Two Auckland city fringe freehold properties, housing the Green Park Motel on the border of Newmarket and upmarket Epsom, are for sale as a single holding on behalf of the Dilworth Trust Board.
"The properties are zoned Mixed Use which gives a new owner numerous options," says Ian Hall of JLL who, with colleague John Binning, is marketing 66 Great South Rd and 25 Mauranui Avenue for sale by expressions of interest closing at 4pm on Friday September 28.
"The sites could be developed for apartments, offices, retail outlets, an integrated residential development, visitor or student accommodation, education or community facilities," says Hall. "In addition, a new owner will initially benefit from $70,000 per annum in holding income, which is set up on a month-by-month basis, while they decide on the best development propositions.
"With the zoning being fairly permissive, if a new owner sought to establish a medium density residential or a commercial development on the site, they could build up to 16 metres in height, which is about four to five storeys, along with two metres of roof area to take it up to 18 metres."
The two properties have a combined site size of 2243sq m, with the Great South Rd site being 1148sq m while the Mauranui Ave site is 1095sq m. The properties have dual frontage to the main arterial Great South Road and Mauranui Ave.
The two-storey 16-unit motel complex is within two blocks running between the two roads and was built in the 1960s.
The first block, at 66 Great South Rd of about 597sq m, comprises seven one-bedroom units, a two-bedroom unit, a reception area and a three-bedroom manager's unit.
The second block at 25 Mauranui Avenue has a floor area of around 483sq m and houses seven one-bedroom units and a two-bedroom unit.
Binning says the sale of the two properties is driven by an opportunity for the vendor.
"The Dilworth Trust Board wishes to realise recent capital gains and reinvest the proceeds from this sale into the balance of its commercial property portfolio.
"Dilworth owns a considerable number of properties in the area and is keen to encourage quality development on this site. Therefore, the Trust wants to ensure the property is sold to a quality purchaser with a long-term market view and a quality track record," Binning says.
"This is a very busy area on Great South Rd where more than 14,500 cars pass each day during the working week."
Situated on the Newmarket/Epsom border, the properties have easy access to Diocesan and Dilworth Schools, motorway access ramps to State Highway 1 both north and south, train stations at Newmarket and Remuera, regular bus services and shopping areas along Broadway in Newmarket.
"The Scentre Group is spending $790 million upgrading and developing Westfield Newmarket on Broadway. Once complete, this large development will be home to 230 specialty retail stores, a supermarket, bars and restaurants. It is a big bonus for the area and only a five minutes' drive from these two sites," says Binning.
He says the immediate area features well-known car dealerships like BMW, Maserati, Schofield Holden and Giltrap Skoda, along with offices and other motel operations.