n ride bus facility is being constructed only 100 metres from the property which is tipped to be up and running by mid-2016. “The local train station was recently expanded to accommodate double tracking on the western line and residents can expect to be in Auckland’s CBD within 20 minutes,” she says.
“The naming of Glen Eden as a Business Improvement District by Auckland Council in 2009 means residents will see a continued focus on local economic development and village revitalisation,” Dowling says.
“Glen Eden Village is already a busy centre, with 30,000 car movements every day, one of the busiest train stations in Auckland, over 2000 free car parks servicing the train station and the central village and an affordable average annual lease in Glen Eden of about $200 per sq m.”
Lynch says Glen Eden is attracting young couples as one of Auckland's last affordable suburbs with the average three bedroom house in Glen Eden selling for about $700,000.
“As the village’s demographic steers toward young families and new home buyers, Glen Eden village has been undergoing a transformation with boutique bakeries, small format supermarkets and childcare facilities opening up. The increasing gentrification of Glen Eden towards a more Grey Lynn or Ponsonby type feel is expected to accelerate,” Lynch says.
Jonathan Lynch and Deborah Dowling, of Colliers International.