A multi-tenanted commercial property which has future development potential and is on a high-profile corner site at Albany Village is up for auction.
The 6646sq m property at 232 State Highway 17 is being marketed by Andrew Hiskens and Jimmy O'Brien of Colliers International and will go under the hammer on October 31 at 151 Queen St, Auckland, unless it is sold before that date by private treaty.
"There is a great opportunity for someone to add value to this property," Hiskens says.
"It could suit a variety of retail uses, especially automotive industry-related businesses given the concentration of car dealerships in the immediate vicinity."
The two-storey, 2219sq m building was purpose-designed as a service station and motor vehicle sales premises, with first-floor office accommodation and retail shop space also included.
The property hosts four tenants: a Z service station, North Albany Motors, Paul Gallagher Legal, and Uncle Delicious - an Armenian/Russian delicatessen.
The leases generate total net annual rental income of $418,033 and are due to expire in 2015, providing holding income while a buyer decides on the future use of the property.
"There are many options from refurbishment or negotiating new leases, to redevelopment, possibly into a single-tenant property to suit an owner occupier," Hiskens says.
"This is a high-profile site with a wide road frontage that would be a beneficial location for a broad range of businesses. With increasing buyer confidence in the North Shore commercial property market, we expect to receive broad interest in this property."
The property is on a busy section of SH17 and surrounded by car industry tenants and other commercial occupiers.
"State Highway 17 was the main arterial route north before the construction of the Northern Motorway and still carries large volumes of traffic," O'Brien says.
"Albany Village is now a well-established suburb, located towards the northern end of the rapidly expanding urban development area commonly referred to as the Albany Basin, which shows the significant urban growth that has taken place in recent years."
The locality has a wide range of advantages from a business and residential perspective, being close to many shopping and recreation facilities.
"The North Harbour Stadium, parks, Westfield Mall, bulk retail centre and the Massey University campus are all within walking distance of the property.
"Other key facilities in the area include Albany Junior High and Kristin schools, the North Shore golf course and Unitec Institute of Technology."
Excellent access to key transport routes is provided via the Oteha Valley and Greville Rd SH1 motorway interchanges and the new Hobsonville Deviation motorway extension also benefits the area. The area has often been advertised as being only 12 minutes' drive north of the Auckland Harbour Bridge.
O'Brien says forecast population growth rates in Albany are significantly ahead of projections for both the Auckland region and North Shore City, with the wider Albany Basin expected to be the major recipient of the North Shore's projected population increase over the next 40 years.