A high-profile ground lease in the upmarket Auckland suburb of St Heliers is for sale with the opportunity for rental growth upon ground lease renewal in 2026.
The 1,501sq m property at 348-364 St Heliers Bay Road is well located on the main arterial road connecting St Heliers with the neighbouring suburbs of Kohimarama, Glendowie and Meadowbank.
It offers huge road front profile and favourable Neighbourhood Centre zoning, making it ideal for potential redevelopment in the future.
The fee simple site has a 21-year perpetually renewable ground lease to Mobil Oil New Zealand Limited.
The next ground rental review is in June 2026, presenting an opportunity for a new owner to achieve rental upside at forecast land values.
Colliers International has been exclusively appointed to market for sale the ground lessor's interest in the property.
Offers by way of deadline private treaty close at 4pm on Wednesday 16 October, unless the property is sold earlier.
Investment Sales Broker Simon Child says it is a rare opportunity to invest in a substantial site in a sought-after area.
"St Heliers is a wealthy and established suburb that is widely regarded as one of Auckland's premium locations.
"Situated 10km east of CBD, at the heart of the Eastern Bays, the suburb enjoys a wide range of amenities including schools, specialty stores, designer fashion retailers, cafes and restaurants.
"St Heliers beach and its town centre attract visitors from all parts of Auckland, particularly at the height of summer.
"The surrounding Eastern Bays area is largely residential, made up of the suburbs of Orakei, Mission Bay, Kohimarama, Glendowie, St Johns, Stonefields, Meadowbank, Ellerslie and Remuera.
"Along with its proximity to the waterfront and CBD, the Eastern Bays area is also highly accessible to industrial and employment locations to the south."
Tony Allsop, Investment Sales Director at Colliers, says the property is of a generally rectangular shape comprising five adjoining lots under one title.
"The site has 37m of frontage to St Heliers Bay Road and a depth of some 41m, with a gentle sloping contour falling from the northwest to the southeast.
"The ground lessee occupies the on-grade, road front portion of the site; improvements owned by Mobil NZ include an extensive canopy and a recently refurbished Mobil Mart store.
"A sub-licensee occupies the rear of the site; improvements comprise an automotive repair workshop and car park."
Gareth Fraser, Auckland Director of Investment Sales at Colliers, highlights the unique opportunity for a developer or long-term investor to secure this prime lessor's interest property, which has been held by the vendor for over 30 years.