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News Release

Auckland

AUT place two significant sites on the market

JLL marketing 17-19 Apollo Drive and 41 Centorian Drive, Mairangi Bay


 

 

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

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After many years of ownership, AUT now offer two large sites for sale, one is a commercial opportunity and the other is a residential opportunity. Both sites are in the prime location of Mairangi Bay. 

JLL agents David Mayhew and Jason Armstrong are marketing the properties which will be sold through individual expressions of interest campaigns closing 25 October 2017.

17-19 Apollo Drive is 1.3 hectares of elevated bare land, which has commercial zoning of General Business. 41 Centorian Drive is 2-hectares with a large building on-site, which has been used as a campus-style office in the past but is currently vacant. This site is zoned mixed housing suburban.

Both sites are for sale due to a change in circumstances with AUT Millennium. The longstanding relationship between AUT University and the Millennium Institute of Sport & Health commenced in 2009, when the two joined forces to create the charitable trust, AUT Millennium. The aim of the trust is to provide a world class environment for high performance sports training, health and wellbeing, community sport and sports related research and education. 

As a result of the Trust’s strategic review of assets and future facility needs, AUT now places these two significant, and very different properties on the market. 

JLL agent David Mayhew says, “Sites like this in an established area are extremely rare and this opportunity is unique as what we are looking at are sites that back onto each other, but one is a commercial proposition and the other is a residential proposition, so essentially we envisage enquiry from different buyer pools to suit each site.” 

The Apollo Drive site is a commercial opportunity which we envisage would suit commercial offices, storage or light industrial use. The back of the property connects with residential zoned land and at the front the site is hedged by light industrial units and offices. 

Says Mayhew, “The North Shore is experiencing historically low industrial and commercial vacancy and new build land is almost exhausted. This well located site represents one of the last few greenfield sites in the area.”

Overall Auckland industrial vacancy sits at 2.9%, while the North Shore vacancy rate is only 2.2%. The Rosedale/Mairangi Bay sub-precinct has one of the lowest industrial vacancy rates in New Zealand at 1.8%, second only to Henderson which sits at 1.6%. 

JLL Associate Director of Research & Consulting, Tom Barclay says, “Given the dearth of industrial zoned land on the North Shore, new development is a difficult prospect. This has put considerable pressure on existing stock with occupiers facing limited choice should they wish to reposition to newer or larger premises. As a result, we have witnessed upward pressure on both rental levels and land values in recent years. The average capital value for a prime industrial property on the North Shore now sits at $2,444 per square metre. This represents a 72% increase on the rate of $1,415 per square metre during the post GFC lows. 

“With pent up demand for new industrial space on the Shore, this property will assist in the future delivery of new stock and we anticipate high interest from the developer market.” 

The Centorian Drive site represents a prime residential development offering. The mixed housing suburban zoning enables intensification with development in this zone being two level detached and attached housing in a variety of sizes and building types. The housing under this zoning needs to be in keeping with the existing character of neighbouring properties. 

Says Mayhew, “Rarely does a residential greenfields land holding of this size and in such a quality location come up for sale. As well as the opportunity to develop the whole site into residential lots, the Centorian site could also suit a retirement village and use of the existing premise could be explored.” 

The AUT Millennium facility for sport and health and the Owen Glenn National Aquatic Centre are both within walking distance, with the AUT Millennium facility backing onto the Centorian Drive site. Also nearby are cafes, service station, Bunnings Warehouse and access to motorways running north, south and west. 

Mairangi Bay is a popular beach location and the residential site is only a five-minute drive to the beach. REINZ data for August 2017 showed the median sale price for the area was $1.830 million, constituting seven sales with median days to sell of 50 days. 

“Considering the size of the residential site, under the Auckland Unitary Plan the sites could be broken into 250sqm lots, so there is a possibility, providing resource consent would allow, that the site could hold up to 60 houses,” says Mayhew.

Population growth in Northern Auckland is on the increase, with the population expected to rise from 2016 figure of 307,900 to 429,800 in 2043, a change of 121,900 or 40%. This growth will require an additional 40,633 dwellings to accommodate three people per dwelling.

Read the NZ Herald story here​.