Red Shed offers opportunity at hub of Papakura action

Elevated view of The Warehouse in Papakura. The property sale includes the dark blue building occupied by Bayleys real estate opposite. Photo / Supplied

Papakura's Red Shed on the corner of the Great South Rd and O'Shannessey St is being marketed for sale as one of South Auckland's highest-profile investment properties.

The Warehouse is being sold through Tim Lichtenstein of Colliers International and colleagues Tony Allsop and Alan Pracy, who are offering it for sale by deadline private treaty closing at 4pm on Thursday November 3, unless sold beforehand.

The 2771sq m bulk retail store on a 5604sq m site at 6 O'Shannessey St has excellent street exposure to the Great South Rd arterial route.

The single-title site includes a standalone 252sq m retail premises occupied by real estate agency Bayleys, with 73 sealed carparks and delivery areas making up the rest of the site, which has three vehicle access points along O'Shannessey St.

Lichtenstein says The Warehouse is a key cornerstone in Papakura's large-format retail hub, strategically located in a growth suburb.

The Warehouse pays $350,000 plus GST a year in rent on a lease expiring on May 31, 2014. Bayleys' lease expires on August 17, 2012 and the company pays net annual rent of $61,200 plus GST.

Lichtenstein says the property is flanked by other large national brands, including Countdown and Farmers, with a Pak'nSave being built close by.

He says redevelopment options could encompass single large-format through to multiple mid-sized retail, through dividing the property into several smaller units.

Allsop says the property's high-profile corner site has good access and exposure to the high volumes of traffic passing through one of Papakura's busiest intersections.

"With Great South Rd providing the main access link from Takanini to Papakura's CBD, and O'Shannessey St linking through to Papakura's eastern residential areas, the property's cumulative street frontage of over 180m provides an unparalleled aspect and street profile for retail activity."

Papakura's diverse retail and business district is centred on Great South Rd and adjoining streets and services more than 45,000 people in the local community.

"Auckland's Southern Motorway and the North Island main trunk railway run through the Papakura district and a large airfield is located nearby at Ardmore," says Lichtenstein.

"Train and bus services provide the bulk of public transport, with frequent trains on the southern line between Papakura and the Auckland CBD.

"Recent investment has focused on upgrading and refurbishing the region's trains and suburban railway stations, most recently with the opening of a modern station facility in the Papakura town centre."

The area's urban commercial zoning provides for urban intensification and mixed use development supporting future growth in the area. Permitted activities in the zone include office, residential and retail, with controlled activities further extending to community, educational and entertainment facilities.