A big piece of land is for sale in Takanini, South Auckland, with an approved resource consent in place for the development of a commercial centre.
"There is no need for a lengthy development and approval process with this investment property," says Jon Whisker of NAI Harcourts who is marketing the 7234 sq m site in seven titles by tender as a single offering closing at 4 pm on Thursday 25 February, unless the property sells earlier by negotiation.
Addresses of the seven titles are: 108 Great South Rd (1019 sq m); 110 Great South Rd (910 sq m); 112 Great South Rd (964 sq m); 2 Manuroa Rd (1050 sq m); 4 Manuroa Rd (413 sq m); 3 Manuia Rd (1467 sq m); 5 Manuia Rd (1411 sq m).
Whisker says the land is a level contour and has access to all facilities in Takanini about 28 kms southeast of central Auckland, and 18 kms from Auckland international airport.
The current zoning is Urban Residential One but under the Proposed Auckland Unitary Plan (PAUP) it will be designated Single House and Mixed Housing Suburban.
"A large piece of land in a busy and highly visible location with resource consent already in place - this is an ideal scenario for any property investor," he says.
"The resource consent allows for the development of a commercial centre with a 2683 sq m floor area. The commercial activities allowed include, but are not limited to, retail, medical and hospitality businesses."
Whisker says there have already been expressions of interest from prospective commercial tenants making the land even more attractive to investors.
"We had a number of businesses coming forward wanting a tenancy when the resource consent was granted in 2014. The expressions of interest came from a childcare centre, restaurants, grocery outlets and a medical practice and affiliated services.
"If each of the expressions of interest we received took out a lease in the planned commercial centre, in total they would probably fill around 40 per cent of the tenancies. That shows what a good location it is."
Whisker says the land is also adjacent to a respected medical centre, making it an already well-known and established destination for the local community.
"We are sure the establishment of a commercial centre, with a relevant mix of shopping options, would be embraced by the community. Residents just can't miss this site on its main thoroughfare location. It's very close to the motorway on and off ramps, just several hundred metres from a train station and neighbours the medical centre."
Whisker says houses occupy six of the seven titles with the six dwellings tenanted on a month to month basis and the remaining title being a vacant lot.
"In total the combined properties generate an annual income of around $100,000 from rent. So another investment option is for a purchaser to land bank and continue to collect the rent, but it's more likely the property will be snatched up by a savvy developer ready to make use of the current resource consent."
The property is strategically located between residential and commercial zones and is adjacent to the State Highway One southern motorway on and off ramps.
"The three road frontages on an arterial route give the property maximum exposure," Whisker says. "It's also in an area that will see extensive growth in future years driven by Auckland's housing expansion. Prospective residential buyers are looking to areas like Takanini for affordable homes and this residential development will be the catalyst for commercial development.
"However, it is already a well established industrial and commercial location that draws labour from residential areas in Takanini, Papakura and Conifer Grove.
Whisker says land is fast being snapped up in Auckland's outer suburbs and he expects there to be a high level of interest in the property.