May day auction for Shore properties
Elevated view of Mobil service station at 560 Glenfield Rd.
A high profile Glenfield site on Auckland’s North Shore with Mobil Oil NZ as its anchor tenant for over 30 years and a Milford building for sale with vacant possession are among a wide variety of commercial and industrial properties to be auctioned on May 20 as part of Bayleys’ latest Total Property portfolio.
The 1729 sq m site at 560 Glenfield Rd earns net annual rental income of just over $163,000 from the Mobil service station and auto servicing businesses and is being marketed by Simon Aldridge, Brian Caldwell and Michael Nees of Bayleys North Shore Commercial.
“The vendors, who have owned the property for three decades, are looking to pursue other interests, opening up an excellent acquisition opportunity for long term investors and land bankers,” says Aldridge.
Mobil Oil New Zealand,part of the Exxon Mobil Corporation, the world's largest publicly-owned petroleum and petrochemical company, has a nine year lease with rights of renewal through to 2030. Part of the premises, comprising three mechanics bays and an office is sub leased by Glenfield Autobahn.
“The relationship has worked well for both parties as they are complementary businesses which draw customers from each other,” says Aldridge. “Mobil has also made a big commitment to the property and has invested significant capital during its tenancy including the upgrading of tanks, the forecourt and shop fit out.”
Aldridge says the property is positioned just north of the intersection of Glenfield Rd and Wairau Rd and is located on a major arterial linking the Wairau Valley, Glenfield and Birkenhead with the Albany Highway and State Highway 18.
“This strategic location services the Wairau Valley which encompasses hundreds of commercial and industrial businesses and is the largest employment hub on the North Shore with about 15,000 people working there.”
It also services the residential growth catchment of Glenfield and other North Shore suburbs like Hillcrest, Birkenhead, Greenhithe, Unsworth Heights and Albany which have similarly experienced significant residential property capital growth.
Corner building at 11A Shakespeare Rd, Milford.
“This suggests that the increasingly affluent catchment area would support and justify further retail activity from this site,” Aldridge says.
The property has dual access from Glenfield Rd and James Rd with the buildings and service station sitting near the middle of the triangular shaped site that has plenty of surrounding car parking.
Aldridge says under used land on the western boundary could be developed longer term.
The property is zoned Business One and has a similar zoning of Neighbourhood Centre under the Proposed Auckland Unitary Plan. That zone applies to small shopping strips located in residential neighbourhoods which meet the retail and commercial needs of residents and passersby. Buildings of up to three storeys high and residential use on upper floors are permitted providing the development is keeping with the surrounding residential environment.
Aldridge also has the 290 sq m commercial building on a prime corner 556 sq m site at the intersection of Shakespeare Rd and Kitchener Street in Milford which he is marketing for auction on May 20 with Ranjan Unka and Michael Nees of Bayleys North Shore Commercial as part of the Bayleys’ Total Property portfolio.
“The building has most recently been occupied by a Configure Express Gym and offers developers, owner occupiers and land bankers with a genuine opportunity to purchase a very strongly located property,” Aldridge says.
“It is located at the western end of the Milford commercial retail strip and benefits from high levels of exposure from both passing pedestrian and vehicle traffic.
Milford is a popular shopping precinct drawing customers from the Milford, Castor Bay, Forrest Hill and Takapuna residential areas and Kitchener Rd is a relatively busy connecting thoroughfare extending from the intersection of East Coast Rd and Shakespeare Rd in the west through to Hurstmere Road in Takapuna.”
Brian Cadwell of Bayleys Northshore.