The former Bunnings owned site for sale at 558-577 Don Buck Rd, Westgate - identified by a red border.
The former Bunnings owned site for sale at 558-577 Don Buck Rd, Westgate - identified by a red border.
A big 1.3 hectare Westgate land parcel encompassing five freehold titles, along with resource consent for a large-format Bunnings retail store, is for sale following a decision by Bunnings to buy a larger site nearby.
"This sale opens up the opportunity for owner occupiers, investors, land bankers and developers toacquire a substantial strategic land holding in Auckland's rapidly expanding Westgate commercial precinct," says Shoneet Chand of Colliers International.
Shoneet Chand of Colliers.
Chand, in conjunction with his colleagues Jason Seymour and John Green, is marketing 559-577 Don Buck Rd for sale by deadline private treaty closing on April 16 - unless it sells earlier by negotiation.
"The site has potential for a variety of different users and is a prime opportunity for large-format retailers in particular with consent already in place for a large Bunnings Warehouse plus on-site car parking. Plans are ready to go for a similar big store development if a new owner wishes."
Chand says Bunnings is planning its new Westgate Bunnings Warehouse store on an alternative site across the road so 559-577 Don Buck Rd is surplus to requirements.
The approved plans are for a 5733 sq m retail store, with a maximum height limit of 10.4 metres. The design also includes 229 car parks across on-grade and underground spaces.
Green says various short term leases, all with demolition clauses, provide holding income of $73,800 a year for a new owner giving flexibility while proposals are confirmed for the site.
"There is also an empty portion of the site that could be leased to a yard-based user, increasing the property's income stream," he says.
Green says the preference is to sell all five land parcels together in one transaction, but the vendor may consider separate offers on individual parcels.
"Don Buck Road is a busy main thoroughfare so the site could lend itself to alternative uses on smaller land parcels, however new consents would have to be applied for in this case.
The site has dual street access from Don Buck Rd and Cabernet Crescent to the rear, with over 125 metres of road frontage to Don Buck Rd.
Four existing buildings are on-site, housing tenants that include steel-framed building manufacturer Totalspan, Breswa Outdoor Furniture Ltd and a house with a residential tenancy agreement in place.
"The property is just metres from Westgate Shopping Centre and is just off the motorway western ring route, which provides excellent accessibility to the North Shore and the Auckland CBD which is 18 km away," says Chand.
