Indian community site has great potential

Rental income is a real plus for a buyer who might want to redevelop the site in future but needs to purchase the property now. Photo / Supplied

Rental income is a real plus for a buyer who might want to redevelop the site in future but needs to purchase the property now.

by Colin Taylor Roger SeavillJohn Davies A large South Auckland property that was purchased as a site for an Indian Community Centre is now for sale offering possible uses for a variety of intensive multi-level developments including a retirement village or educational, community, church or medical centres.

The 3.35ha property on six titles at 30 Bukem Place, Mangere, is being marketed by Roger Seavill and John Davies of Colliers International, and is for sale by deadline private treaty closing on September 15, unless it is sold before that date.

"The site is currently zoned Main Residential but discussions have been held with Auckland Council and there is the potential for a higher-density development to be built on the site, in return for the council obtaining roading land from the site periphery," Seavill says.

"There are at least nine educational facilities within a 2km radius of the site along with a number of parks, reserves and properties occupied by church and community groups. The property could also be redeveloped in part or in its entirety as a new residential subdivision."

The vendor had planned to develop an Indian Community Centre on the site with a private school, cultural academy, yoga and meditation classes. However, the owner is selling to realise other business interests.

"Such a large aggregation of developable land with five separate titles and adjacent to a large 6ha reserve is a rarity and we expect it to attract great interest," says Davies.

Seavill says that, in addition to vacant land, there are a variety of buildings on-site including offices and prefabricated classrooms with tenants contributing about $240,000 a year in holding income.

dAn early childhood education centre, which operates on the periphery of the site, pays $90,000 in annual rental on a six-year lease dating from June 2010.

A respite care organisation also contributes around $150,000 a year in rent. "No lease agreement has been entered into with this tenant, so as to avoid complicating the site's potential future redevelopment," Seavill says.

"The holding income is a real plus for a buyer who might want to redevelop the site in future but needs to purchase the property now."

Bukem Place is located between the major arterial routes of Favona Rd to the north and Massey Rd to the south and can easily be accessed from Robertson Rd linking the two roads. The property can also be accessed from Freda Place to the north and Otago Place from the east.

"The southwestern motorway [SH20] is a few minutes' drive to the west and the property is approached through a modern suburban residential area which is of a high standard," says Davies.

colliers.co.nz