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News Release

AUCKLAND

Opportunity to buy in busy Marua Rd

JLL marketing Mt Wellington development opportunity


 

 

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A 1,624sqm freehold site is for sale in Mt Wellington, exclusively through JLL. 

The property at 228-230 Marua Road has a 30-metre frontage onto Marua Road and has a mixed use building offering 2,083sqm of commercial space.

“This is an opportunity for an investor with vision to buy into a rapidly developing part of Auckland,” JLL’s National Director of Industrial Sales and Leasing Sam Smith says. “The area has changed massively in recent years with the establishment of the Stonefields development, which has brought significant commercial activity into the area.”

The property offers an investor future development opportunities and immediate cashflow. The income generated by the property is $75,000 per annum plus GST which is derived from a tenant and a telecommunication aerial. 

The site is zoned for Light Industry in the Proposed Auckland Unitary Plan, as are all of the adjoining properties. The properties on the opposite side of Marua Road are zoned Mixed Housing Suburban. 

This property is being marketed by Sam Smith and Pritesh Ishvarlal of JLL. 

“Marua Road is a busy thoroughfare of mainly industrial buildings. The property is very close to the busy commercial areas of Lunn Ave and Ellerslie-Panmure Highway. 

“The site is within an area forecast to experience significant population growth. JLL’s research shows residents within a five-minute drive-time of the property tend to be younger and wealthier than the population as a whole. This is good news for investors looking for a premises for a commercial, retail or industrial venture,” Smith says. 

JLL Research and Consulting’s analysis shows a high proportion of residents in the area are within the 15-29 and 30-44 age brackets. There is a notable number of unmarried residents and households in the higher income quintiles. This gives residents in the area a robust purchasing power of $31,545 versus the New Zealand average of $26,900 per capita. 

“There are a number of special housing areas (SHAs) within a five kilometre radius of this property, such as the Northern Tamaki SHA with an estimated 927 dwellings, and the Tamaki Regeneration Area with more than 1600 dwellings,” JLL Retail Sales and Leasing Specialist Pritesh Ishvarlal says. 

The original building dates back to the 1960s and it has had various alterations and extensions over the intervening years. It is comprised of various showroom, warehouse and office spaces. 

It is tenanted by a glass fencing company which has a two-year lease term commencing June 1 2015, with one further right of renewal of two years. 

The telecommunication aerial on the roof of the property brings in $10,000 per annum plus GST. It has a 35-year term, with terminations possible at five, 10, 20 25 and 30 years, and rent reviewed every three years. 

The property is for sale through an expressions of interest process, which will close June 30, 2016, if not sold prior.