Skip Ribbon Commands
Skip to main content

News Release

Auckland

Prime site with development potential on Pollen Street

At a time when stronger economic conditions and the continued expansion of Auckland is driving demand for CBD fringe developments to new highs, JLL are offering a rare and significant 1,960sqm development site located at 20-22 Pollen Street Ponsonby.


 

 

East Tamaki gem with new five-year lease/new-zealand/en-gb/news/863/east-tamaki-gem-with-new-five-year-leaseAucklandEast Tamaki gem with new five-year lease
Rare vacant land in Grey Lynn for sale/new-zealand/en-gb/news/861/rare-vacant-land-in-grey-lynn-for-saleAucklandRare vacant land in Grey Lynn for sale

20-22 Pollen Street.jpgManaging Director of JLL Nick Hargreaves who is launching an international marketing campaign alongside Commercial Sales and Investment Agent Ian Hall on behalf of DNZ Property Fund says, “Few sites of this nature are available in the commercial heart of New Zealand and therefore this will generate a significant level of interest from both investors and developers”.

Hargreaves adds, “With the current and likely future intensification of central Auckland, there is a high level of appeal in the CBD Fringe, particularly in Ponsonby.  The CBD fringe has high levels of amenity, great proximity to the CBD and major transport links. This is a classic example of a property that will benefit from the urban renewal that will flow on from the significant redevelopment of the area.”

The 20-22 Pollen Street site is of an attractive standard rectangular configuration and provides equal frontage to both Pollen Street to the east and MacKelvie Street to the west, as well as 50 basement car parks that can be accessed from MacKelvie Street and 4 additional visitor car parking spaces on Pollen Street. The property, currently a print factory and office facility, comprises 2,271sqm of ground floor warehouse/processing area and office accommodation on the ground and first floors, is fully occupied to Gravitas Media and produces a passing net rental of $433,040 per annum expiring August 2016.

Less than 100 metres from 20-22 Pollen Street is Progressive Enterprises’ Vinegar Lane site located between Pollen Street, Williamson Avenue and Crummer Road, formerly the DYC Vinegar factory. This large 14,000sqm $220 million development is a likely key catalyst in revitalising the area which will be zoned mixed use in the proposed Auckland Unitary Plan and encompasses a Countdown supermarket, specialty retail, showroom, offices, apartments and five levels of underground car parking. A mixed use zoning allows for both commercial and residential uses on the same site and indicates an area provides for the transition of uses from a commercial precinct to a residential one. 

Hall says, “The site is within a development arch that extends from Karangahape Road to the top of Ponsonby and this whole area is projected to see significant redevelopment through this property cycle and the next. Vinegar Lane is expected to stimulate a huge transformation of the location, leading to substantial urban renewal and triggering nearby and neighbouring properties to either come to market to transact or redevelop entirely.”

According to Statistics New Zealand this site is located within the Waitemata local board area (LBA) which had a population of 81,300 in 2013 and is projected to increase significantly to 106,900 in 2023, a growth of 25,600 and an increase of 31 percent. Waitemata LBA is forecasted to experience the largest population growth over this ten year period, which is also nine percent of the Auckland Region’s total growth over this time frame. With an average household size of 2.3, this growth is the equivalent of an additional 11,130 dwelling units in this area between 2013 and 2023, indicating that a high level of supply will be needed to satiate this demand.

The property is zoned mixed use which provides for the development of vibrant urban areas by enabling a diverse and compatible mix of residential, business, educational and leisure activities, close to the central area or existing town centres.