Wellsford site suits supermarket
The land at 6 Port Albert Rd and 19 Worker Rd is in two titles – indicated by red and yellow boundary lines. Photo / Supplied
Barfoot & Thompson Commercial Whangaparaoa is selling a large landholding with three road frontages in central Wellsford.
The property, part of which is occupied by a bearing factory, has long been touted by locals as the best site in town on which to build a new supermarket, though its flexible Business Town Centre zoning would allow this or several other development options. The sale is by a tender process, which will close on Thursday.
The land at 6 Port Albert Rd and 19 Worker Rd is in two titles, says Barfoot & Thompson broker Barry Masefield, who is marketing the property with colleagues Graeme Perigo and Ben Clare.
Masefield says 6 Port Albert Rd has a high-stud industrial building of 1350sq m, which provides developers with a holding income of $131,800 per annum.
“The tenant, AB Axis — which manufactures and repairs bearings — has leased the property since April 2004. It has extended its lease to September 30, 2018, which is also the final expiry date of the lease. The land area is 12,126sq m,” says Masefield.
Masefield says it occupies a prime position in the centre of Wellsford, with three road frontages. Holding income and development options with the Business Town Centre zoning makes the property an attractive proposition for land bankers and developers.
“There is also a 3000sq m yard fronting Port Albert Rd, which was previously leased for $75,000 per annum, and potentially adds to the short-term holding income.
“The owners had plans to develop the site into a supermarket with associated retail shops, and concept plans are available on request,” says Masefield.
Perigo says Port Albert Rd site could also be amalgamated with part of the adjoining title at 19 Worker Rd using a simple boundary realignment. “This would give purchasers the opportunity to secure a total land holding of 13,838sq m.”
The title at 19 Worker Rd has a land area of 9687sq m and a new road, Memorial Lane, provides excellent road exposure. Perigo expects it would suit a range of users including residential, medical and childcare.
He says the tender process offers purchasers plenty of options, including option to buy 6 Port Albert Rd (12,126sq m); 6 Port Albert Rd with part of 19 Worker Rd (13,834sq m); or 19 Worker Rd (9687sq m); or a combination of them all.
“The key feature is the Business Town Centre zoning, allowing a height restriction of 18m and which provides for a range of activities including commercial, leisure, residential, tourist, cultural, community, and civic services.”
Masefield says Wellsford is in strong growth mode, with a new residential subdivision beginning next year. Many people commute to Auckland (about 55 minutes) and with the completion of the new Puhoi to Warkworth motorway expected in 2021, this trend is forecast to continue.
“Also impacting on the growth of the region is the growth in the surrounding areas of Mangawhai, Ruakaka and Warkworth.”